NFT: Recently, the NFT (non-fungible token, in translation) of a super luxury yacht was sold for $630,000 in the game universe The Sandbox, proving that many people consider non-fungible tokens a type of investment. Recently, one of the producers of the feature film The Irlândes (2019), by Martin Scorsese, revealed a project to finance films with NFTs.
Niels Juul has been one of director Scorcese’s executive producers since Silence (2016) and will also be responsible for the filmmaker’s next feature film, Killers of the Flower Moon (2022). With this beautiful track record, the producer created the production company NFT Studios to finance film productions through the collection of non-fungible tokens.
Turning tokens into movies
“As a producer, my biggest frustration is on the financial side, it’s an ordeal. Studios are mostly making big franchise films, an independent film can take years and years. with the Hollywood system. We want to democratize that,” revealed Juul.
The company’s goal is to try to bypass traditional Hollywood funding models and create a fairer movement for small productions, as some smaller films can take up to eight years to complete.