NFT Collectables - The Future of Independent Filmmaking?
Technological advancements over the last decade have seen the filmmaking industry progress at speeds we never thought imaginable. Crowdfunding platforms gave the potential to raise the money required for filmmakers to tell their stories. While film equipment has seen companies like 'Blackmagic' enter the market with not only competitive prices but affordable prices for top quality products, not to mention their free industry-standard editing software 'Davinci Resolve'. Hell, you can even create 3D animation and CGI effects with another open-source program called 'Blender'.
As if these advancements weren’t enough to get our heads around, we are now on the precipice of a whole new world. There’s a new player on the block(chain), and that player is the ‘Non-Fungible Token’ (NFT). But what exactly is an NFT? A Non-Fungible Token is a digital asset, much like the most famous of all digital assets, 'Bitcoin.' Both are intangible. However, Bitcoin is a Fungible Token. Meaning, each Bitcoin has the same value as any other Bitcoin. Much like any five dollar note has the same value as any other five dollar note. A Non-Fungible Token differs in that it represents something unique or scarce and not mutually exchangeable. In essence, something more collectable. If you have followed the Cryptocurrency world, you might be aware of ‘Crypto Kitties’. For those that aren’t, they were a one of a kind collectable cat cartoon that almost broke the internet back in 2017. You could buy two different cats, which would then 'breed' with each other and form a rarer cat. Fans of the craze dropped a lot of money on collecting them. The big collectable in NFTs right now are the NBA Topshots; great moments from basketball history. Essentially, digital basketball cards.
Opportunities for artists and filmmakers in the NFT world are now emerging. Digital artists have begun to sell their artwork as one-offs or limited edition runs. Currently, an artist named Beeple holds the record for the most expensive NFT artwork at US$69.3 Million.
Beeple’s US$69.3 Million piece.
Other creatives are starting to see the value in NFT's. Kings of Leon are looking to release their next album through the NFT market, while Flume has just sold a 90 second clip of his music ‘Kind of Ridiculous’ for $66,000. So if musos and artist can capitalise in this brave new world, why can't filmmakers? I remember a day when memorabilia stores sold framed pieces of film from classic cinema. With most movies shot digitally, it's entirely possible to see your favourite film moments becoming NFTs. When it comes to the big studios, it's pretty easy to grasp the concept that people would love to own their piece of movie magic or favourite scenes. Much like NBA Topshot, there will be people collecting cinema history, such as Dustin Hoffman's “I'm walking here” from Midnight Cowboy, or Darth Vader's “Luke, I am your father” from Star Wars.
However what I’m really excited about is the potential of NFTs to help us smaller filmmakers. For Revolving Door Productions, I see it as an avenue for support to create more stories. I’ve never been a fan of the crowdfunding approach to raising funds. More often than not, in the independent scene, the Kickstarter (or similar) campaigns are only successful when family and friends are relied upon to fund your dream film. The film inevitably brings no revenue back, and those supporters see little, if anything, in return and are unlikely to fund your next project. (That said, when you have built up a fan base beyond friends and family, crowdfunding can be more sustainable.) With NFTs, filmmakers can provide a return on investment for fans in the form of content, but it's all about getting that fan base.
Another service helping independent filmmakers is 'Patreon', a place where fans can support their favourite artists with monthly subscriptions. I have tried this approach, although I find it pretty tricky to offer value as I'm not making a new film every month. This is where NFTs can thrive. Over the years, I have received requests to make a sequel to 'The Resurgence'. I self-funded that film, and it cost a pretty penny, so to create a second part of equal quality would be way above my current budget. Now, if independent filmmakers could utilise NFT technology to gain support of fans by selling limited edition BTS moments, bloopers, or stills, it could be a game-changer for crowdfunding. You might no longer need a fan base of thousands, but a small handful of fans could really make a difference. Personally, this is something I am testing out. I don't know if it will work or what will come of it, but I am very interested in the potential.
While also playing devil's advocate, who really cares about owning a digital signature of a piece of film that I can watch on YouTube any time of day? The value will only ever be in the eye of the beholder. So as long as at least one person find worth in said items, whether they are NFTs, stamps, CDs, DVDs, paintings, or even Cabbage Patch dolls, they will always be worth something. I like to think of NFTs as another way to support creatives. If they go up in value over the years, that's a win for both buyer and seller.
That said, if you are keen on Revolving Door's future projects and would like to support them, please check out our NFTs over on Opensea or Rarible.