The A-list trying to convert Hollywood to NFTs
Future. Crypto, NFTs, the metaverse, and Web3 have become the hottest buzzwords in Cannes, with some viewing them as the savior of the independent film business (but others seeing it as nothing more than a fad). Nonetheless, renowned, innovative filmmakers and talent are trying their hand at the new technology… which should at least pique the interest of the industry at large to keep tabs on how receptive audiences are to their experiments.
Some top writers, directors, and producers believe that NFTs are more than just a fad or an easy way to make a buck; but a genuine revolution in how projects are financed.
So, THR reports that they’re putting their money where their mouth is.
- Filmmaker Steven Soderbergh (the Ocean’s franchise, The Knick) and his production company, Extension 765, pledged to provide $300,000 in finishing funds to projects greenlit on Roman Coppola’s blockchain-powered Decentralized Pictures.
- Goldfinch, a London-based film finance company, recently launched crypto-crowdfunding platform FF3 — posting their first project just in time for Cannes.
- Hollywood heavyweights such as Kevin Smith, Reese Witherspoon, Mila Kunis, and Anthony Hopkins are all involved with NFT-backed film and TV projects.
Boom or bubble?
Right now, NFTs provoke a range of emotions, and it coincides with the sales fervor going down at the Cannes Film Festival, with everyone trying to crack the code on how to put projects together. Crypto exchange FTX is even a lead sponsor of the fest’s annual amfAR Gala. As crypto and all things Web3 enter the conversation, many feel that it resembles the dot-com boom of the early 2000s, which brought the same level of excitement, innovation, and skepticism.
As Mark Kimsey of NFT-focused Electromagnetic Productions explained: “There were a lot of companies just doing the gold rush thing, with companies whose valuations made literally no sense [and] a whole sort of ecosystem of bad actors. But the technology lived on, and the companies that used it wisely and judiciously added to their customer base and added value to their companies.”
One of those companies: Netflix.