Web 3.0 technologies continue to infiltrate various mainstream industries to bring innovation to old systems. This includes legacy creative fields such as the music industry and, more recently, the film industry.
This year, The Slamdance Film Festival, an Oscar-accredited film festival for independent filmmakers, will see the premiere of the new film Fuzzy Head, which received its funding through the blockchain-powered crowdfunding platform Untold.io.
Ali Aksu, CEO of Untold.io, told Cointelegraph that filmmakers, like those of Fuzzy Head, they could use Blockchain technology to democratize their funding process and open up investment opportunities to accredited and non-accredited investors.
“The most important aspect of crypto/blockchain integrations in the film industry will be opening up a new asset class to all types of investors through compliant security tokens and increased fan engagement through NFTs.” .
Recently, Untold partnered with Dapper Labs to speed up the technology and allow wider access to their programs. The platform has also supported other notable movies, such as The Comeback Trail, starring Robert de Niro and Morgan Freeman.
This is not the first case of a film festival seeing cryptocurrency and blockchain components in films that are released. In 2019, blockchain platform Filmio attended the legacy Sundance Film Festival to scout projects for its blockchain-based entertainment platform.
Last year, Liquid Media Group announced its first blockchain movie streaming with a series of digital panel presentations during Sundance. The company also presented the impact of non-fungible tokens (NFTs) on filmmakers and their communities.
In 2022, the movie prizefighter, by Russel Crowe, used NFTs to partly finance its production and became what the director called a “audience-driven film”.
Aksu stated that the use of blockchain-based tools by established directors and large festivals brings visibility to these tools for independent filmmakers, who would greatly benefit from them.
“They are also great opportunities to create a real community behind revolutionary movements like blockchain.”
Last year, the film director Anthony Hopkins sold out an NFT collection based on characters from movies that had already been released.
Quentin Tarantino also created NFTs based on his ionic movie pulp fiction. However, he later became involved in a major legal dispute with the film’s production company for copyright infringement.
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