Film festivals are seeing a rise in blockchain and crypto-funded film projects and initiatives as Web3 technology continues to merge with the entertainment industry.
Web3 technology continues to permeate various mainstream industries to innovate traditional systems. This includes traditional creative fields such as the music industry and, more recently, the film industry.
This year, Slamdance Film Festival, an Oscar-certified film festival for indie filmmakers, is celebrating the premiere of a new film, Fuzzy Head, which received funding from the blockchain-based crowdfunding platform Untold.io.
Untold.io CEO Ali Aksu told Cointelegraph that filmmakers like Fuzzy Head are using blockchain technology to democratize the fundraising process, allowing accredited and non-accredited investors Both homes can open up investment opportunities, he said.
“The most important aspect of crypto/blockchain integrations in the film industry will be opening up a new asset class to all kinds of investors via compliant security tokens and increased fan engagement via NFTs.”
Sundance Film Festival embraces blockchain and crypto film initiatives https://t.co/x0uk8pvblJ via @cointelegraph— Matt Rickard (@matthewrickard) January 23, 2023
Untold recently partnered with Dapper Labs to accelerate their technology and enable broader access to their programs. The platform also supports other notable movies such as The Comeback Trail starring Rober de Niro and Morgan Freeman.
This isn’t the first time the festival has seen a film showcasing crypto and blockchain components. In 2019, blockchain platform Filmio attended the traditional Sundance Film Festival to explore projects for blockchain-based entertainment platforms.
Last year, during the Sundance Festival, Liquid Media Group announced the first blockchain movie streaming with a series of digital panel presentations. The company also showcased the impact of Nonfungible Tokens (NFTs) on filmmakers and their communities.
In 2022, Russell Crowe’s film The Prize Fighter used his NFT to partially finance its production, becoming what the director called an “audience-centric film.”
Aksu said the use of blockchain-based tools by older directors and major festivals could benefit greatly by making these tools available to independent filmmakers.
“These are also great opportunities to create a real community behind revolutionary movements like blockchain.”
Last year, filmmaker Anthony Hopkins launched an NFT collection based on characters from his previously released films.
Quentin Tarantino also created his NFT based on his Ionian film Pulp Fiction. However, he later found himself embroiled in a massive lawsuit with a film production company for copyright infringement.