12/07/2021 Anthony Hopkins’ new film will be sold as an NFT — here’s what that means for creators and the ones buying it

  • Anthony Hopkins' new film Zero Contact will premiere as an NFT on Vuele, a global distribution platform for NFTs. 
  • Vuele boasts of being the first direct-to-consumer platform where limited edition film and other content can be watched, collected, or traded. 
  • NFT's represent only the digital form, and artists are free to sell their creations in physical condition as well.

Anthony Hopkins’ new film Zero Contact is going to premier as a non-fungible token (NFT) on a new platform called Vuele

The creative world was the first to adopt the concept, and it has already led to some record-breaking milestones. However, this is the first time that a full length feature film will be offered up for sale as an NFT.

“It creates scarcity in copies of the film and protects against piracy,” Dugdal told Deadline. The NFTs are likely to appear on Vuele in late July or early August. They will include the film along with extras at different price points, yet to be determined. 

NFTs are collectibles. This means that the NFT copies of Zero Contact will be treated as a limited edition version of the movie. According to Rick Dugdal, the producer and director of the movie, there will be four or five ‘drops’ of the movie. 

Each of these drops will be exclusive, limited-edition versions of the film and collectible content. Users can buy or bid on these items using cryptocurrency or regular credit cards. 

And, here’s a quick look into how this works.

How do you distribute a film as NFT?

Traditionally, a film requires a label partner, distribution channels, and multiple parties across regions for a release. As an NFT, the film can be directly released on the blockchain, maintaining a ledger of all its owners. 

The token is cryptographic, meaning it has established a unique identity and a confirmation of digital ownership. For fans, it means absolute uniqueness in the files they are purchasing, adding more value to the digital commodity.

"As opposed to Bitcoin, which is fungible and can be exchanged with millions of other Bitcoins, NFT's proposition of being unique makes it a collector's item or an investor's paradise," Vikram Subburaj, co-founder and CEO of Giottus cryptocurrency exchange told Business Insider.

"It is worth noting that NFTs are only proof of ownership and do not prohibit adoption or copies of the art on the internet or otherwise. That is, there is no IP associated with it other than claims to verifiable digital ownership," he added. 

NFTs represent only the digital form, and artists are free to sell their creations in the physical world as well. 

How does the creator earn money from an NFT?

The creator faces two likely scenarios — blockbuster earnings or nothing. Like nascent cryptocurrencies, NFTs are yet to take off as a mainstream utility, and their profitability is unpredictable. But it offers a look into the future, where independent artists can show their work to the masses without relying on third parties.

In terms of monetisation, it's pretty simple.

An NFT is created by ‘minting’, which is the process of developing and placing the file on a blockchain. Ethereum is currently the go-to blockchain because of its smart contracting ability, which can automatically maintain and update the ownership ledger.

Once minted, if the NFT is sold for ₹100, the creator earns the sum directly. If the first owner resells the NFT after a year for ₹2000, the creator gets a particular percentage of the sum as a royalty fee. Hence, his earnings for the second transaction will be ₹200 --if we assume the royalty fee is set at 10%.

And, the creator will continue to earn royalties as long as the NFT is being traded.

"For example, an original song from AR Rahman can be 'owned' uniquely on a blockchain. When the demand for the song goes up or becomes valuable with time, you can sell it with a considerable gain to the next owner, much akin to how we sell a plot of land or a house," Subburaj added.

Hence, the initial investor or buyer can also make money on the blockchain while protecting the creator's assets from piracy or illegal distribution.

The blockchain also helps ensure that the art or creation is permanently archived and cannot be tampered with, automatically creating another level of authentication that can withstand time.



Interesting NFTs
The Last Supper
Modern interpretation of "The Last Supper" on the most influential figures and icons in the crypto world.
Ringers #220
Art Blocks is a first of its kind platform focused on genuinely programmable on demand generative content that is stored immutably on the Ethereum Blockchain. You pick a style that you like, pay for the work, and a randomly generated version of the content is created by an algorithm and sent to your Ethereum account. The resulting piece might be a static image, 3D model, or an interactive experience. Each output is different and there are endless possibilities for the types of content that can be created on the platform.
By OthersideDeployer
Gunky's Uprising
Gunky's Uprising by SSX3LAU Slimesunday and 3LAU team up once again under their alias SSX3LAU for a collection featuring their first exploration into color. TBD is a full length music video featuring an unreleased song from 3LAU and Slimesunday\u2019s mesmerizing animation. In a first for the artists, TBD\u2019s collector will have the opportunity to name the song (some restrictions apply).
Block Chain Dungeon
Once upon a time... a little boy named Leo loved to paint, draw and experiment. He also loved to play with blocks and chains, which drew him again and again into the rooms of his friends Michel and Angelo. Often they also met in virtual rooms of Cryptovoxels, Decentraland, Somnium Space or Sandbox to create new inventions, read books about new technologies, or just swing the brushes. But on this day something gigantic happened. A good friend of Leo came to visit and brought his girlfriend Mona, who wanted a piece of Leo's art on her skin. This was the birth of the NFT's, as Leo developed Non Fungible Tattoos in the Block Chain Dungeon of Michel and Angelo. From that day on people from all over the world came to get NFT's from Leo or one of his students, like "Skeenee the rat", who controls the NFT machine with his laptop. A new age began.