Sundance Film Festival embraces blockchain and crypto film initiatives
20 January 2023 12:25, UTC
Studying time: ~2 m
Web3 applied sciences proceed to infiltrate varied mainstream industries to convey innovation to outdated techniques. This consists of legacy artistic fields such because the music business and extra not too long ago, the movie business.
This 12 months, the Slamdance Movie Pageant, an oscar-accredited movie pageant for indie filmmakers, will see the premiere of the brand new movie “Fuzzy Head,” which acquired its funding by way of the blockchain-powered crowdfunding platform Untold.io.
Ali Aksu, the CEO of Untold.io, instructed Cointelegraph that filmmakers, as within the case of Fuzzy Head, can use blockchain know-how to democratize their financing course of and open up funding alternatives to each accredited and unaccredited buyers.
“Crucial facet of crypto/blockchain integrations within the movie business might be opening up a brand new asset class to all types of buyers through compliant safety tokens and elevated fan engagement through NFTs.”
Just lately Untold partnered with Dapper Labs to speed up the know-how and permit for wider entry to its applications. The platform has additionally supported different notable movies, together with The Comeback Path which options Rober de Niro and Morgan Freeman.
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This isn’t the primary occasion of a movie pageant seeing crypto and blockchain parts in movies which might be premiering. In 2019 the Filmio blockchain platform attended the legacy Sundance movie pageant to scout initiatives for its blockchain-based leisure platform.
Final 12 months Liquid Media Group introduced its first blockchain movie streaming with a slate of digital panel shows through the Sundance pageant. The corporate additionally introduced the affect of nonfungible tokens (NFTs) on filmmakers and their communities.
In 2022 Russel Crowe’s “Prizefighter” movie used NFTs to partially fund its manufacturing and have become what the director referred to as an “audience-driven movie.”
Aksu stated that the utilization of blockchain-based instruments by legacy administrators and main festivals brings visibility to those instruments for unbiased filmmakers who would extremely profit from them.
“These are additionally nice alternatives to create an actual group behind revolutionary actions like blockchain.”
Final 12 months movie director Anthony Hopkins bought out an NFT assortment primarily based on characters in movies he had already launched.
Quentin Tarantino additionally created NFTs primarily based on his ionic movie “Pulp Fiction.” Nevertheless, he was later concerned in a serious lawsuit with the movie manufacturing firm over copyright infringement.