While releasing a full-length film as a non-fungible token (NFT) is still quite rare, using NFTs or other digital assets to finance film production has become more common among both established filmmakers who want to explore alternative fundraising methods and independent filmmakers who need capital.
Although traditional fundraising methods are still the norm for major film releases, the ability to fund studio projects through NFTs has helped “democratize” the process of making movies. NFT-based fundraising enables filmmakers to find an engaged audience that can also become investors in the movie.
It is possible to fund and contemporarily promote a movie using non-fungible tokens (NFTs) by creating unique digital items or experiences related to the movie and offering them for sale as NFTs. For example, the movie studio could create limited edition NFTs of movie posters or behind-the-scenes footage or offer fans the opportunity to purchase NFTs that give them access to virtual meet-and-greets with the cast or exclusive events and previews of upcoming movie trailers. These NFTs can be promoted through social media, online marketplaces, existing crypto and non-crypto enthusiasts, and other channels to generate buzz and interest in the movie. Additionally, the studio could offer promotions or contests that reward fans with NFTs for engaging with the movie’s marketing campaign and viralize it.
How can this works?
The film business has long been hidden behind the veil of distributors, preventing studios and intellectual property (IP) owners from establishing a direct relationship with moviegoers. This has allowed companies such as early day theatrical and exhibitor releases, movie rental and Big Box chains, and streaming services to build their own relationships with fans based on Hollywood’s IP. However, the emergence of blockchain technology has created a new opportunity for studios and IP owners to engage directly with their customers and exchange value without intermediaries.
According to our beliefs, this represents a significant opportunity for owners of intellectual property (IP). The big opportunity that blockchain offers to all IP owners is the ability to interact and exchange value directly with customers. This is just the start of the process of building these new relationships. IP owners can now target and engage their customers directly, without intermediaries, which can make their operations more efficient and allow them to provide more value and satisfaction to customers on a regular basis.
By leveraging this model, studios and filmmakers can redirect promotional and marketing spend directly to their fans, rather than relying on intermediaries to reach them. This can lead to the emergence of “super-fans” who are engaged with the movie and willing to participate in value-driven promotions, such as purchasing NFTs based on rare snippets from a popular film or exclusive access to premiere tickets and upcoming releases. Legendary filmmaker Joe Dante (Gremlins, The Howling, Trailers From Hell) is one example of a filmmaker who is using NFTs to influence fans to connect and engage with his new productions.
here are some steps you can take…or we can help you take correctly ;-)
Building a Reputation
Increasing community connections and positive participation can assist in generating leads. As a result of this, a business can avoid spending a lot of money on advertising.
Creating a Marketing Strategy
It’s not enough to just announce your arrival into the market. You must create a strategy based on your needs and expectations, but also on communities’ expectations and acquisition drivers. Influencer marketing, cryptocurrency email marketing, and cryptocurrency social media marketing are just a few possible components of your marketing process.
The method of creating the plan might be overwhelming, especially if you don’t have the necessary time, tools, or resources. Therefore, having a digital assets consulting plan is the best course of action.
Establish your Brand as a Business Authority
In the fiercely competitive crypto ecosystem, practically anyone may launch their project. You must build your brand’s reputation as a subject matter expert and your project need hype in order to stand out from the competitors. You may build relationships with certain influencers who will promote your work in their communities but without in deep understanding of direct-to-community marketing and strategic planning you’re aimed toward huge budget and time wasting, as well as backfires that can compromise your project for good.
Threat Control
Every project in the digital assets market could experience a PR crisis, just like any other enterprise. The correct PR planning, advice and services can assist you if your brand is being degraded by competitors or if clients don’t comprehend your storytelling and lore.
Building the correct, long-lasting relationships can help you preserve your reputation. We may assist you in risk management, crisis management, and reshaping public perceptions of your business.
And also :
Maintain Direct Conversations
Introducing Your Services to the Community
Objectivity and Accessibility
Interaction with Prominent Personalities
Why leave traditional funding in favor of digital assets?
Fundraising runs deep in the crypto industry. Traceable back to the ICO craze of 2017, crowdfunding has long been a primary use of blockchain technology. Nowadays, instead of coin offerings, Web3 companies endeavoring to launch a funding round regularly turn to NFTs.
Traditional crypto funding is still definitely a thing, but as the NFT ecosystem continues to grow, a wider variety of creative studios and entertainment companies are sustaining themselves by launching NFT collections. And why shouldn’t they? If endeavoring to ship products in a Web3 market, why not use Web3 tools?
Beyond Web3 or digitally native ventures, creatives of all types are designing business plans in favor of NFTs as a primary source of revenue. But what incentives do independent film projects have to leave Kickstarter for NFTs?
First of all, NFT projects have the potential to bring in a lot of money, in a short amount of time. Success stories of “such and such selling out in mere minutes” or “this and that made $1 million via secondary sales in one day” have continued to motivate creators to fast-track their NFT collections.
NFTs also empower creators to maintain authority over their projects. As with The Iceman, Yes Theory expressly dictated that NFT endeavors would help ensure that the crew behind the death-defying project would retain creative control of the film.
Since project teams can consolidate control and retain rights, they can also pass this power over to their fanbase. Adding a participatory element to creative direction, in addition to receiving commercial licensing and profit kickbacks, collectors can become an actual functioning part of film projects.
If the more financial-leaning prospects aren’t enough to entice filmmakers to reconsider NFTs, the community aspect demands attention. Let’s face it, NFTs are great for bootstrapping a community. While some opt for free and open communities, NFTs can so easily act as membership passes into an exclusive community, further driving demand.
But better yet, a project’s community and fanbase are one and the same. Artists, photographers, and filmmakers have also found continual success by corralling their own communities into one central place, let’s discover together how me and my team can help…drop me a line.
