“Durmientes”, a new film to be directed by Gibran Bazan, a Mexican filmmaker, aims to be funded entirely by the sale of a series of non-fungible tokens (NFTs). The NFTs, which will be sold on Metaown, a Mexico-based NFT marketplace, and designed by artist Gabriel Colin, will include 3D models that will be connected to the film’s story and provide benefits to owners.
Durmientes will try to succeed using an NFT-based funding model
Cryptocurrencies and non-fungible tokens (NFTs) are migrating to other industries that can also take advantage of their properties and technology. “Durmientes,” a new Mexican film project to be directed by filmmaker Gibran Bazan, will produce a set of NFTs that will be sold to raise money for the film.
The film’s fundraising team will issue 1,500 NFTs that will feature an important object present in the film’s storyline. These will be made in 3D art, and will also bring significant benefits to their owners, allowing them to witness the filming of the film, or even appear in a scene.
Director Gibran Bazan thinks these new technologies could change the landscape of film industry funding. In this regard, he said:
Part of this new world and the Web3 will open a panorama to creators because instead of big companies having the projects, it is now the people. It is the decentralization of content.
The 1,500 NFTs will be sold through Metaown, a Mexico-based NFT marketplace. However, neither the price of the NFTs nor the amount the film is to raise have been shared.
While Durmientes’ NFT funding initiative is one of the first in Latam, other projects have already attempted to tap into the NFT market to fund films. Niels Juul, the executive producer of films like The Irishman, directed by Martin Scorsese, founded NFT Studios with that same premise last year.
In an interview with the Guardian, Juul said his idea was to democratize the funding stage for independent films, a process that can present many challenges due to Hollywood’s focus on big blockbusters.
Other projects have gone in different directions. Zero Contact, a film starring Anthony Hopkins, was released as NFT, with copies of the film selling for $90,000. NFT characters from the Bored Ape Yacht Collection will also be featured in the upcoming trilogy of interactive movies produced by cryptocurrency exchange Coinbase.
What do you think of Durmientes and his goal of getting funding through NFT sales? Tell us in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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