Quick take:
The blockchain is revolutionising intellectual property rights with NFTs. What began with blockchain-based digital collectibles offered in the form of JPEGs is quickly developing into a mirror market for virtually everything. From music to merchandise, and now the film industry.
In a press release on Wednesday, digital film collectibles platform Movieplex announced its collaboration with Cinema Libre a specialised boutique film studio to launch ‘the first’ NFT film on OpenSea.
This is not the industry’s first NFT film. In October, global film and entertainment company Warner Bros teamed up with web3 streaming platform Eluvio to launch “The Lord of the Rings: The Fellowship of the Ring” NFT film.
Movieplex is built on the Ethereum scaling protocol Polygon. The platform allows anyone to verify the ownership of each NFT film on OpenSea, thus creating a new NFT film category on the leading NFT marketplace.
According to Philippe Diaz, Founder and Chairman of Cinema Libre Studios, “NFTs are the future of film viewing.”
“When someone buys a movie on iTunes or Amazon, they only receive a tethered video file. With the NFT, collectors keep an asset which can be resold, while also becoming a part of a community. NFTs create a unique link between the filmmaker and their audience, allowing the buyer to receive subsequent elements that are also part of film distributions – like deleted scenes, interviews with the actors or the director, reviews from festivals, and more,” Diaz said in a press statement.
The two companies’ first NFT film will be an environmental documentary feature titled “Phosfate” with “Guantanamo Diary Revisited” and a narrative feature, “From Iceland to Eden,” the next two in the pipeline.
Movieplex co-founder and CEO Frank Ramos said video content will be a key factor in onboarding the next billion users to web3.
On the other hand, co-founder Garry Dolley who helped Ramos develop the Cinemaplex technology added: “The distributed file storage architecture of Web3 will break the expense of traditional film streaming costs and drive centralized bandwidth usage to near zero. This will make Web3 film-streaming business models far more profitable than traditional streaming platforms.”
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