Digital tokens, or digital currency, continue to grow in popularity.
For a while, NFT or non-fungible tokens were only valuable to some, just a few dreamers who saw an opportunity when no one else did.
Now, NFTs have funded a Hollywood movie. Keep in mind that NFTs prices are doing well. This shows how much non-fungible tokens could grow.
The film industry is big. The potential for profits is real, so this is a smart move. It doesn’t only legitimize NFTs; it does a lot for the film industry.
This industry has been through a lot during the last few years and needs some help. This type of investment opens a door that could make a difference for all involved. No one could have imagined that the first film to be funded by NFTs would come in 2022.
Part of what makes this film special is that it was funded by a digital asset, but the investors who gambled on this film are getting so much more.
Investors don’t only get a chance to profit from the proceeds; they also get several perks. For example, investors were given a chance to visit the filming locations of the film.
Investors will also get a chance to meet the film’s stars, and they can also go to the premiere.
The film is called Wing and a Prayer unless the film title changes at some point. Title changes happen all the time in Hollywood.
The film is based on a true story about a guy named Brian Milton. That name might sound familiar to some, especially those who pay attention to aviation news. Milton was the first person to fly around the world in a lightweight plane. He accomplished this in 1998.
The film’s production is going to be handled by NFT Studios. People who follow the film industry might recognize this studio since it was created by none other than Niels Juul. This is the executive producer behind Martin Scorsese’s The Irishman. Having a person like that leading the way shows how much promise this film has.
Juul crunched the numbers and said his company has to raise between 8 million and 10 million dollars. He expects to accomplish this with enough NFTs.
In this particular case, he says he will offer 10,000 NFTs to investors who are willing to go on this journey with him. These investors will have digital certificates showing the world they own this film. NFT Studios wants this to be the beginning. They want to create a new way of funding films, a more modern way.
Sure, some mistakes might be made, but risks are always taken when doing something new. Hollywood can benefit greatly from this. Production could be sped up because there’s going to be a bigger investor pool in this new digital world.
At the moment, film investors are only investing in bigger movies, franchises usually. This is drowning smaller and more intimate films. It’s also affecting television, but this new type of investment could change all that.
The movie is supposed to start filming in April of this year, 2022. The film will be shot in some amazing places, like Malta and London. Juul hasn’t said who’s going to be in the film, and no one knows who’s going to direct it. The only thing Juul has promised are big names, and everyone is excited.
The film is going to premiere in September 2022, so the world will have to wait until then.