Hollywood’s first feature film financed entirely by non-fungible tokens (NFTs) will be produced by the executive producer behind blockbusters including Martin Scorsese’s The Irishman.
It is announced that investors in this project will receive their share of profits. And they will also get to meet the movie cast.
Niels Juul, who established the production firm NFT Studios in order to finance a number of films, aimed for between $8 million and $10 million in sales. An NFT is an electronic certificate that proves you own something, such as a film part.
Cryptocurrencies have captured the world’s attention and become a hot new financial movement praised by some as a gold rush while others see it as the most recent bubble, with the potential of investors to lose money.
The objective was to create a new financing model for movies that bypasses the outdated Hollywood system, in which smaller projects can take up to eight years to become seen on the big screen or television.
The movie is complete, with a big-name star and director attached, but Juul refused to reveal the actors’ names until an official announcement was made before the Berlin film festival in February.
Shooting for the film is expected to begin in April in Malta and London, with a transatlantic premiere expected for September.
A Wing and a Prayer is a documentary about the real-life Briton Brian Milton, who retraced Phileas Fogg’s round-the-world journey in a microlight after accepting a bet at the Reform Club, where Jules Verne’s character was also present.
Juul has teamed up with NFT Investments, a London-listed firm that backs market opportunities and which paid $1 million to acquire a 20% stake in his production company in order to get the fundraising process underway.
Investors would receive a piece of any box-office profits and licensing rights, as well as the chance to visit filming locations, meet the cast and attend the premiere.
In March, Mike Winkelmann, better known as Beeple, became the first person to sell an NFT for $69.4 million.
Paris Hilton, Damien Hirst, and even the London Royal Ballet dancer Natalia Osipova are just a few of the big names set to join the NFT trade.
