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• Many NFT projects in Hollywood are on hold
• A wait-and-see approach to films on the blockchain
• Successful NFTs to finance films
Well-known personalities such as Matt Damon, Anthony Hopkins or Reese Witherspoon have promoted crypto exchanges, cryptocurrencies and individual NFT projects. But managers like Dawn Ostroff, COO at Spotify, also designed NFT projects. Ostroff showed her crypto enthusiasm by sharing her Bored Ape NFT on Twitter and adopting the profile name DawnOstroff.eth in a nod to Ethereum. However, this is her last entry on the social media platform at the end of 2021. The NFT project for Spotify has been put on hold because the NFT podcast with famous crypto enthusiasts such as Jimmy Fallon or Snoop Dogg has not yet been realized, presumably for cost reasons.
NFT concepts are on hold
In the context of rising crypto prices, some NFT projects were initiated in Hollywood between the end of 2021 and the beginning of 2022. But even an NFT series planned by Reese Witherspoon with pop star Shawn Mendes as the NFT character did not find the necessary interest from Hollywood studios in view of the fall in the price of cyber currencies.
“A lot of studios are running away from NFTs right now,” Clubhouse Pictures’ Bryce Anderson told Bloomberg. However, Anderson himself remains optimistic that cybercurrency prices will recover and continues to work with Bryan Unkeless on an NFT project called “Runner”. They are sure that NFT projects can be successful in Hollywood, but at the moment the attitude of the studios is wait-and-see without committing to a concrete strategy.
“Zero Contact” – the only NFT film so far
The feature film “Zero Contact” is the first film to be released exclusively as an NFT. Both the film and the merchandise are available exclusively via a separate blockchain from the provider CurrencyWorks, which receives a license fee for the provision. According to the magazine Hitchecker, around 90,000 US dollars were recorded.
However, this is one of the few examples of a complete feature film actually being offered on the blockchain. Much more commonly, NFT sales are used to finance film projects. A prominent example is Julie Pacino, Al Pacino’s daughter, who raised $80,000 from the sale of her digital photographs to fund her film I Live Here Now.
Hollywood producer Niels Juul also produces NFTs to finance feature films: Private investors buy the digital works of art from his NFT studio and thereby receive special experiences, such as a visit to the set or an invitation to the film premiere. Because “a crypto enthusiast wants to invest in something that’s deflationary, so something with a limited supply and something that’s really well thought out, and I think that’s what we’re offering,” he told Süddeutsche Zeitung.
However, with the fall in the price of Bitcoin, Ethereum and Co., the prices for NFTs have also fallen, making financing more difficult. At the moment, many Hollywood studios seem to be waiting to see how Web3 develops.
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