Mumbai, Jan 12 (IANS) After making massive strides in revolutionising the art industry, Non-Fungible Tokens (NFTs) are seemingly set to overhaul how movies are being funded and decentralize it to enable NFT holders to partake in the process.
Usually, the preserve of certain oligarchs who have created a well-established moat by concentrating power into their hands, a slew of NFT projects are now introducing a global audience to a new way of funding movies and allowing its holders to get an equitable share in the box office revenues.
Arabian Camels, an NFT community that is creating a $50 million Hollywood movie 'Antara' based on the life of ancient Arabian knight Antarah Ibn Shaddad, has announced its NFT drop on January 12, with the integration of cryptocurrency exchange MoonPay. The Antara Movie NFT is the first NFT that allows a buyer to digitally part-own rights of the Hollywood Movie, enabling holders to partake in the box office and streaming revenues.
"The impact that Arabian Camels will have on Hollywood is immense. This is an exciting and revolutionary move that will inject a whole new lease of life into the movie business," said Josef Brandmaier, Producer of 'ntara'.
Unlike many other NFT projects that may have little real-world value, these Movie NFTs are a powerful reminder of the seemingly unlimited potential that NFTs have to offer and is proof of what can be achieved when crypto communities join forces to bring about positive change in how businesses function.
While the basic tenets of these Movie NFTs are like other NFTs, the marriage of both digital and real worlds is what sets these NFTs apart from the crowd. Not only do NFT holders enjoy part-ownership of the content being represented through the token or of the movie rights itself, but they can also stake these NFTs to earn yields while the movie is still in production.
This enhances the overall appeal as NFT holders can choose to remain invested throughout the movie's journey while also employing their capital to earn market-beating returns on their digital tokens. Moreover, members of such NFT communities can even get roles in the movie being produced, be given credit as producers, and even join the production team for exclusive gatherings on the real movie set with the cast and crew.
Raj Kapoor, Founder - India Blockchain Alliance and Chief Growth Officer at Chainsense LTD said, NFTs are emerging as a viable option for funding. "For producers their biggest frustration is finance. Funding for independent films are tougher than franchises and corporate-backed films. It's hard getting investors for films and productions, especially at the development stage, with the present system. NFTs are a great option to democratize it," he said.
This kind of real-world utility has never been possible before due to the traditional ways of film financing and rigid ownership structures prevalent across the major film studios. Movie NFTs are sure to disrupt the global movie-making industry by granting the audience the ability to not only enjoy their favorite content but also empower the new breed of actors, writers, and directors with access to funds from the same movie aficionado community and bring their movie ideas to life.
Aliasgar Merchant, Developer Relations Engineer at Tendermint says NFTs are potentially game-changing blueprints for independent films to be self-funded and can tap into the creative utility of NFTs by offering the ability to weigh in on creative decisions.
"In my opinion, the inclusion of NFTs is both a technological manifestation and a vital tool for dismantling the financial barriers that keep films by marginalized groups from reaching the screen. NFTs will not just change the way movies are made in the future but will also tap into communities who would like to be part of mainstream media which hitherto they would never have had access to," Merchant says.