Look out Hollywood! A new ‘crypto-wave’ of filmmaking will ‘turn the industry on its head’ | City & Business | Finance

One film on the Moviecoin.com platform that has set a goal to be 100 percent fully financed through pre-sale NFTs is ‘Oui Cannes’ directed by Mark O’Connor, whose film Cardboard Gangsters won an IFTA in 2018.

Pre-sale NFTs for ‘Oui Cannes’ can be viewed on the Opensea platform.

Mark also spoke to Express.co.uk and said: “NFT presales for film won’t only change the model of financing it will change the way films are made and the types of films that get made.”

He added: “This is revolutionary for creators who often find themselves at the mercy of an executive’s decision and must compromise on their vision. Blockchain movie-making frees up the artist and can break down the impenetrable walls of Hollywood, opening up the industry to more diverse storytelling.

“It is almost impossible to get a worldwide release for an independent movie these days unless you sell your movie rights for a small upfront fee. Distribution on the blockchain could change all of that by releasing your movie directly to your audience in the form of an NFT.”

O’Connor forecasts that the new technology will ultimately democratise the filmmaking process and allow more independent productions to get produced, distributed and exhibited worldwide, or in the metaverse.

An NFT is a digital certificate, stored forever on the blockchain, that states the owner of a piece of artwork, film prop, piece of memorabilia, and the list goes on.

NFTs enable future payment structures to be coded into their ‘smart contracts’.

In the case of NFTs purchased on the Moviecoin.com platform, the ability to receive a profit share of the film years after it has been released is one of the many bonuses.

The combination of profit share and the possibility of the NFT increasing in value over time have placed these blockchain inventions in high demand.

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