The new FF3 platform will allow filmmakers to use NFTs to fund their projects
A new sort of cryptocurrency or a new form of cryptographic art is known as an NFT. Golden NFT textphone as an art piece in a golden frame on a dollar backdrop NFTs, or Non-Fungible Tokens, are both unique and distinct. Because they cannot be replicated or replicated, this is the most important property. NFTs have recently risen to prominence in a variety of fields, including professional sports and the entertainment sector.
It’s been a big year for NFTs and decentralized filmmaking, especially for the film industry. Last year, reports surfaced that BlocbusterDAO was interested in purchasing Blockbuster Video for $5 million. Despite its modest size in NFT terms, the end result might be game-changing for the film business.
For the first time, Blockbuster DAO is attempting to build a decentralized streaming network. There would be a system in place that allowed viewers to have a voice in everything from the casting to the final conclusion of a show.
For filmmakers, decentralization and NFTs might be a “Perfect Storm.” Pulp Fiction’s Quinten Tarantino said earlier this month that he will be selling a 7 NFT collection, named Secret NFTs (SCRT). With the sale of the NFTs, Tarantino is now in a legal battle with Miramax, who claims that he breached their contract.
Giving complete movie rights to a decentralized network and/or owners of NFTs would surely eliminate ownership difficulties. NFTs are an option that the FF3 hopes to provide to filmmakers. After Niels Juul’s intention to finance the first Hollywood movie solely using NFTs, this is the next step. NFT Studios, Niels’ production firm he founded last year solely for the aim of making movies using NFTs, became headline news last year.
NFTs and Films
There are many new ways for content producers to get their work in front of audiences now that SVOD services like Netflix have emerged. The documentary “Claude Lanzmann: Spectres of the Shoah,” which is among the movies traders watch, was nominated for an Oscar last year, had its North American premiere as a non-fiction film in early 2018. First-edition DVDs of the documentary, which broadcast on HBO but were never made available for public purchase, sold for a cryptocurrency equivalent to around US$375,000.
Film financier Forest Road Company recently launched a US$20 million fund to assist independent filmmakers to monetize their material, converting a new and current intellectual property into NFTs and providing them with substantial funding via a new income stream in the NFT arena.
Digital collectibles (artwork, snippets of a film’s music) might help producers earn money for future projects by attracting investors who are prepared to contribute pre-production investment. This would be like crowdfunding.
Streaming and the precipitous decline in DVD sales anticipated the demise of “special edition” DVDs, which could be sold for a premium due to the inclusion of bonus materials such as featurettes, collectible posters, and cover art, as well as other marketing possibilities. There’s a chance to bring back collectible extras using NFTs.
Purchasing a linked NFT does not affect who owns the copyright to the original work; instead, you’re purchasing metadata that identifies the owner of the specific version of the work. Ownership of copyrights does not change hands. As a result, consumers are purchasing the right to claim ownership of a certain work, such as the first edition of a film, rather than the actual work itself. Only the NFT itself may be owned, sold, lent, or transferred by purchasers.
The ability to make an NFT of a work that does not belong to the creator is possible. It is important that buyers of NFTs do their research to ensure that the individual selling the NFT is, in fact, the original author of the work (or has obtained the relevant permissions to sell it). Additionally, the minting of an NFT into an existing work raises ethical concerns about a creator’s entitlement to be credited for their work and their right to object to its unflattering representation.
Those speculating on the results of any conflicts involving NFTs are doing so on the basis of speculation, and care should always be used while dealing with NFTs in this new period.
FF3 And Cinematography
A new platform, FF3, was announced, allowing the sector to raise money by selling NFTs. Investors, like NFT studios, have the option of receiving a part of film profits. In addition to holding valuable NFTs that could be sold in the NFT market, the company would be able to generate additional revenue.
The Dead of Winter DLC for Final Fantasy III will be released later this month, according to recent reports. The platform’s initial project will be this one.
Without a doubt, the project will be eagerly followed by Hollywood’s elite as well as independent filmmakers. It’s doubtful that Hollywood companies would simply give in to Tarantino and Miramax as they go head-to-head. In light of the current surge in regulatory action, NFTs and films may potentially be subject to scrutiny.
According to reports, The Dead of Winter will begin its financing campaign on FF3 on January 24th.