(Image: World of Women)
It's no secret that the movie industry is a billion dollar business. However, it can be difficult for indie filmmakers to get their projects off the ground. This is where NFTs come in. NFTs are digital assets that use blockchain technology to provide security and transparency. They are opening up the movie industry to a wider investor base than ever before. In this blog post, we will discuss how NFTs are creating a new way of funding indie films. We will also explore some of the benefits of using NFTs to fund your next project!
Why Indie filmmakers are betting on NFTs
One of the main benefits of using NFTs to fund your indie film is that they provide security and transparency. With blockchain technology, it is possible to track the ownership of each NFT. This makes it easier for investors to trust projects that are funded with NFTs. Additionally, NFTs can be used to create digital rights management systems. This means that filmmakers can control who has access to their films and how they are distributed.
Another benefit of using NFTs to fund your indie film is that they offer a new way to monetize your work. With traditional funding methods, such as crowdfunding, it can be difficult to make money off of your film once it is released. However, with NFTs, you can sell your film as an NFT. This allows you to continue to make money off of your work even after it has been released.
Finally, NFTs provide a more democratic method for financing independent films. It may be tough to get your movie financed using conventional methods such as going through a studio or crowdfunding. However, with NFTs, anybody can invest in you regardless of whether they have connections. This allows anybody from all walks of life to become part of the project and share in the rewards.
What are some of the risks associated with using NFTs to fund your indie film?
While there are many benefits to using NFTs to fund your indie film, there are also some risks associated with this method of funding.
One risk is that the value of NFTs can fluctuate dramatically. This means that you could lose money if you invest in an NFT that later loses value. Additionally, the development of blockchain technology is still in its early stages. This means that there is a chance that the technology could fail and your investment would be lost.
Finally, it is important to remember that NFTs are still relatively new. There is not a lot of regulation around them yet. This means that there is a chance that they could be banned in the future.
Despite the risks, we believe that the benefits of using NFTs to finance your indie film outweigh the risks. NFTs offer a new way to fund your project that is more secure and transparent than traditional methods.
HOLLYWOOD are adapting NFTs into Movies and TV shows:
Reese Witherspoon’s Hello Sunshine has forged a storytelling partnership with World of Women (WoW), the NFT collective that is cracking open the male-dominated world of crypto currency while celebrating inclusivity and equality. Launching in July of 2021,World of Women came out with 10,000 artworks from women creators, quickly becoming one of the most popular and profitable purveyors of non-fungible tokens.
As part of this partnership, Hello Sunshine will build a WOW universe and franchise, much like we have seen with the Marvel universe. The move is another sign of the growing popularity of NFTs and the potential they hold for traditional media companies on the look out for IP.
The goal for this partnership is to educate women in this new space:
“While the crypto and NFT space is largely dominated by men, there are inspiring leaders like World of Women creating incredible communities for women during this massive shift for media and technology,” said Witherspoon. “We’re proud to partner with WoW to expand their universe of characters and to develop innovative scripted and unscripted content. We look forward to engaging with the remarkable WoW community at every step of this partnership and creating opportunities for WoW holders to work collaboratively with Hello Sunshine on transforming the WoW art into powerful stories.”
This partnership seems like a much made in heaven, as both companies are female lead and they hold similar missions; promoting work by female artists and authors.
This NFT collection can now sell for six figures and have generated more than $120 million in trading according to Vanity Fair.
How to use NFTs to finance your indie film
Now that you understand some of the benefits of using NFTs to finance your indie film, let's take a look at how you can do it!
The first step is to create an NFT. This can be done using any number of online tools. Once you have created your NFT, you will need to find a platform that accepts them. There are a number of platforms that are starting to accept NFTs, including FilmFunding.io and SlockIt. If you can't find a platform that suits your needs, there is also always the option of creating your own!
Once you have found a platform that accepts NFTs, you will need to create a campaign. This is where you will explain what your project is and why people should invest in it. Be sure to include all of the relevant information about your project, such as the budget, cast, and crew. You will also want to set a price for your NFT.
Finally, once you have created your campaign, it's time to start marketing it! Be sure to reach out to your social networks and let them know about your project. You may also want to consider running ads or reaching out to media outlets. By getting the word out there, you will increase the chances of your project getting funded!
NFTs are a new way of funding indie films. They offer security, transparency, and a new way to monetize your work. If you're looking for a more democratic method of financing your next project, consider using NFTs!