RE: Cryptocurrency DIsrupting Film Industry
At the core of this is funding. Since it is these entities that pay to get the films made, it is hard to operate without their approval. To their credit, they do take the risk since many movies flop. Here is where their size is an advantage.
This could be an example of parallel production or distribution of films. The studio system as it exists today operates as it does. Alongside it is the NFT-based model as exemplified by Spike Lee. One has the resources and the reach. One has the potential for newer players to get funding and recognition. They don't need to be competitors, and maybe they can even both gain from the existence of the other.
For anyone who's been a fan of the Star Wars franchise long enough, there are 2 stories concerning the money aspects of this movie:
- Actor Sir Alex Guinness came to agree to play his role when he accepted a modest salary in exchange for 1% of the gross.
- Director George Lucas signed his deal to make Star Wars with the condition that he retained merchandising rights (especially for toys). At the time this was unheard of, so this condition was granted to him.
In both cases, the rest is history!
So what would have happened had NFTs existed in the 1970s, or if the original movie was made in the 2020s rather than in the 1970s?
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