Wednesday, February 8, 2023

Sundance Film Festival embraces blockchain and crypto film initiatives

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Web3 applied sciences proceed to infiltrate various mainstream industries to carry innovation to previous techniques. This consists of legacy artistic fields such because the music business and, extra lately, the movie business.

This 12 months, the Slamdance Movie Competition, an oscar-accredited movie competition for indie filmmakers, will see the premiere of the brand new movie Fuzzy Head, which acquired its funding by way of the blockchain-powered crowdfunding platform Untold.io. 

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Ali Aksu, the CEO of Untold.io, advised Cointelegraph that filmmakers, like these on Fuzzy Head, might use blockchain know-how to democratize their financing course of and open up funding alternatives to accredited and unaccredited traders.

“A very powerful side of crypto/blockchain integrations within the movie business can be opening up a brand new asset class to all types of traders through compliant safety tokens and elevated fan engagement through NFTs.”

Just lately, Untold partnered with Dapper Labs to speed up the know-how and permit wider entry to its packages. The platform has additionally supported different notable movies, together with The Comeback Path, which options Rober de Niro and Morgan Freeman. 

Associated: Bluechip NFT project Moonbirds signs with Hollywood talent agents UTA

This isn’t the primary occasion of a movie competition seeing crypto and blockchain parts in movies which might be premiering. In 2019 the Filmio blockchain platform attended the legacy Sundance Movie Competition to scout tasks for its blockchain-based leisure platform.

Final 12 months, Liquid Media Group introduced its first blockchain movie streaming with a slate of digital panel shows in the course of the Sundance competition. The corporate additionally introduced the impact of nonfungible tokens (NFTs) on filmmakers and their communities.

In 2022, Russel Crowe’s Prizefighter movie used NFTs to partially fund its manufacturing and have become what the director referred to as an “audience-driven movie.”

Aksu mentioned that the utilization of blockchain-based instruments by legacy administrators and main festivals brings visibility to those instruments for unbiased filmmakers who would extremely profit from them.

“These are additionally nice alternatives to create an actual group behind revolutionary actions like blockchain.”

Final 12 months, movie director Anthony Hopkins sold out an NFT collection primarily based on characters in movies he had already launched.

Quentin Tarantino additionally created NFTs based on his ionic film Pulp Fiction. Nonetheless, he was later concerned in a significant lawsuit with the movie manufacturing firm over copyright infringement.