Startup NFT Studios is scheduled to shoot the first feature-length feature film in Hollywood history in 2022, fully funded by the sale of NFT.
NFT Studios, with the support of UK PLC NFT Investments, is releasing a limited series of non-fungible tokens (NFT) dedicated to the new cinematic project. The proceeds from the sale of NFT will fund the comedy drama A Wing and a Prayer.
The film is based on the true story of Brian Milton, the first person to travel around the world in an ultralight aircraft. Ownership of NFT Wing and Prayer will grant sponsors the right to a share of the film’s profits at subsequent distribution.
NFT Studios founder Niels Juul believes NFTs are “closing the gap between creators and their audiences” and ushering in a “new era” in film and distribution funding. Jonathan Bixby, a spokesman for UK PLC NFT Investments, explained that, in addition to profit sharing, NFT owners will receive executive producer privileges such as visiting the set, meeting the cast, participating in private screenings and gift props.
According to Bixby, the use of NFT as a form of intellectual property and content rights is shifting the focus from centralized studios to the community and fans. This is the first project in the history of Hollywood that will “democratize the process” of making a film and get “an interested audience that will become its investors.”
Collectible tokens are very popular in the entertainment industry. Earlier, the American company Marvel announced the release of a series of NFTs featuring comic book and film characters, and Hollywood filmmaker and screenwriter Quentin Tarantino launched seven NFTs on the OpenSea marketplace in the form of scenes from the movie Pulp Fiction.
