Have you ever heard about film NFTs? Blockchain technology and its decentralized nature offers users a more immersive way to participate in the content they consume – through film NFTs. The acronym stands for non-fungible token which is a digital asset representing ownership of virtual or physical assets such as art, music, collectibles, real estate and even films. They provide a new avenue for content creators to distribute and communicate their work to audiences, raise money, and turn all of it into a proof of concept to sell their movies and TV shows.
Under the Web3 business model, movie fans won’t just be able to stream material; they’ll also be able to directly support the creative community by owning a small piece of the pie, accessing talent through immersive experiences, and perhaps even earning incentives. Additionally, it helps filmmakers and creators by granting them full creative control and ownership of their ideas. A scenario that benefits both parties.
Jennifer McCoy, wife to Kevin McCoy, responsible for creating the first NFT back in 2014, sees the revolutionary potential of the technology and has said the following: “We’re thinking about the whole ecosystem as a way to fuse what people love about fan fiction and media. Instead of waiting to see the fan reaction you’re working with it from the get-go, which is a fun way to develop the world and to do the story building, which usually happens behind the scenes.”
Gala Film, which was introduced in August 2022 by the same people who made Gala Games and Gala Music, is at the forefront of this decentralized entertainment revolution. They will host and stream new projects, immersive and unique material, NFTs, and give fans control over their entertainment in an industry-leading Web3 environment.
And this November they have started the pre-sale of their first series on the platform. Gala Film partnered with David Bianchi’s blockchain film company Exertion3, on the project called RZR. It is a sci-fi thriller exploring the chaos of a not-so-distant dystopian Los Angeles. A world steeped in neural implants, hacker culture, and black-market crime. A limited amount of the NFTs of the upcoming series are now available for purchasing and early supporters will get exclusive rewards, access, and the full cinematic experiences.
What do you think? Are you excited about this new facet of the media and entertainment industry? Most investors believe blockchain-related assets are the future and telecommunications are no exception to that rule.