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• Many NFT projects in Hollywood are on hold
• A wait-and-see approach to movies on the blockchain
• Successful NFTs to finance films
Famous personalities like Matt Damon, Anthony Hopkins or Reese Witherspoon have promoted crypto exchanges, cryptocurrencies and individual NFT projects. But executives like Dawn Ostroff, COO at Spotify, also designed NFT projects. Ostroff showed his crypto enthusiasm by sharing his 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 like Jimmy Fallon or Snoop Dogg has not yet materialized, probably for cost reasons.
NFT concepts are on hold
In conjunction with rising crypto prices, some NFT projects were initiated in Hollywood between late 2021 and early 2022. But even an NFT series planned by Reese Witherspoon featuring pop star Shawn Mendes as an NFT character did not find the necessary interest from Hollywood studios in light of the fall in the price of cybercurrencies.
“A lot of studios are running away from NFTs right now,” Clubhouse Pictures’ Bryce Anderson told Bloomberg. However, Anderson himself remains optimistic that cyber currency prices will recover and continues to work with Bryan Unkeless on an NFT project called “Runner”. They are confident 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 movie so far
The feature film “Zero Contact” is the first film to be released exclusively as an NFT. Both the film and the item are exclusively available via a separate blockchain from the provider CurrencyWorks, which receives a license fee for the supply. According to Hitchecker magazine, around 90,000 US dollars were registered.
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 finance her film I Live Here Now.
Hollywood producer Niels Juul also produces NFTs to finance feature films: Private investors buy the digital artworks from his NFT studio and thereby get special experiences, such as a visit to the stage or an invitation to the film premiere. Because “a crypto-enthusiast wants to invest in something that is deflationary, something with a limited supply and something that is 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 of NFTs have also fallen, making funding more difficult. At the moment, many Hollywood studios seem to be waiting to see how Web3 develops.
Gearing must be between 2 and 20
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