NFT Studios, a Web3 film production company owned by Niels Juul, creator of Scorsese’s famous films, is presenting its innovative business model today at the Cannes Film Festival, which aims to democratize access to the film industry and bring fans closer to the production process.
NFT Studios and the new film financing model with Non-fungible Tokens
Web3 film production company, NFT Studios is showcasing today at the Cannes Film Festival its new film financing business model, which also aims to democratize access to the industry and bring fans closer to the production process.
It involves the use of Non-Fungible Tokens mainly for 3 points:
- finance film productions by issuing new NFTs;
- letting fans invest directly in their favourite film projects, receiving in return exclusive benefits such as red-carpet access to film premieres;
- bring fans closer to the film production process by allowing NFT holders to vote on scripts and contribute to certain aspects of the film.
This is presented by the co-founders of NFT Studios: Niels Juul, well-known Hollywood executive producer of Martin Scorsese‘s films “The Irishman” and “Silence”, and Hewie Rattray, founder of the London-based studio NFT Kudoku Studios.
The company was created in 2021, launching a new Web3 film production subsidiary, KinoDAO, which uses blockchain and NFTs to disrupt traditional ways of financing films and open up the industry to fans.
We are very excited to be speaking at a few panels for this year's Cannes Film Festival! Honored to be given a platform to discuss how Web3 technology can and will change the film industry. #film3 @Festival_Cannes @mdf_cannes @NFTStudios_dev pic.twitter.com/VrxvGRgKTU
— KinoDAO (@Kino_DAO) May 15, 2022
“We are very excited to be speaking at a few panels for this year’s Cannes Film Festival! Honored to be given a platform to discuss how Web3 technology can and will change the film industry”.
NFT Studios with KinoDAO to democratize film production process
KinoDAO from NFT Studios will start minting its main collection at the end of the summer, the proceeds of which will be used to finance the production of “A Wing and a Prayer”, a comedy drama that tells the true and moving story of Brian Milton, the first man to fly around the world in an ultralight aircraft.
Not only that, in addition to offering their KinoDAO NFTs with respective fan prizes, owners will also receive governance tokens called KINO. It will be through KINO that fans will be able to participate in forums with production managers, where they will discuss and vote on different aspects of the film to shape it according to what they want to see.
This is a completely revolutionary model for both financing new films and democratizing access to the film production industry, harnessing blockchain tech and being more decentralized than traditional franchise-based models that stifle artistic expression.
The film about Ethereum: “The Infinite Machine”
And while NFT Studios is using blockchain to revolutionize business models in the film industry, there are those who prefer to produce a film about the Ethereum blockchain.
This is “The infinite Machine”, the new film that deals with the genesis of Vitalik Buterin and associates up to the preservation of Ethereum, producer Ridley Scott and his foundation.
The film will be adapted from the book by Camila Russo, an expert in the crypto world, which describes the path Ethereum took to become the second most prominent digital currency and platform today.