Monetizing NFTs for Promoting Filmmaking
Evolution of the Movie Industry
Film is also regarded as motion picture which has been in existence since the 19th century to present. Over the past few decades, film technology has made major advancements and few industries have had to adapt and evolve as significantly as the film and entertainment industries.
While some changes to filmmaking technology and the craft of filmmaking might be obvious, there are other things that are not so apparent. Below, we’ve gone more in depth to four of the biggest changes in filmmaking namely; shorter shots, motion and action in a film to help keep the audience’s attention, changing light to maintain better control over a more dynamic range of light, developments such as Blu-ray discs (DVDs) and finally online streaming services like Netflix.
DVDs offered higher audiovisual output quality with HD and Surround Sound and within a few years, the DVD had reached its peak, and streaming had taken over. The majority of our movies and TV series are now watched on streaming services like Netflix, Disney+, and Hulu. Many significant movie releases went directly to streaming during the epidemic, causing outrage among ailing cinema venues.
Possible Impact of NFTs in the Film Industry
One major difficulty is that traditional blockchains cannot hold data, making it impossible to issue anything other than short films as NFTs until recently. Halsey Minor, currently the CEO of VideoCoin, kickstarted a project that aims to break down the barriers to video NFTs. To solve the storage problem, VideoCoin partnered up with Filecoin, a decentralized storage service.
Statistics shows that the total Filecoin network’s storage capacity has now surpassed 2.5 billion gigabytes, which is enough to hold 725 million 1080p high-resolution movie files. Collectible movies and TV series have been reintroduced using NFTs. As the NFT craze of early 2021 fades, many industries are looking for ways to profit from the value that has been invested in digital art NFTs.
Atom Tickets, Marvel, and Fox Filmed Entertainment created a set of unique NFTs for those who bought a cinema ticket for the feature film Deadpool 2. The vast majority of the world is non-fungible, and anything that can be tokenized will be tokenized.
Projects for digital movie memorabilia are already leading the way, however, if NFT desire continues, we will soon be able to witness digital movie commodities utilized to promote future releases. The decentralized film finance project Mogul Productions underlined the market gap and Forest Road, an NFT platform for independent filmmakers, proposes the concept that indie filmmakers would monetize the NFTs in order to support their work.
“There are too many wonderful films out there not getting created, owing to the studios having all of the power and making it virtually hard for the small people, both indie filmmakers and movie lovers, to have their voices heard,” says Lisa Sun, President of Mogul Productions.
She further quoted that “With NFTs, movie fans can connect with filmmakers and their favorite projects in deeper, more meaningful ways, from voting on the films they want to see to earning engagement points redeemable for rewards such as one-of-a-kind film posters, red carpet tickets, and invites to special events.”
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