Sundance Film Festival Accepts Blockchain and Cryptofilm Initiatives
Web3 applied sciences proceed to enter many mainstream industries to innovate legacy techniques. This contains legacy artistic fields such because the music trade and, extra just lately, the movie trade.
This yr’s Slamdance Film Festival, an Oscar-accredited movie competition for unbiased filmmakers, will see the premiere of the brand new movie Fuzzy headwhich acquired its funding by blockchain-based crowdfunding platform Untold.io.
Ali Aksu, CEO of Untold.io, informed Cointelegraph that filmmakers like these from Fuzzy headmay use blockchain know-how to democratize their funding course of and open funding alternatives to each accredited and non-accredited traders.
“The most vital side of crypto/blockchain integrations within the movie trade might be opening up a brand new asset class to all varieties of traders by appropriate safety tokens and better fan engagement by NFTs.”
Untold just lately partnered with Dapper Labs to speed up know-how and enable wider entry to its applications. The platform additionally helps different notable films together with The means againstarring Robert De Niro and Morgan Freeman.
This is not the primary time a movie competition has seen crypto and blockchain parts in movies premiering. In 2019, blockchain platform Filmio participated within the legacy Sundance Film Festival to discover initiatives for its blockchain-based leisure platform.
Last yr, Liquid Media Group introduced its first blockchain film streaming with a collection of digital panel shows throughout the Sundance competition. The firm additionally demonstrated the influence of non-fungible tokens (NFTs) on filmmakers and their communities.
In 2022, Russell Crowe’s movie Prizefighter used NFTs to partially finance its manufacturing and grew to become what the director referred to as an “audience-oriented movie.”
Aksu stated the usage of blockchain-based instruments by legacy filmmakers and main festivals provides these instruments visibility to unbiased filmmakers who would drastically profit from them.
“These are additionally nice alternatives to construct an actual neighborhood behind revolutionary actions like blockchain.”
Last yr, movie director Anthony Hopkins bought out an NFT assortment primarily based on characters from movies he had beforehand launched.
Quentin Tarantino additionally created NFT primarily based on his movie Ion Criminal. However, he later grew to become embroiled in a large copyright infringement lawsuit with the movie’s manufacturing firm.