The cryptocurrency space is vast and accumulative of other industries. Digital coins, tokens, and other virtual assets are very useful tools that have different functions in human daily living activities.
Cryptocurrency is set to be infused into the film-producing and making industry. A Mexican-based film director has just revealed his plan to shoot and sponsor a whole movie from the sales and mint of ERC721 (NFTs). The Non-fungible tokens will be created and developed to fund the movie.
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Durmientes To be Sponsored via NFT-Funded Finance Model
Popular Movie director Bazan Gibran announced that his next movie, Durmientes, will be sponsored via NFT-funding design. This model is a new model initiated and developed by the director.
According to the announcement, the director stated that the crypto space is a vast industry that different industries should leverage. The film industry can also infuse cryptocurrencies into making things work easier.
The movie director stated that the NFT project would be executed in collaboration with a Mexican token marketplace, Metaown, and an NFT designer, Gabriel Collins. The tokens will be crafted with the script/storyline for the movie in a 3-Dimensional model.
After the design and crafting, the non-fungible tokens will be sold on a Mexican NFT market, Metaown. The NFT sets will be sold to users, which will also be an advantage as they may get to appear in the movie or take part in the production team.
One thousand five hundred sets of the token will be sold, with different features related to the movie script in 3D models. Funds realized from the non-fungible-token sale will be used to sponsor the shoot and expansion of the movie.
NFT-Based Funding Model, Others Follow Initiatives
The NFT-based funding model to sponsor movie production is a new move made by Bazan Gibran to infuse crypto space into the film industry. Although movie production companies have made similar moves, however, Gibran model seems to be the milestone-breaking move.
The filmmaker failed to mention the amount of money needed to fund the shoot and production of Durmientes. There are speculations that the project may be worth over $50 million.
Popular Movie producer Juul Niels also launched his non-fungible token studio a few months ago to fund some movies from NFT proceedings. After the announcement, Juul has not made any significant move in realizing his aim.
The only successful NFT-based movie project was Zero Contact, issued as a non-fungible token under Ape Bored collectibles. The movie starred Anthony Hopkins, Lilly Krug, Chris Broch, and other movie stars.
Over the past few months, the crypto space has been infused into different industries, supported by increased interest and adoption. Crypto technology is employed in the Metaverse space, banking, finance, Jewelry, and others. Companies in different industries are also migrating crypto-related offerings to their services.