Investments PLC, which will have 20% of the shares of the company.
For the specialist in NFTs Mathilde Le Roy, founder of Kazoart, a market dedicated to contemporary art, the objective of such an experiment is twofold: “The initiative is aimed mainly at fans. They will be attracted by the ‘exclusive look, and not invest large amounts. But the project is primarily aimed at specialized blockchain investors. ” Because if the film works, the economic benefits will be certain for these investors, capable of investing larger amounts. “There is a call for investment by the new rich,” explains Perrine de Coëtlogon.
Cinema crowdfunding dates back to “the 1930s”
And to attract these investors, what better way to use the media’s own NFTs that invade all sectors and especially art? “There is undoubtedly some buzz, the word NFT is in,” admits Marc Durand, CEO of Kapart, a company that supports companies interested in blockchain technology. Mathilde Le Roy, who organized the first NFT sale in France through an online art gallery, describes the impact of such an initiative: “It is a new phenomenon that creates surprise, the unexpected.”
In fact, it is the NFT tag that aims to unite a specific community, adds Marc Durand. Because when you look at it, crowdfunding is nothing new in the world of the big screen. The specialist in film economics Frédéric Gimello-Mesplomb, a researcher at the University of Avignon, also finds examples of this throughout history: “In the 1930s, the filmmaker René Clair had already issued subscription guarantees to viewers And in the early 2010s, there were crowdfunding sites. “
But in addition to its media notoriety, financing by NFT differs from other types of crowdfunding or classic investment due to its direct nature. This makes it possible to ensure the transparency of the crowdfunding system, without an intermediary ”, such as a crowdfunding platform, or a bank, recalls Marc Durand. And the secure blockchain guarantees the inviolability of the NFT. Hence, “blockchain brings inherent fluidity and trust.”
Quentin Tarantino’s precedent
According to Niels Juul, the goal would also be to get away from Hollywood’s absolute dominance over the industry, which favors blockbusters and forces independent films into long years of production. A central argument for Stanislas Barthelemi, cryptocurrency and blockchain consultant at KPMG France: “The artistic options could be less limited, because NFTs constitute a kind of presale system.” Nuances of Mathilde Le Roy: “It is a market that does not favor little strangers. What creates the rating of an NFT is the communication around it.”
Niels Juul’s approach is far from isolated. Quentin Tarantino had wanted to organize an NFT sale in November 2021 that would give access to unselected scene sets from his cult film Pulp Fiction. The film’s production company at the time, Miramax, sued the director. For Frédéric Gimello-Mesplomb, professor of information and communication sciences, this case reveals a property rights problem hidden by NFTs: “By selling them, we sell parts of the property of the film. But we are left in a gray area on the transmission of moral rights and copyright “.
If the phenomenon remains in its infancy, examples of NFT use are accumulating, especially on the side of the AMC and Sony studios. Holders of the 86,000 tickets for the new Spiderman, scheduled to launch on December 15, also received an NFT, in the form of a digital object, as a souvenir. Anthony Hopkins’ new film will be bought as NFT, Kevin Smith will sell his next film to an investor as a single token, and Warner will market NFT with characters from the Matrix.
A French producer specialized in cryptocurrencies.
So what is the reason for such insanity? Frédéric Gimello-Mesplomb explains: “Since the pandemic, few cinemas have opened, sales are lower and therefore there are fewer resources for producers to edit new films. 11% of a cinema is used for the production of new movies. Here, we have to find money elsewhere. “
This is the same observation made by the production company La Diversité du cinéma français. Launched by Sarah Lelouch, daughter of the director and sponsor of the Claude Lelouch initiative, it will offer interested parties, starting in January 2022, to invest in a cryptocurrency, the Klapcoin, created for the occasion. The investments will be reused to finance a catalog of French cinema films selected by a committee of experts, and more specifically their development phase (script writing, casting, budgeting).
The objective: to raise a maximum of 8 million euros, without being in crowdfunding, “which is like a donation”, according to Joël Girod, the other managing director of the company, nor to resort to companies to finance the film and the audiovisual . industry, which cannot invest below 5,000 euros. Interesting for investors, according to Joël Girod? The possibility of speculation and the community dimension: tokens that give access to various advantages.
Could cryptocurrency, thanks to its fungible nature, develop faster than NFTs in the movies? Ideas for the future of their currency, the two partners are certainly not lacking: “In the long term, if it works, we will go beyond supporting the development phase. The Klapcoin could also become a trading currency among film professionals. One you can imagine paying for a camera at Klapcoin. ” Cryptocurrency or NFT, blockchains have not finished stimulating film professionals.
Obstacles to the development of NFT
Use NFTs as assets to invest in a film production? The idea is attractive, but, underlines Stanislas Berthelemi, cryptocurrency and blockchain consultant at KPMG France, legal barriers limit the access of the general public to this category of NFT: “Those who invest in this type of security must be accredited. that the person can invest. “Another obstacle for these NFTs close to assets: due to their specificity, it is difficult to speculate and develop a secondary market on them, according to the expert.
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