Non-fungible tokens, otherwise known as NFTs, have been changing the game for independent filmmakers as of late. NFT movies like Lotawana are making history as we speak. Take advantage of this new wave, encourage fans to buy your NFTs, and use them as resources for independent filmmakers and your art.
To learn more about NFT movies and how they’re changing the game for independent filmmakers, read on. This article provides a quick snapshot of how NFTs can help independent filmmakers get financing for their projects
What Is An NFT?
An NFT is a non-fungible token or a digital file that is completely unique and registered with Blockchain. What this means is that the token is completely unique and will not and cannot be exchanged or replaced with something else.
In comparison, a Bitcoin is fungible. If you trade one of your bitcoins for another Bitcoin, you are still left with a single Bitcoin. However, trading cards are non-fungible. If you trade one card for a card previously owned by your friend, you have a different trading card, even though they are both trading cards. This is especially true when the card in question is rare.
With this in mind, an NFT is simply a token that is non-fungible. What exactly is an NFT a token of? Well, and NFT is a digital token that represents something digital, such as music, artwork, and independent films. Even tweets can be sold through NFTs. Because of the nature of NFTs, many people compare it to art collecting, only digital.
The Popularity of NFTs Is Rising
Over the last couple of weeks, there has been a huge burst of growth in the NFT market. There’s a projected rise in growth in popular collections, such as Crypto Punks and BoredApeClub. Because sales have been increasing every week, it appears that they’re not going away anytime soon.
What Do NFTs Mean For Independent Filmmakers?
So, what do NFTs mean for independent filmmakers? According to Indie Film Hustle, independent filmmakers can raise a lot of money and capitalize on NFTs in several ways:
- Sell your film’s distribution rights in shares
- Finance short films by creating an NFT
- Fundraise to increase budget through NFT
- Sell NFT collectibles related to the film
- Tap into individuals’ fanbases to create and sell NFT
By doing these things, you can earn more money to use on your films. Especially if you learn how to create NFT art that captures people, you can potentially make a lot of money for your indie films.
NFT Startups To Checkout
New startups are especially important to check out as independent filmmakers. Because of startups like TokenSociety, it is easier than ever for independent filmmakers to fund projects through the creation and sales of NFTs.
The indie film Lotawana, for example, has become the first feature film to be sold as an NFT, and it is unlikely to be the last.
To make the most of this current NFT wave, be on the lookout for new NFT startups to finance your next indie film and possibly make history.