Web3 technologies continue infiltrate several major industries to bring innovation to old systems. This includes legacy creative fields like the music industry and, more recently, the movie industry.
This year, the Slamdance Film Festival, an Oscar-accredited film festival for independent filmmakers, will see the premiere of the new film. blurry headwhich received its funding through the blockchain-powered crowdfunding platform Untold.io.
Ali Aksu, the CEO of Untold.io, told Cointelegraph that filmmakers, such as those from blurry headYou could use blockchain technology to democratize your funding process and open up investment opportunities to accredited and non-accredited investors.
"The most important aspect of crypto/blockchain integrations in the film industry will be opening up a new asset class for all types of investors through supported security tokens and increased fan engagement through NFTs."
Untold recently partnered with Dapper Labs to speed up the technology and allow wider access to their programs. The platform has also supported other notable films, including the way backfeaturing Robert De Niro and Morgan Freeman.
Related: Bluechip NFT Project Moonbirds Signs With Hollywood UTA Talent Agents
This is not the first instance of a film festival seeing crypto and blockchain components in films that are released. In 2019, Filmio's blockchain platform attended the Sundance Film Festival to seek projects for its blockchain-based entertainment platform.
Last year, Liquid Media Group announced its first blockchain movie streaming with a slate of digital panel presentations during the Sundance festival. The company also introduced the impact of non-fungible tokens (NFTs) on filmmakers and their communities.
In 2022, Russell Crowe professional boxer The film used NFT to partly finance its production and became what the director called an "audience-driven film".
Aksu said that the use of blockchain-based tools by legacy directors and major festivals brings visibility to these tools for independent filmmakers who would greatly benefit from them.
"These are also great opportunities to create a real community behind revolutionary movements like blockchain."
Last year, film director Anthony Hopkins sold out an NFT collection based on characters from films that had already been released.
Quentin Tarantino also created NFTs based on his ionic movie pulp fiction. However, he was later involved in a major lawsuit with the film production company for copyright infringement.
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