Crypto is looking for a leading role in the cinema

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Cryptocurrency is ready for its close-up

As digital coins gain more acceptance, movie producers are turning to crypto as a way to raise money for their films.

Laura Adams, personal finance and cryptocurrency expert at Finder, said cryptocurrency is an innovative way to fund a movie.

A share of the profits

“You need to promote your movie, request payouts in the crypto of your choice, and give attendees access to your public wallet address,” Adams said.

Another option for filmmakers is to issue non-fungible token assets (NFTs), she noted.

“For example, your fans might buy a fraction of your intellectual property,” she said. “You could even promise token holders a profit you make on the movie.”

Earlier this month, Goldfinch, a London-based entertainment financier, announced the launch of FF3, an extension of its First Flights funding program for emerging and established independent filmmakers.

The first film project to launch on FF3 will be writer-director Stephen Graves’ horror thriller “The Dead of Winter,” which is set to debut on the FF3 platform on January 24.

Goldfinch said in a statement that the FF3 platform is intended to provide filmmakers with ownership and revenue transparency via the blockchain, access to untapped crypto funds, and the potential to create and resell NFTs.

Limited-edition NFTs can be sold on marketplaces, with a portion of the sales going to the filmmaker, Goldfinch said, creating a new channel for monetization that didn’t exist before that will grow with the film’s popularity.

“Our vision is to establish a decentralized, empowered decision-making community for patrons and creators to connect, create and distribute film content – a community that supports budding filmmakers as much as established talent and, that doing so democratizes content creation,” Phil McKenzie, Goldfinch’s chief operating officer, said in a statement.

Lights, Camera, Crypto

Tammy Da Costa, analyst at DailyFX, cited platform Moviecoin.com, which recently launched its first DEX, or decentralized exchange on Uniswap, a decentralized finance platform.

In exchange for fiat currency or crypto, Da Costa said investors will be allowed to invest in movies listed on moviecoin.com for a minimum investment of $10.

“Once an investor buys a movie token, they will receive an NFT token through a blockchain and in exchange, they will receive royalties and profits related to their initial investment,” she said.

Moviecoin.com said it will also offer NFTs on Opensea and Rarible, considered “eBay” of digital items. The NFTs will consist of behind-the-scenes photos, props, and memorabilia from the films.

The company also said it will offer props from the funded movies attached to special NFTs, giving investors the opportunity to own real-life movie memorabilia.

“Imagine owning Rocky Balboa’s gloves and their NFT digital version as well,” Moviecoin.com said in a statement.

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