Are NFT Films The Next Big Thing?

Are NFT Films The Next Big Thing?

After infiltrating the gaming industry, NFTs are now coming to the movies. A science-fiction thriller starring award-winning actor Anthony Hopkins will skip the initial theatrical release and instead be distributed using NFTs.

‘Zero Contact’ NFTs To Feature Bonus Content

The film Zero Contact was shot and produced across 17 countries through virtual media during the Covid-19 pandemic. The first 11 digital copies of the film will be auctioned off on the world’s largest NFT marketplace, OpenSea, on September 24 and will be available to view on NFT film platform Vuele. Thanks to the unique nature of NFTs, buyers will have complete ownership over their digital copy of the film. As a result, they will be able to trade their copy of the movie on the platform, in addition to being able to watch it. Plus, owners will also get access to plenty of additional content that will not be available in the theatrical release or on streaming services. Furthermore, the first person who purchases an NFT of the film will receive the extra bonus of being a part of the film for the theatrical release.

NFT To Precede Theatrical And Streaming Release

Following the initial auction, which will only include 11 copies, another 2500 NFTs of the film will be auctioned in October. Speaking on the NFT-based distribution of the movie, Vuele Co-founder Cameron Chell stated, 

“We expect to achieve deep fan engagement from fans of this genre of movie or the cast and crew of the movie. We also expect to broaden the [scope of] NFT purchasers to [include] movie collectors. Bringing the whole NFT trading and collecting market into the movie space will hopefully expand both markets.”

NFT Films Could Change Entertainment Industry

In similar news, Canadian filmmaker David Cronenberg and his daughter Caitlin Cronenberg have collaborated to release a 1-minute long NFT film, “The Death of David Cronenberg,” on the digital art marketplace SuperRare. Collectors will be able to bid on the NFT that has a starting bid of 15 ETH (or ~$48,000) till Tuesday. The short was written by Cronenberg and featured only him, while his daughter shot and produced it. 

Many entertainment experts believe that releasing film-based NFTs will allow fans to access exclusive content, much like limited-edition DVDs. It could even revive fan economies and shake up the entertainment industry with special edition products and digital collectibles. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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