NFTs, or Non-fungible tokens, are slowly but surely making its way in every part of the society. Niels Juul, the executive producer behind megahit movies including the critically-acclaimed The Irishman directed by Martin Scorsese, is set to make the first ever feature film in Hollywood funded solely and entirely by non-fungible tokens, or NFTs. Juul also promised to potential investors that they will all get a portion of any financial gain from the movie and meet the big names of the production.
Before anything else, we must first explain that NFTs are unique digital certificates that cannot be replaced with something else. It is often associated with items that are easily reproduced such as photos, videos, audio, and other types of digital files. It can be classified as unique items that is comparable to a certificate of authenticity. It uses blockchain technology which gives the NFT a public proof of ownership. NFTs are the hottest new financial trend that most people similarize with the California Gold Rush. Others tend to be more cynical and hails it as something "fleeting" and poses a huge risk towards investors who could be drained financially.
Niels Juul set up his own production company called NFT Studios to fund and support films using NFTs. He hopes to raise around $10 million by selling 10,000 NFTs to the public and corporate investors. His primary aim was to create the latest funding model for movies to outmaneuver an outdated and old-fashioned Hollywood system under which smaller projects and productions take up to eight years of preparation and filming before it reaches cinemas or TV screens.
Juul said in an interview with The Guardian, "As a producer my biggest frustration is from the finance side, it is an ordeal. The studios are mainly doing big franchise films, an independent film can take years and years. It is hard getting investorys for films and productions, especially at development stage, with the Hollywood system. We want to democratise it."
A Wing and a Prayer, the movie will tell the true to life story of Brian Milton who traced again Phileas Fogg's round-the-world trip in a microlight after betting at the Reform Club where Jules Verne's character was a member. The film is ready, it is already attached with a big Hollywood star and famous director, although Juul would not reveal who they are until an official announcement will be made before the Berlin Film Festival in February next year. Filming locations will be in Malta and London and will immediately begin by April. It is eyeing for a September 2022 premiere in the transatlantic.
A London-listed vehicle called NFT Investments has been approached by Juul and he subsequently struck a deal with them to fund opportunities in the market. NFT Investments already paid him $1 million to take a 20% sharing in his production so as to get the fundraising started. The investors have also been promised that they will be getting a cut on any box-office profits and licensing rights. Not only that, they will also be given a chance to go personally and visit the filming locations, meet and greet with the actors, and attend the premier.
It remains to be seen whether or not the NFT-backed film will be successful but one thing is for sure, the future of our cinematic experience is slowly changing and evolving into something new.
