Funding a movie through NFTs (a success story)
Back when NFTs were boomin', if we had a penny for every time we heard that someone was planning to fund their film through NFTs, we could've:
Bought a nice pair of socks.
That's pretty impressive when you think about it.
A nice pair of socks is like, $20 (that's 2000 pennies)!
The idea made sense in theory - but was it possible?
The team behind a new film that was just released at Sundance, ‘Calladita,’ actually did it.
Here're some of the learnings:
Theory: Filmmakers could build an audience, and sell NFTs, rewarding holders by owning a piece of digital movie history,
Finding: True (at least in this case). The 'Calladita' team ended up raising $750,000 through the sale of their NFTs in order to fund the film.
Theory: Filmmakers would be able to get buy-in from enough community members to make the film a success, by rewarding them with voting power.
Finding: Also true, there were 500 NFT purchasers who stayed involved throughout the production of the movie.
So, was it worth it?
By the sounds of it, it certainly wasn't easy to build the community, sell the NFTs, raise the funds, write, edit, and release the movie.
But then again, are those things ever easy?
It seems like the team's work has paid off. At Sundance, they were awarded a $100k check for further production and marketing.
While this project doesn't suggest that this will be the new way of funding independent movies, it does prove it's possible.
And to that, we say congrats!
