“All we’re really talking about is the use of technology to create more efficient contracts and decentralize the flow of funds,” he said. Producers will participate in the NFT royalty stream after Forest Road recoups its investment.ĬEO Zachary Tarica views his company’s newfound involvement in the movie memorabilia space as a MacGuffin of sorts - those objects are there to give filmmakers more capital on the front end, and more profit for investors on the back end. He’s in the process of finalizing a deal with one firm to sell NFTs connected to “Lotawana” film stills, scripts, posters, and other collectibles, he said.įilm finance firm The Forest Road Company (“The Kindergarten Teacher”) recently closed a $20 million fund to make pre-production investments in exchange for the right to sell associated collectibles using NFTs. Hawkins said several companies have approached him about collaborating on the sale of other NFTs. In March, a JPEG created by artist Beeple as an NFT sold for $69.3 million to Metakovan, founder of cryptofund Metapurse, who declared it “the most valuable piece of art for this generation.” That series of events suggests the overheated logline of a future James Bond installment, but Hollywood is already investing real-world millions in NFTs - and independent filmmaking may be one of the earliest applications. Since an NFT is practically impossible to fake, it helps create value for the associated object, which can be bought, sold, and traded in perpetuity. These tokens are stored on a blockchain network, the same thing that powers cryptocurrencies like bitcoin, and every transaction is verified and recorded in a public ledger. An NFT is unique digital certificate of authenticity for physical or digital objects. Interest in the search term started to spike around Valentine’s Day and that hockey stick is still growing - probably because the public is still a ways off from understanding why people are so excited by this acronym.Ī dollar bill is fungible - they all look alike and carry the same value. Last month’s “Saturday Night Live” short “What the Hell’s an NFT?” wasn’t so much a parody as a public service. Quentin Tarantino's Favorite Movies: 45 Films the Director Wants You to See Seth Green Show Based on His NFT Paused After NFT Is Allegedly Stolen Elvis and Bob Ross Deepfakes? They May Be Cinedigm's Future
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