• NFT Studios, based in Hollywood, aims to produce feature films on the blockchain

  • Tinseltown has some exciting news. Producer Niels Juul (‘The Irishman’) is establishing a Hollywood NFT studio. His plan is to transform a “antiquated funding system.”

    Juuls hopes to raise between $8 and $10 million from NFT sales to public and institutional investors to fund this. This will be done through his new company, NFT Studios. It is, to the best of our knowledge, the first dedicated to film financing via non-fungibles.

    The reasoning makes sense if you understand how movies are paid for. Due to funding constraints, it can take up to eight years for a production to reach the big screen. This could be significantly reduced by democratization, according to Juuls’ proposals. To be more specific, this means allowing for lower levels of investment. Not to mention expanding opportunities for those who do not have access to traditional film financing.

    The Hollywood NFT Studio is open for business.

    So far, Juul has secured $1 million for NFT Studios. This comes from NFT Investments, which funds new market opportunities. Anyone involved can expect a cut of box office receipts and rights in exchange for money. Along with the opportunity to visit locations, meet actors, and attend premieres.

    That, obviously, sounds appealing. The first title has also been confirmed. Juul is currently working on ‘A Wing and a Prayer.’ The film is based on the true story of Brian Milton, who retraces Phileas Fogg’s round-the-world journey. He accomplished this feat in a microlight. The idea was apparently inspired by a bet made at the Reform Club. In the original Jules Verne story, Fogg was a member of the same society.

    Keeping it under wraps?

    It is also worth noting that the film is shrouded in secrecy. While we know the story and the overall concept, the director and any big-name stars involved have yet to be revealed.

    Essentially, keeping elements of the film hidden from investors has a number of advantages. For starters, it means that each production will be treated equally in the eyes of those funding it. This should ensure that investors of all means have an equal opportunity to invest in any NFT Studios film. In short, the system may assist in avoiding hysterical clamouring for one opportunity over another.

    So, will this truly revolutionize film financing? Clearly, there is opportunity. And when we look at the numbers, we can see that there is a clear need. COVID-19 wiped out the creative industries. None more so than indie filmmaking. In 2019, this industry accounted for 11.4 percent of global box office revenue. This, however, plummeted in 2020. After all, theaters were mostly closed, and many releases were postponed as a result.

    Consider an investor’s point of view. Which makes more sense: getting in at the bottom of a low-level production that may be subject to ongoing delays? Or should money be spent on output from major studios that is prioritized by distribution and exhibition circuits? Consider how different things would be if financing was simple to understand and available to everyone.

    Movies and NFTs

    NFT Studios is the most recent example of movie non-fungible activity that we have covered. Another example is the official Star Wars series. This is part of Disney’s larger Golden Moments collection. We also had ‘The Rise,’ a new film by George C. Romero that was released in NFT form. He is, in essence, the son of legendary horror master George A. Romero. There was also the release of the ‘Saw’ film. That happened to coincide with Halloween. ‘No Time To Die,’ the latest James Bond film, also went NFT. Of course, none of this is to mention ‘Dangerous,’ India’s first NFT film.

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