The benefit of NFTs is that they enable scarcity, assured by the blockchain. While digital artists like Beeple have stolen most of the headlines around NFTs due to their multi-million dollar sales, there are lots of other potential use cases. NFTs are one-of-a-kind digital certificates that are commonly used to represent art, but can in fact be applied to almost anything. One of the most transformative blockchain technologies is the non-fungible token, or NFT, which has already enjoyed big success in the world of digital art. It’s for these reasons that blockchain-based crowdfunding looks so promising for the film industry. However, while sourcing financing from hundreds of different people is an innovative concept, it’s also restricted by the reach of those platforms and an inability to provide real incentives to investors. With the advent of the internet, the concept of “crowdfunding” has emerged through platforms such as Indiegogo and Kickstarter. But doing so is incredibly difficult, and that’s what makes life so challenging for indie filmmakers.Īt least, that used to be the case.
#Kickstarter metamovie movie
To get a big movie idea onto the big screen, budding filmmakers have few options other than to try and get their production commissioned by a big movie studio like Sony Pictures or Warner Bros. That is the funding process, and it’s one that blockchain startup platforms like Metatime, with its MetaMovie studio, and Mogul, through innovative use of NFTs, are hoping to change. However, one aspect of filmmaking hasn’t really evolved at all. The earliest movies were shot in black and white and didn’t even have any audio, but nowadays a trip to the cinema will see you immersed in the dizzying effects of CGI and surround sound and feel almost as if you’re part of the film itself. It’s barely more than a century old, and yet the techniques and distribution processes used to make films and get them in front of audiences have changed dramatically over the last hundred years. The filmmaking industry is synonymous with innovation and trail-blazing new developments. Non-fungible tokens (NFTs) can add value to crowdfunding.Fans could have a say in which movies are made, influence the storyline, and be rewarded for their backing with valuable digital merchandise or part ownership of the project.Blockchain-based crowdfunding has the potential to revolutionize film financing.
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