The popularity of services such as Netflix, Disney+, Hulu, and Amazon Prime, coupled with the sheer number of big-budget blockbuster hits in theaters, speak to the industry’s thriving industry.
With billion-dollar releases on streaming platforms, you would never think the entertainment industry was in trouble. But the reality is darker.
Outside of a few big streaming services, all of which are affiliated with major movie studios, the entertainment industry is struggling.
As cinema attendance continues to decline, independent filmmakers find it increasingly difficult to publish content. Niche content, such as alternative series and low-budget movies, is difficult to create and even harder to monetize. While the majority of consumers are targeted for these services, there is a growing demand for more independent and alternative content.
Filmmaker and producer Ronna Walter McGann believes the future of independent filmmaking lies in NFTs. McGunn, the creator of his TOXICA, the first feature film released entirely on the blockchain, said NFTs have opened up new avenues for film distribution and laid the foundation for sustainable filmmaking. rice field.
McGann and her production team serenity pictures We set out to make films for the traditional film market. However, three days after the team wrapped principal photography for the film, the UK went into lockdown, forcing the production to consider releasing it on streaming services.
According to McGunn, most streaming deals typically require filmmakers to sign their IP and copyright with “a dime.” A movie’s success on streaming services depends on a marketing budget that typically ranges from $2 million to he’s $5 million.
With the deal being negotiated not great and with only a fraction of the required marketing budget, McGann said the production was disillusioned and ready to write off the film.
The production team first heard about blockchain technology in late 2020 and thought it could offer another solution to TOXICA’s predicament.
After being introduced to Cardano, McGunn said he watched every blockchain on the market for months and wrote down their strengths and weaknesses. When it came to deciding where to put the roots, McGunn said the decision wasn’t originally based on technical merit, but turned out to be the best she could do. .
“Frankly, it can be solved by combining innovations from multiple platforms, but I didn’t know anything about cross-chain at the time, so I had to make a decision. It was Cardano,” she told CryptoSlate.
The team at RetroNFTs, one of Cardano’s first NFT marketplaces, provided the production team with the guidance they needed to embark on a rather ambitious task. I also assisted the Cardano development team.
“They were wondering how to convert an 88-minute movie into a single NFT in high definition, without a ticket or link, or through an episode release, but they were quick to help in any way they could. has provided.”
TOXICA was released exclusively as a Cardano NFT on Easter Sunday.
“There are only 1,000 NFTS of TOXICA. We are still early to join the party. I will continue to make movies either way. “
Publishing movies on Cardano has given Serenity Pictures an artistic freedom not possible in the traditional entertainment industry.
“This form of distribution will allow any filmmaker short on a multi-million dollar marketing budget to make the film they want to make, release it to an appreciative audience, and be credited with their achievements.” You can put the spotlight on, feed the streaming void.
This is a great option for independent filmmakers who have their own stories but can’t get their ideas through ‘development hell’ or going through Hollywood’s many gatekeepers. You can also provide funding and maintain IP, story and character rights, and creative freedom. “
Artistic freedom isn’t the only thing filmmakers can benefit from NFTs. McGunn said that releasing TOXICA as a non-fungible token allowed the production team to provide more utility to viewers. TOXICA NFT unlocks utilities such as behind-the-scenes footage, his reel of gags, director’s commentary, and his original score for the film.
But there is still a long way to go before more filmmakers enter the NFT world.
McGunn says that despite their recent popularity, most filmmakers still find NFTs pretty scary. That is why Serenity Pictures set out to explain modern film distribution via blockchain through a documentary made for the SITGES Film Festival.
“This is a great opportunity for us, and we hope to take the fear out of it and open the door to sustainable filmmaking a little bit.”
