The producer who worked on blockbusters such as Martin Scorsese’s “The Irishman” announced that he will be creating the feature film funded entirely by non-fungible tokens (NFTs).
The producer, Niels Juul, started his own production company NFT Studios to fund a series of films, and he's aiming to raise $8 million to $10 million in funding by selling 10,000 NFTs to the public and institutional investors.
“As a producer my biggest frustration is from the finance side, it is an ordeal,” Juul told The Guardian in an interview. “The studios are mainly doing big franchise films, an independent film can take years and years. It’s hard getting investors for films and productions, especially at development stage, with the Hollywood system. We want to democratize it.”
NFTs A special kind of token that contains identifying information recorded in smart contracts on the Ethereum blockchain but can’t be exchanged like other cryptocurrencies which are fungible. They are a digital certificate proving that you own something, in this case part of a film. The market for NFTs is currently valued at $1 billion.
Juul reported his company’s first film, “A Wing and a Prayer,” is ready to begin shooting in April in Malta and London and a transatlantic premiere is planned for September.
According to The Guardian, the film tells the true story of the Briton Brian Milton, who retraced Phileas Fogg’s round-the-world trip in a microlight after taking up a bet at the Reform Club, where Jules Verne’s fictional character was also a member.
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