- Movie auctions engage fans into the movie universe
- What is an NFT?
- Is it just a game or a new reality?
2020 was marked by sweeping changes in the entertainment industry. Closed movie theatres and the move towards online markets forced entertainment creators to come up with new approaches.
“Zero Contact”, a new blockbuster movie starring Anthony Hopkins is being auctioned off at Vuele. The platform intends to break new ground in film distribution and form a new model for the future.
“What we’re setting up to do is prove that there’s a revenue stream in Hollywood that’s never existed before,” Rick Dugdale, director, producer, and a co-founder of Vuele said in an interview to Yahoo Finance Live. This NFT-based movie will use the CurrencyWorks blockchain which offers cross-chain asset transfers with Ethereum.
The idea is truly unique in that movie fans will have a chance to own a piece of a movie. This will also be a new stream of revenue for movie creators who will be able to sell tokens even before a theatrical release, while fans will be more deeply engaged in the movie-making industry.
The opening price will be 3 Ethereum coins which corresponds to approximately 8,500 USD. An additional NFT will be given away to one bidder as a prize. There will also be a special auction — the winner will be able to join the cast and have a minor role in the Zero Contact universe. Some fans will win a chance to be edited into the movie. Fans are also offered to solve puzzles and compete with each other.
A non-fungible token, or NFT, is a unique non-interchangeable token that is used to confirm the unique nature of a digital asset. This is a certificate that can be used as proof of ownership. NFT does not protect an asset from being copied but can be used to establish the rights of property to the original file.
The idea was based on the Ethereum blockchain and was finally accepted in 2021. In February, the digital painting “Everydays – The First 5000 Days” by an American artist Mike Winkelmann, known as Beeple, was listed at the Christie’s auction house and sold for 69.34 million USD in Ethereum tokens.
An NFT contains complete information about the item — the author’s signature, the date of creation, and the sale history. In half a year, the idea has become universally accepted. Currently, leading global platforms use non-fungible tokens to sell and buy digital art. Interestingly, if someone wants to become the owner of an NFT for a physical asset, the actual asset needs to be converted into the digital format, while the original should either be destroyed or adopted to include the token, for example, on a memory stick. NFTs are likely to be the future of the digital world. The idea originated from video games where digital items are often sold and bought.
The success of NFTs started with an Ethereum-based game titled CryptoKitties. Each digital kitten has its own token, and the goal of players is to collect, breed, and sell kittens. Bringing together cute animals and cryptocurrency seems to have been a genius idea because who doesn’t like kittens? By the way, the cost of some of them reaches 1 million USD.
The listing of NFTs at large auctions and their use in Hollywood might mean that non-fungible assets have moved beyond selling digital kittens. In the next several years, many of us may become owners of movies and other digital assets. NFTs are great at protecting the right of ownership, solving such a difficult problem.
NFTs have great potential not only in the gaming and film industries but also in business. They will become an important online platform for a large group of freelancers and artists. Many platforms, such as BakerySwap, Juggerworld, and Treasureland, offer users to create their own NFTs. For a small fee, you can upload a file and obtain a token. NFTs are easy to sell on special marketplaces, and if your token becomes successful, you can wake up a cryptocurrency millionaire.