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Neils Juul, the executive producer of Martin Scorsese’s The Irishman, has launched a new firm with the goal of using NFT sales to finance Hollywood films, according to The Hollywood Reporter.
“NFT Studios” already has its first project in the works, a comedy-drama film called “A Wing and a Prayer.”
The film will tell the true tale of Brian Melton, who in 1998 became the first man to fly around the world in an ultralight aircraft. The film will have A-list stars and will be filmed in Malta and London by April of next year.
Non-Fungible Tokens can be used within blockchain ecosystems to assign fractional ownership rights to anything, whether digital or real world.
Via smart contracts, or pieces of software that execute automatically, tokenized profits from sales, tickets, etc, can be distributed to wallets of those who own a piece of a work via an NFT.
“We are in the middle of a great transition in the entertainment business where traditional ways of film funding and ownership are being uprooted due to the rapid rise of streamers and other digital platforms,” Juul told the Reporter about his initiative.
The Trends Journal has detailed emerging industry use cases of NFTs in stories including “ONE OF A KIND: THE WORLD OF NFTs” (10 Aug 2021), “METAVERSE GAMING HITS BILLION DOLLAR PAYDIRT WITH AXIE INFINITY” (5 Oct 2021) and “TIPPING POINT: AWARENESS” (22 Jun 2021).