Hollywood is looking for a new revenue stream in the non-fungible tokens (NFTs) market.
With the novel Coronavirus upsetting several moviegoers from theaters and creating blockbuster ticket sales difficult to come by, some entrepreneurs are becoming more creative using blockchain technology.
Welcome the latest science-fiction movie featuring Anthony Hopkins, which will be the first film to auction off as an NFT. “Zero Contact” is being sold off by an NFT film distribution platform Vuele that aims to turn up as a new model for the upcoming time of film distribution.
Created in 17 different nations (completely virtually) during the 2020 coronavirus pandemic, ‘Zero Contact’ follows 5 characters based worldwide, bonded only by their dedication to the tech titan and late founder Finley Hart, played by Hopkins.
NFT utilizes blockchain technology to conduct safe transactions to validate digital art from music to movies and artwork. The NFT-based movie will operate on the CurrencyWorks blockchain, which has cross-chain capabilities with Ethereum.
Producer, director and Vuele Co-Founder, Rick Dugdale said that the future of the film business is blockchain. That could be a situation where a film is released as an NFT before a theatrical release or home entertainment.
Dugdale believes that moviemakers can earn a few hundred thousand dollars off an NFT release and then the film can resume on its traditional way to theatres.
Besides providing a potential revenue stream for the industry that provides movie lovers an opportunity to own a piece of movie, it also showcases a chance for deeper fan engagement that an ordinary release won’t include.
2 NFT auctions primarily offered the movie on the world’s largest NFT marketplace OpenSea, with a bonus sale just added for Tuesday night on the platform.