New Anthony Hopkins film will be released as NFT. Is it the future in film distribution?
Cutting-edge technology could be the future in film distribution. First, there was celluloid, then Betamax and VHS, DVDs, Blu-ray, and streaming. Now, non-fungible tokens could be the future in film distribution.
Two time Oscar-winner Anthony Hopkins’ next full length feature film Zero Contact will be released as a NFT. It is a big leap and a first for a full-length feature film in Hollywood.
“(We’re) nervous as to what the industry might expect of this and how we’re breaking new ground, but definitely excited,” said Rick Dugdale, CEO of Enderby Entertainment, who produced and directed the film.
Dugdale, a B.C. native from Enderby and Alberta-born Cameron Chell are behind the project. They have launched a blockchain platform called Vuele.io, where anyone can sign up to buy the release along with extra digital content.
“There’s a real demand for digital collectibles,” explained Chell, Vuele co-founder and chairperson of CurrencyWorks, a fintech company utilizing blockchain.
NFTs have recently gained popularity in the sports world with digital trading cards. The NBA has gotten into it as well. A digital collectible of a LeBron James dunk sold for $208,000. Digital art collectibles and the first ever tweet have commanded big bucks as well, in the millions of dollars.
Zero Contact was shot in 17 countries, features 84 actors, and will have extra digital content that can be sold, auctioned and traded on the Vuele platform. Vancouver actor Aleks Paunovic, who has worked with Hopkins before, is co-starring in the film and is excited to part of history in the making.
“That, to me, is something so innovative and new and to be a part of that even though I don’t understand it fully, it has been such a riot. It has been such a great ride,” Paunovic said.
Anyone can sign up on Vuele and pay for content using any method they want. Consumers will drive the price depending on demand and the amount of digital content that is available for sale within the blockchain.
“We could see the demand anywhere from, you know, a million dollars for the rarest NFT down to $20 for the most common NFT,” explained Chell.
The blockchain ensures authenticity and uniqueness and provides the buyer with a digital receipt.
“In the film business, this allows another barrier against piracy, because every NFT will be encrypted and encoded and we can track and see where it’s gone and who has it,” added Dugdale.
The planned drop for the first content for Zero Contact will be late July or early August.
Will NFT release be the next big thing? Dugdale is banking on it and all eyes in Hollywood are watching.
“If NFT distribution becomes the future, what film was the first film released as an NFT? Our Hopkins film,” he said. “I think our competitors and our colleagues are looking at this as a whole new world as a revenue stream in Hollywood.”
And what is next after NFT release?
“What’s next after NFTs? I’m still trying to figure out NFTs man,” Paunovic said chuckling.
There was hesitation about streaming when it first appeared. It took a while for the public to wrap its head around it. Remember the public outrage when Netflix co-founder Reed Hastings decided to stop mailing DVDs and switch to streaming? The stock fell dramatically. Now, streaming is commonplace and Netflix stock is trading at more than US$500.
For streaming services, you pay a subscription fee, but for NFTs, you own it. Blockchain lives forever. However, there is still concern about ensuring that the digital content remains accessible and that means proper management of the digital space. In addition, there is plenty of talk in the tech world about establishing standards and regulations around this emerging technology.
Click here to learn more about Zero Contact
CTVNews.ca Top Stories
'They needed people inside Air Canada:' Police announce arrests in Pearson gold heist
Police say one former and one current employee of Air Canada are among the nine suspects that are facing charges in connection with the gold heist at Pearson International Airport last year.
Why drivers in Eastern Canada could see big gas price spikes, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
Customers disappointed after email listing $60K Tim Hortons prize sent in error
Several Tim Horton’s customers are feeling great disappointment after being told by the company that an email stating they won a boat worth nearly $60,000 was sent in error.
Toronto Raptors player Jontay Porter banned from NBA
Toronto Raptors player Jontay Porter has been handed a lifetime ban from The National Basketball Association (NBA) following an investigation which found he disclosed confidential information to sports bettors, the league says.
House admonishes ArriveCan contractor in rare parliamentary show of power
MPs enacted an extraordinary, rarely used parliamentary power on Wednesday, summonsing an ArriveCan contractor to appear before the House of Commons where he was admonished publicly and forced to provide answers to the questions MPs said he'd previously evaded.
Woman who pressured boyfriend to kill his ex in 2000s granted absences from prison
A woman who pressured her boyfriend into killing his teenage ex more than a decade ago will be allowed to leave prison for weeks at a time.
Attempt to have murder charge quashed against alleged serial killer dismissed by judge
A motion filed by the man accused of killing four Indigenous women in Winnipeg to have one of those murder charges quashed has been dismissed by the judge – weeks before the start of his trial.
Government proposes new policy for federally regulated employees to disconnect from work
In their 2024 budget, the federal government wants to amend the Canada Labour Code, so employers in federally regulated sectors will eliminate work-related communication with employees outside of scheduled hours. If implemented, this would affect roughly 500,000 employees across the country.
Earthquake jolts southern Japan
An earthquake with a preliminary magnitude of 6.4 hit southern Japan late on Wednesday, said the Japan Meteorological Agency, without issuing a tsunami warning.