Independent filmmakers will be able to finance their movie projects through NFT sales on the FF3 platform. The NFTs shall grant partial ownership rights over a Film’s IP among other benefits.
Later in the month Goldfinch, a London-based entertainment financing group will be launching its first film financing project titled “The Dead of Winter,” a horror thriller by Stephen Graves on Jan 24. This shows a great interest in NFT financing within the film industry.
The FF3 platform will allow token holders to access varying tiers of NFTs from collectables such as director’s notes, scripts, and posters to more exclusive perks such as access to key filmmakers. Additionally, some NFTs will entitle the holders to a share in the film’s revenue while owners will be able to resell the NFTs on secondary markets.
Multiple revenue streams for filmmakers
According to Goldfinch, filmmakers will benefit from access to multiple revenue streams, royalty payments through secondary market sales, access to financing in cryptocurrency, and transparent ownership.
Nick Sadler, the founder of the First Flight program funding FF3, addressing the difficulties independent filmmakers experience while trying to finance the original content in a press release said:
“There are limited options for emerging and established indie filmmakers to develop, fund, and distribute their content, which means filmmakers choose between sacrificing ownership and control of their ideas or falling outside of the modern distribution and financing structures, which can leave worthy individuals, topics, and themes unfunded and underrepresented.”
He also added that he saw great potential in technology and that using web3 technology to fund movies will be a ‘’natural evolution’’ for the program given its focus on community building.
Goldfinch chief operating officer Phil Mckenzie also added by saying that the project may also have a DAO (Decentralized autonomous organizations) since their vision is to establish a decentralized and autonomous decision-making community for creators and patrons to create, connect and distribute film content. He also said that its goal is to support new filmmakers as well as established ones in the industry.
DAOs are increasingly gaining traction in the crypto natives and non-crypto-related activities. Just to mention a few, DAO known as constitutional DAO late last year attempted to buy a rare physical copy of the US constitution although it failed but managed to raise more than $ 45 million in the attempt.