Cryptocurrency is ready for its close-up.
As digital coins become more accepted, film manufacturers are turning to crypto as a way of raising funds for their films.
Laura Adams, a personal finance and cryptocurrency expert with, said cryptocurrency is an innovative way to finance a film.
A Piece of the Profits
"You need to promote your film, demand for payments in your chosen crypto, and give participants access to your public wallet address," Adams said.
According to actress Kirsten Burma, non-fungible token (NFT) assets are another option for filmmakers.
"You might even promise token-holders a piece of profit you make on the film," said a filmmaker.
FF3, a London entertainment financier, has announced the launch earlier this month. It is an extension of its First Flights funding program for emerging and established indie filmmakers.
The first film project to start on FF3 will be the horror thriller The Dead of Winter, directed by Stephen Graves. The film will launch on the FF3 platform on January 24.
In a statement, Goldfinch said the FF3 platform is designed to provide filmmakers transparency in ownership and revenues through the blockchain, access to untapped crypto funds, and the creation and sale potential of NFTs.
NFTs in limited edition may be sold on marketplaces, with a portion of the sales going back to the filmmaker, according to Goldfinch, creating a new monetization channel which didn't exist before and will expand with the film's popularity.
"Our vision is to establish a decentralized, autonomous decision-making community for filmmakers and creators to connect, create, and distribute film content, according to Phil McKenzie, Goldfinch's chief operating officer.
Crypto, Lichts, Camera
Moviecoin.com, which has launched its first DEX, or decentralized exchange on Uniswap, a decentralized finance platform, has been named as Tammy Da Costa, an analyst.
Da Costa has agreed that investors will be allowed to invest in films listed on for a minimum investment of $10.
"If an investor purchases a movie token, they will receive an NFT token on a blockchain, and in exchange, they will receive royalties and profits related to their initial investment," said the investor.
The NFTs will consist of behind-the-scenes scenes images, props and memorabilia from the films.
The company also said it would offer props from the financed movies that are attached to special NFTs, giving investors the opportunity to own movie souvenirs in real life.
"Imagine owning Rocky Balboa's gloves and the digital NFT version of them too," said Moviecoin.com in a statement.