The rate of advancements in Web3 is continually expanding and bringing innovation to traditional fields. This includes legacy creative fields such as the music industry and, more recently, the film industry.
Notably, the Slamdance Film Festival, an oscar-accredited film festival for indie filmmakers, will witness the new film Fuzzy Head premiere. Fuzzy Head has received its funding through the blockchain-powered crowdfunding platform Untold.io.
Ali Aksu, the CEO of Untold.io, briefed a media house that filmmakers, like those on Fuzzy Head, could utilize blockchain technology to democratize their financing process and open up new investment opportunities to accredited and unaccredited investors.
The most important aspect of crypto/blockchain integrations in the film industry will be opening up a new asset class to all kinds of investors via compliant security tokens and increased fan engagement via NFTs.
The CEO also said that using blockchain-based tools by legacy directors and major festivals brings visibility to these tools for independent filmmakers who would highly benefit from them.
These are also great opportunities to create a real community behind revolutionary movements like blockchain.
Recently, Untold partnered with Dapper Labs, a consumer-focused flow blockchain product made for fun and games. It supports digital collectibles to accelerate technology and facilitate wider program access. The platform has also supported other renowned films like “Comeback Trail,” which features Rober de Niro and Morgan Freeman.
However, this is not the first time a film festival has witnessed crypto and blockchain components in a film premiering. In 2019, the Filmio blockchain platform attended the famous Sundance Film Festival to scout projects for its blockchain-based entertainment platform.
In addition, last year, Liquid Media group announced its first blockchain film streaming with a slate of digital panel presentations during the Sundance festival. Sources reveal that the firm also presented the impact of non-fungible tokens (NFTs) on filmmakers and their communities.
The entertainment sector has been wholeheartedly welcoming blockchain technology and Web3.
Todayq News reported in September that entertainment and theme park giant Disney has been interested in blockchain technologies, decentralized finance NFTs, and the metaverse for a long time. The company now wishes to act on its interests by hiring legal experts specializing in the field. These legal counselors will help the age-old entertainment company boost its efforts to advance its Web3 plans.