coinnounce.com
A film starring Russell Crowe, funded partly by selling non-fungible tokens (NFTs), premieres. According to a report, Prizefighter, a British-American biopic about legendary boxer Jim Belcher, has been partially funded by Moviecoin, the NFT film funding platform.
In a new episode of The Crypto Mile podcast, James Mackie, leader of the Moviecoin team, and Matt Hookings, screenwriter and lead actor of the film, explain to the host how NFTs funded Prizefighter.
As explained by Mackie,
“The whole idea of Moviecoin.com is to fund movies with crypto or NFTs. So sometimes, it has to be like a creative process because you have to understand how to raise money through NFTs or crypto.
So we decided to take some of the props from the film, like the boxing gloves that Russell Crowe was wearing or that Matt was wearing, and we turned the props into NFTs, and then we sold those NFTs.
Incredibly, when we listed them on the NFT marketplace, one sold for $5,000 on day one. So we were able to convert that money, convert it from Ethereum to fiat currency and give it to Matt to fund the film.”
There are currently 18 NFTs from the Prizefighter collection on OpenSea, the world’s largest NFT marketplace. Other sales props include punching bags, pads, original portraits, and the director’s clapper.
According to OpenSea, each NFT represents a fraction of the total profit from all of the film’s future earnings.