It looks like Hollywood is trying to capitalize on the hugely popular & trending NFT industry. With COVID-19 disrupting the revenue stream of theatres, many in the industry are looking at blockchain technology as a potential revenue generation source. And the first of them coming is a science-fiction movie starring Anthony Hopkins that’ll auction as an NFT.
Vuele is an NFT film distribution platform that’ll auction the film “Zero Contact”. Moreover, the platform hopes to become a new model for the future of film distribution.
The film’s production was done in 17 different countries during the COVID-19 pandemic virtually. The film follows five characters based all over the world. In fact, their only ‘true’ connection is devotion to tech titan Finley Hart, and Anthony Hopkins plays that character.
Director, producer & co-founder of Vuele, Rick Dugdale told Yahoo Finance Live in an interview:
“What we’re setting up to do is prove that there’s a revenue stream in Hollywood that’s never existed before.”
The NFT-based film will run on the CurrencyWorks blockchain. The blockchain is future-proof for future demand as it has cross-chain capabilities with Ethereum.
Dugdale believes that the future of the film business is blockchain. In his words:
“The future of the film business is blockchain…This could be a scenario where prior to theatrical release or home entertainment a film is released as an NFT.”
According to him, moviemakers could make a few hundred thousand dollars off an NFT release. But, on the other hand, the film could continue on its traditional pathway to theatres. Also, two NFT auctions initially offered the film on OpenSea, the world’s largest NFT marketplace.