Goldfinch, a UK-based entertainment-funding group, has announced the launch of new filmmaking platform called FF3, which will allow filmmakers to fund their projects through the sale of NFTs - including intellectual property rights.
The first film financing project has just launched, and is asking patrons to support horror/thriller film 'The Dead of Winter', which is raising awareness around homelessness.
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While we're used to supporting creative projects through more traditional crowdfunding methods, supporting via NFT sales is a little different due to all the cryptocurrency involved and the need for a digital wallet. If you're interested in becoming a patron, there's an onboarding guide here.
Filmmakers typically have to overcome a lot of barriers to securing funding for their projects, and trying to finance original content, as we all know, is a headache. Nick Sadler, the founder of the First Flights program funding FF3, spoke to this in a press release about the FF3 platform launch, and said that using NFTs and Web3 (or 'metaverse' if you're nasty) technology to fund films is a "natural evolution" for the industry. He said:
“There are limited options for emerging and established indie filmmakers to develop, fund and distribute their content, which means filmmakers choose between sacrificing ownership and control of their ideas or falling outside of the modern distribution and financing structures, which can leave worthy individuals, topics, and themes unfunded and underrepresented.”
Writing for Decrypt, Steve Graves (filmmaker behind 'The Dead of Winter') acknowledges that while yes, it's possible to shoot movies on your smartphones these days, you'll still get stung for costs attached to insurance, location permits and catering, not to mention paying the talent involved in the film.
"The idea is pretty straightforward," he says. "Each film on the platform has its own crypto token, which the public can buy. Depending on the amount they pitch in, they receive rewards ranging from NFTs, to Discord channels with filmmaker Q&As, to early access to the finished film as an NFT."
The crypto crowdfunding raise for my short horror film The Dead of Winter is now LIVE! at https://t.co/Xgk5f3TEjE You'll need to load up on a bit of $MATIC and $USDC to participate. pic.twitter.com/naxUnIfMkQ— Stephen Graves (@stephengraves) January 24, 2022
Goldfinch Chief Operating Officer Phil McKenzie noted that the platform exists to support both new talent as well as more established names, and went on to say that "our vision is to establish a decentralized and autonomous decision-making community for patrons and creators to connect, create, and distribute film content."
Have a look at the onboarding guide if you're interested in getting involved.