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Sundance film festival adopts blockchain and crypto movie drive


www.thecoinrepublic.com 23 January 2023 00:38, UTC
Reading time: ~2 m

  • Web3 technologies canaries on to invade different conventional industries to draw revolution to retro systems.
  • This joins inheritance creative areas like the music industry and, more newly, the film industry.

Sundance film festival

In 2023, the Slamdance Film Festival, an oscar-accredited film festival for indie moviemakers, will witness the fresh film Fuzzy head, which got its funds from the blockchain-fueled financing platform known as Untold.io.

Ali Aksu, the chief executive officer of Untold.io, told to a reliable media source that moviemakers, such as those on Fuzzy Head, can utilize blockchain technology to communize their funding process and open the investment chances to ascribed and unascribed investors.

“The very significant part of crypto/blockchain amalgamations in the movie industry will be opening up a fresh asset class to each kind of investor with the help of compliant security tokens and enhanced fan integration through NFTs.”

Newly, Untold collaborated with Dapper Labs to boost the technology and permit broader access to its programs. The platform has also backed other noteworthy movies, such as The Comeback Trail, which shows Rober de Niro along with Morgan Freeman.

It is not the first time a film festival witnessing crypto and blockchain parts in movies that are showing. Four years ago, the Filmio blockchain platform visited the legacy Sundance Film Festival to lookout projects for its blockchain-based entertainment platform.

In 2022, Liquid Media Group publisized its initial blockchain film premiere along with a group of digital panel showcases at the time of the Sundance festival. The firm showcased the influence of nonfungible tokens (NFTs) on moviemakers along with their communities.

Last year, Russel Crowe’s Prizefighter movie utilized NFTs to partially put money into its production and be what the director refers an “audience-driven movie.” Aksu revealed that the use of blockchain-based equipment by legacy directors and big festivals draws perceptibility to these pieces of equipment for sole moviemakers who will extremely get profit from them. These are also very good opportunities to make an actual community behind innovative moments such as blockchain.”

In 2022, the director of the movie, Anthony Hopkins sold an NFT cumulation grounded on casts in movies he had so far released. Quentin Tarantino also made NFTs grounded on his iconic movie Pulp Fiction. Although, he was then after some time indulged in a big proceeding with the movie production firm over a copyright breach.

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