We’re sure you’ve been hearing a lot about NFTs or Non-Fungible Tokens in recent months, as everyone seems to be jumping on the bandwagon. Sports, entertainments industries, businessmen, and the lot are also using NFTs for various purposes but now, we’ve got the film-making industry set to make the world’s first movie which will be completely funded by these tokens. Read for all details…
It was film producer Niels Juul who first announced recently that he wished to raise funds through NFTs to fund movies, and while there were mixed responses to it, he went on to set up the production house NFT Studios to fund a series of films. He further mentioned that he wished to raise $8-10 million through this new way of crowdfunding films.
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His plan is to sell 10,000 NFTs to the public and institutional investors, and this new and trending financial trend is being used to create the first Hollywood movie using money generated through the sale of NFTs. A Wing And a Prayer is the name of the film and it’s all set to go, which will begin shooting in April 2022 in Malta and the official announcement is planned for before the Berlin film festival in Feb 2022.
“As a producer my biggest frustration is from the finance side, it is an ordeal. The studios are mainly doing big franchise films, an independent film can take years and years. It’s hard getting investors for films and productions, especially at development stage, with the Hollywood system. We want to democratise it,” said Juul.
They’ve got a star cast and a well-known director as well, and we’re all set to see how this film funded by NFTs goes. For more entertainment and finance news and updates from around the world, stay tuned to ReadScoops.com…
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