Web3 technologies continue to infiltrate many major industries to bring innovation to legacy systems. This includes older creative fields such as the music industry, and more recently the film industry.
This year, the Slamdance Film Festival, an Academy Award-winning film festival for independent filmmakers, will see the premiere of the new film. mysterious headwhich received its funding through the blockchain-based crowdfunding platform Untold.io.
Ali Aksu, CEO of Untold.io, told Cointelegraph that filmmakers like those from mysterious headBlockchain technology can be used to democratize their financing process and open up investment opportunities for both accredited and non-accredited investors.
“The most important aspect of crypto/blockchain integration in the film industry is opening up a new asset class for all types of investors through compatible securities tokens and increasing fan engagement through NFTs.”
Recently, Untold partnered with Dapper Labs to speed up the technology and allow broader access to its software. The platform has also supported other notable films including return trailWhich features Robert De Niro and Morgan Freeman.
This is not the first time that a film festival has seen crypto and blockchain components in first-run films. In 2019, blockchain platform Filmio participated in the Sundance Vintage Film Festival to explore projects for its blockchain-based entertainment platform.
Last year, Liquid Media Group announced its first blockchain movie broadcast with a slate of presentations on digital panels during the Sundance Festival. The company also showcased the impact of non-fungible tokens (NFTs) on filmmakers and their communities.
In 2022, Russell Crowe’s Prizefighter film used NFTs to partially finance its production and became what the director called an “audience-oriented film”.
Aksu said that the use of blockchain-based tools by old directors and major festivals brings the vision of these tools to independent filmmakers who will benefit greatly from them.
“These are also great opportunities to build a real community behind revolutionary movements like blockchain.”
Last year, film director Anthony Hopkins sold a set of NFTs based on characters from films he had previously released.
Quentin Tarantino has also created NFTs based on his movie Ion Pulp Fiction. However, he later got involved in a huge lawsuit with the film production company for copyright infringement.