A new platform called FF3 allows filmmakers to finance their projects via the sale of NFTs which include intellectual property rights.
Some NFTs include the right of a share of the film’s revenues, in addition to other perks such as collectibles.
The innovation is part a growing wave of interest within the film industry in NFTs.
FF3, a platform allowing independent filmmakers to finance their projects through NFT sales, will launch its first film financing project later this month. The raise, titled “The Dead of Winter”, is part of a wider wave of interest in NFT funding within the film industry.
BUSINESS: A Boost for Indie Filmmakers
Goldfinch, a London-based entertainment financing group, has announced the launch of FF3, a platform for financing independent filmmakers through NFT sales that grant partial ownership rights over the film’s IP, among other benefits.
Through the platform, token holders will get access to varying tiers of NFTs, from collectibles like posters, directors’ notes, and scripts, to more exclusive perks such as access to the key filmmakers. Some NFTs will also include ownership rights to the intellectual property of the project, which will allow the holders to share in the film’s revenues. O wners also have the ability to resell NFTs on secondary markets, allowing for continued royalties for filmmakers and token owners.
The first film to launch on the FF3 platform is Stephen Graves’ horror thriller, The Dead of Winter. It will launch its funding round on FF3 on Jan. 24.
According to Goldfinch, filmmakers stand to benefit from this for several reasons, including transparent ownership, access to multiple revenue streams, access to financing in cryptocurrency, and royalty payments through secondary market sales.
Nick Sadler, the founder of the First Flights program funding FF3, emphasized the difficulty independent filmmakers typically experience in trying to finance original content in a press release. He said:
“There are limited options for emerging and established indie filmmakers to develop, fund and distribute their content, which means filmmakers choose between sacrificing ownership and control of their ideas or falling outside of the modern distribution and financing structures, which can leave worthy individuals, topics, and themes unfunded and underrepresented.”
Sadler said that using Web3 technology to fund movies was “a natural evolution” for First Flights given its focus on community building and added that he saw potential in the technology.
According to Goldfinch Chief Operating Officer Phil McKenzie, the project may also have a DAO in the works. “Our vision is a decentralized, autonomous decision-making community for patrons, creators, to connect, create and distribute film content,” he stated, adding that it was intended to support both established and new filmmakers.
DAOs, otherwise known as decentralized autonomous organizations, are increasingly gaining traction among crypto natives for non-crypto related activities . Late last year, a DAO known as ConstitutionDAO attempted to buy the a rare physical copy of the U.S. Constitution–it ultimately failed to do so, but it managed to raise more than $45 million in the attempt. PleasrDAO, a group originally formed to acquire an NFT by the crypto artist pplpleasr, also made headlines in October when it bought Wu-Tang Clan’s one-of-a-kind album “Once Upon a Time in Shaolin.” More recently, a DAO called BlockbusterDAO has emerged to buy out the now-defunct Blockbuster Video brand from Dish Network.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
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