Russell Crowe’s Prizefighter Film Funded by NFTs

Watch: The Crypto Mile: Episode 5 – The Future of Cinema and Web3

Crypto Movie funding has hit Hollywood, with the latest blockbuster starring Russell Crowe, Ray Winstone and Matt Hookings being partly funded by pre-sale NFTs.

This week’s episode of The Crypto Mile dissected this new “crypto-wave” in cinema, which promises to disrupt the way films are financed, distributed and exhibited, and could upend the Hollywood industry.

Prizefighter: The Life of Jem Belcher was partly funded using NFTs which lower the barrier of entry into the world of movie finance and allow anyone to become an investor in the movie industry.

The British-American boxing biopic was released this week on Amazon Prime (AMZN) and was written and produced by Matt Hookings, who also stars Jem Belcher who became the youngest boxing world champion.

Read more: Live Crypto Prices

Hookings has been on the road with two-time world heavyweight champion Tyson Fury to promote the film and in his interview with The Crypto Mile he discussed how the film was using pre-sale NFTs for funding and planning to release content digital collectible associated with the film, also in NFT form.

Matt was accompanied to the Yahoo studio by James Mackie, the team leader of MovieCointhe NFT film funding platform that designed the NFTs deployed for the Prizefighter funding round.

Russell Crowe in Prizefighter: The Life of Jem Belcher (Camelot Films)

Prizefighter: The Life of Jem Belcher

Hookings is the actor, producer and writer of the latest boxing biopic to be released exclusively on Amazon. He describes it as an audience-driven film, and part of the interest in the production is how the NFTs played a crucial role in ensuring the film was made.

Speaking to Yahoo Finance Hookings described the trials and tribulations of making the film, he said: “We tried to make an independent film, with studio-level distribution during covid and without the backing of major film bodies in the UK, such as Film Wales and the BFI.

“We got to the point where we were filming in Malta and contacted James from Moviecoin to see if there was anything we could do to bring Moviecoin in and raise additional funds through NFT pre-sales.

“At the last minute we were able to secure the funding with the help of James via Moviecoin NFT as Russell Crowe needed to travel to Malta and some costs had increased.”

Crypto start-ups, such as Moviecoin.comhave the ambition to disrupt the traditional funding procedures of the film industry by offering the possibility for anyone to invest in film production and take a share of the profits via the blockchain.

The start-up was created in response to the concentration of power in the film industry in fewer and fewer hands. Moviecoin’s long-term goal is to break the power of monopolies by decentralizing and democratizing the world of movie finance.

Read more: ‘Netflix Killers’: How Crypto Movie Startups Are Using Blockchain to Disrupt Hollywood

Speaking on this week’s The Crypto Mile, Moviecoin Team Leader James Mackie said, “The whole idea of ​​ is to fund movies using crypto or NFT.

“To create the NFTs, we decided to take props from the movie, such as boxing gloves that Russell Crowe or Matt were wearing, and make them into NFTs.

“We then sold these NFTs and incredibly when we put them on the NFT market on day one, one of them sold for $5,000.

“We were then able to convert that money back in the days of Ethereum (ETH-USD) into fiat currency and give it to Matt to help fund the movie.”

Moviecoin operates an NFT program that allows investor profit sharing in movies on their platform.

This lowers the barrier for anyone to become an investor in a movie, and right now you can buy one of the NFTs for as low as $100.

So the minimum entry to hold a share of a film’s profits is now $100, whereas traditionally to become a financier of a feature film with a share of the profits, a person would need at least $100. $000. profit sharing NFTs have now migrated to the Polygon networkwhich is a sidechain of the Ethereum blockchain.

NFT on the polygon (MATIC-USD) can be purchased for a fraction of the transaction fees typically associated with Ethereum.

Average transaction fees, or gas fees, on the Polygon Matic network range from $0.0005 to $0.2.

We met in virtual reality

Also on this week’s show was Joe Hunting, the director of ‘We met in virtual reality‘, which was shot entirely in the Metaverse and was an official selection at this year’s Sundance Film Festival.

The metaverse has inspired a subsection of filmmakers, and now we’re seeing long-form narrative video content shot entirely inside these virtual worlds for the first time.

These digital platforms are also now seen as a way to deliver cinematic content with 24-hour virtual cinemas where audiences can fully immerse themselves.

Director Joe Hunting spoke to Yahoo Finance’s The Crypto Mile and described a new subsection of filmmakers creating content entirely inside “social virtual reality universes where everything happens in real time.”

Read more: The Crypto Mile: A journey through the metaverse that promises “eternal life”

Filming entirely in the metaverse has some unique advantages.

Huntings described the breathtaking places he can “teleport” to and film, without leaving the confines of his home.

His lighting, camera and sound setup costs as much as the VR headset he uses to access these virtual environments.

Hunting said, “I don’t have to travel to interview my subjects, I just go through a metaverse portal and I’m right there in front of them, no matter where they are physically in the world.”

The documentary will have limited metaverse screenings that will be hosted in virtual reality chat for the VR communities associated with the film.

NFT’s new funding and distribution alternatives open to filmmakers and the more immersive experience offered by the metaverse have caught the attention of independent producers and major studios.

But, can the major studios adapt to a technological innovation which in essence is based on decentralization?

Watch: The Crypto Mile: Episode 4 – How NFT art and activism respond to a world in crisis