With a huge expansion of cryptocurrencies all over the world, the new wind started blowing in the domain of art. Now we can observe the appearance of NFT tokens – a unique piece of digital art that cannot be reproduced or replaced. It can be anything that comes to your mind when you hear digital art: a piece of video, music, GIF, picture, photo, 3D model, etc.
We decided to dive into the particular domain of NFTs – cinema. Read on to discover how non-fungible tokens affect the industry.
NFTs: what are they?
The term fungible asset refers to something with essentially interchangeable units – such as money. For example, you can exchange two £5 notes for a £10 note and retain the same value.
However, it is impossible for something non-fungible to be swapped with something else because it has unique characteristics.
An example is Starry Night by Van Gogh, a painting that represents a unique piece of art. It is possible to take a photo or buy a copy, but the original painting will never be reproduced.
Unlike other forms of property, NFTs are unique assets in the digital world that can be bought and sold like everyone else’s. However, they have no tangible form of their own.
Tokens act like certificates of ownership, whether they are virtual or physical assets.
DappRadar reports that NFT marketplaces have seen a 640% increase in trading volume in recent weeks, with a total volume of $2.7 billion.
In the world of NFT, many know that the most expensive NFT ever sold was a creation by a digital artist named Mike “Beeple” Winkelmann. On March 11, Christie’s auction house sold an entirely digital NFT for the first time – Everyday: The First 5000 Days – marking a major milestone in the industry.
How do NFTs work?
In NFTs, transactions are recorded on a blockchain, a distributed public ledger. Probably the most familiar use of blockchain is for cryptocurrencies.
In particular, NFTs are typically held on the Ethereum blockchain, although they can be held on other blockchains as well. NFTs are generated from both tangible and intangible digital objects. It’s possible to buy NFTs like other crypto purchases with credit cards.
What attracts collectors in NFTs?
Recently, we saw the appearance of NFT communities of art collectors and artists. Why do they buy NFTs?
It is not uncommon for tokens to evoke a powerful emotional response in enthusiasts and NFT Art Collectors. How does the token look, sound, and feel? It is enough to bring you to tears looking at a handful of tokens to make you buy them. The token content is vital to attracting NFT Art Collectors, who are continually collecting to suit their tastes.
The NFT Art Collector is well aware that technology has improved the formulation process and made it more manageable and cheaper than ever before. Artists and content creators are given a unique opportunity to monetize their work through blockchain technology and NFTs. Artwork is no longer sold through galleries or auction houses. By selling it directly to the consumer, the artist is also able to keep more of the profits. Artists can also integrate royalties into their programs, so they receive a percentage of sales when their art is sold. Since most artists do not receive future earnings after the sale of their original work, this is an attractive feature.
NFT Art Collectors are encouraged to place a bid with a token with stunning content. NFT crypto collectors take into consideration countless factors when determining the value of a token.
The first indie NFT film
On March 17, Trevor Hawkins’ Lotawana became the first indie film sold as an NFT. Trevor Hawkins took out a second mortgage to finance his debut feature, Lotawana. After finishing the film, he is taking a distinctly 21st-century approach by issuing two kinds of non-fungible tokens: At $1,000 each, there were 1,000 tokens representing ownership shares in the movie and $100 tokens representing access to the movie’s online premiere.
Hawkins, whose work has been featured by National Geographic, says that making the movie itself was risky. When this opportunity came up, the company saw it as a way to differentiate itself. Taking the risk seemed like a good idea, though. It’s one of those things where they are way ahead of the curve. It’s going to last.
As Hawkins mentioned, the blockchain enables artists to upload the original artwork they have created which can be verified by the code on the blockchain. This way, the entire world will know that it was the very first one ever made.
Hawkins and his partners said the NFT decision set them up for future success, allowing them to stand out in a crowded, ambitious arena and connect with people they never envisioned meeting.
First full-length feature NFT film featuring Anthony Hopkins
CurrencyWorks’ NFT platform has launched a thriller ZERO CONTACT on VUELE. This is the first direct-to-consumer, full-length film viewing and distribution platform for digital collectible entertainment content and feature films as NFTs.
Throughout the story, five characters are connected only by a love for Finley Hart (Hopkins), the late founder and tech titan. To stop Hart’s most secret invention, they must work together, for either the machine will solve humanity’s problems or will spell the end of life on Earth.
The trailer for ZERO CONTACT marks the countdown to the release of the first two NFT packs for the feature-length film. The bids are:
- ZERO CONTACT Platinum Edition NFT package (available for 72 hours)
- Elite Edition NFT packs (available for 48 hours)
The VUELE platform will offer the purchaser the chance to view the film they purchased and highly-desired content, such as behind-the-scenes and never-before-seen footage.
Besides the trailer release, VUELE is running Golden Ticket sweepstakes that include a variety of digital assets developed by CurrencyWorks.
Will NFTs change the cinema industry?
Some blockchain video streaming platforms affirm that major production companies are considering the use of NFTs to attract fans and generate new revenue streams. We expect that once the licensing arrangements for films are resolved, NFTs will become an essential part of the movie experience once they are implemented. NFTs offer creators new opportunities to create deeper relationships with their fans.