Web3 technologies continue to infiltrate various mainstream industries to bring innovation to legacy systems. This includes old creative fields such as the music industry and more recently, the film industry.
This year, the Slamdance Film Festival, an Oscar-winning film festival for independent filmmakers, will see the premiere of the new film “Fuzzy Head”, which received its funding through the crowdfunding platform Untold.io.
Ali Aksu, CEO of Untold.io, told Cointelegraph that filmmakers, like in the case of Fuzzy Head, can use blockchain technology to democratize their funding process and open investment opportunities to accredited and non-accredited investors. .
“The most important aspect of crypto/blockchain integrations in the film industry will open up a new asset class to all kinds of investors via compliant security tokens and increased fan engagement via NFTs.”
Recently, Untold partnered with Dapper Labs to accelerate technology and enable wider access to its programs. The platform has also supported other notable movies including The Comeback Trail which stars Rober de Niro and Morgan Freeman.
This isn’t the first time a film festival has seen crypto and blockchain components in films premiering. In 2019, blockchain platform Filmio participated in the former Sundance Film Festival to seek projects for its blockchain-based entertainment platform.
Last year, Liquid Media Group announced its first blockchain movie streaming with a slate of digital panel presentations at Sundance. The company also presented the impact of non-fungible tokens (NFTs) on filmmakers and their communities.
In 2022, Russel Crowe’s film “Prizefighter” used NFTs to partially fund its production and became what the director called an “audience-driven film”.
Aksu said the use of blockchain-based tools by mainstream filmmakers and major festivals brings visibility to these tools for independent filmmakers who would greatly benefit.
“These are also great opportunities to create a real community behind revolutionary movements like blockchain.”
Director last year Anthony Hopkins sold an NFT collection based on characters from films he had previously released.
Quentin Tarantino also created NFTs based on his ionic film “Pulp Fiction”. However, he was later embroiled in a major lawsuit with the film production company for copyright infringement.