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
Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests about relationship with Prince Harry
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Ontario man devastated to learn $150,000 line of credit isn't insured after wife dies
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
Boy Scouts of America is rebranding. Here's why they're now named Scouting America
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
Rape, terror and death at sea: How a boat carrying Rohingya children, women and men capsized
In March, Indonesian officials and local fishermen rescued 75 people from the overturned hull of a boat off the coast of Indonesia. Until now, little was known about why the boat capsized.
'A huge difference': These adults born in the '90s partnered with their parents to buy homes in Ontario
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
For their protection, immigrants critical of China and India call for speedy passage of Canada's foreign interference legislation
Canadian immigrants threatened by hostile regimes are urging parliamentarians to quickly pass the 'Countering Foreign Interference Act' so they can feel safe living in their adopted home.
How Drake and Kendrick Lamar's rap beef escalated within weeks
A long-simmering feud between hip-hop superstars Drake and Kendrick Lamar reached a boiling point in recent days as the pair traded increasingly personal insults on a succession of diss tracks. Here’s a quick overview of what’s behind the ongoing beef.