NFTs have made an inevitable step forward in the world of film funding, and now a project is claiming to be the first.
The “First Fully Funded Hollywood Feature Film” with an “Irreplaceable Card” Has Been Announced, With Executive Producer Behind Martin Scorsese Irish people and Silent behind the project.
Niels Juul – who is currently working with Scorsese on the Apple-backed western epic The killer of the moon Starring Leonardo DiCaprio and Martin Mann’s Ferrari starring Hugh Jackman – founded the production company NFT Studios to finance a series of movies entirely through NFT, which is a certificate of authenticity for a digital file.
The first is a comedy A pair of wings and a prayerr, the story of Brian Milton, who in 1998 became the first person to circumnavigate the earth in microscopic light, following in the footsteps of Phileas Fogg. The filmmakers claim to feature “big name actors”, although these are expected to be announced only before the Berlinale next year. The film is expected to be co-produced by the US/UK, and will be filmed in Malta and London from April.
NFT Studios will issue NFT to finance this film, and owners will have exclusive access to certain rights, including financial rights.
Juul, who has contracted with London-based incubator NFT, said: “We are in the midst of a major transformation in the entertainment business, where film ownership and funding methods are involved. Traditional is being phased out due to the rapid proliferation of streamers and other digital platforms. Investments, invested $1 million in NFT Studios in exchange for a 20% stake in the company. “NFT Studios has developed forward-looking strategies that will be a positive force in the global film production industry and will further close the gap between the engaged audience and the writers and highly capable director.”
As reported last month by The Hollywood Reporter, Sam’s Summer and Boys star Jennifer Esposito is planning to make a directorial debut with a standalone feature Fresh kill, financed the film through a combination of NFT and an initial public offering to sell shares in the film. With the goal of raising $3.5 million through an IPO, the rest of the $3.9 million budget will be through the sale of project-linked NFTs, including unique digital work. Created by award-winning artist Gala Marissa, executive producer credits or guest walks for fans.