“Durmientes,” a new film to be directed by Gibran Bazan, a Mexican film producer, aims to be fully financed by the sale of a series of non-fungible tokens (NFT). The NFTs, which will be sold on Metaown, a Mexico-based NFT market, and designed by artist Gabriel Colin, will feature a 3D model that will be connected to the story of the film and will bring benefits to the owners.
Durmientes Will Try To Succeed Using 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 funds for the film.
The film’s funding team will issue 1,500 NFTs that will feature some of the important objects in the film’s script. This will be done in 3D art, and will also bring important benefits to the owners, allowing them to help in shooting movies, or even appear in the scene.
Director Gibran Bazan thinks that this new technology could change the financing landscape in the film industry. About this, he stated:
Part of this new world and Web3 will open up a panorama for creators because instead of big companies owning projects, now it’s people. It’s decentralized content.
1,500 NFTs will be sold using Metaown, a Mexico-based NFT marketplace. However, the price of the NFT or the amount of the film to be uploaded was not revealed.
The same initiative
While Durmientes’ NFT financing initiative is one of the first in Latam, other projects have tried to enter the NFT market to finance films. Niels Juul, executive producer of films like The Irishman, directed by Martin Scorsese, founded NFT Studios with the same premise last year.
In an interview with the Guardian, Juul stated that the idea is to democratize the financing stage of indie films, a process that can now have many difficulties because the focus of Hollywood has big blockbusters.
Other projects have been different. Contact Zero, a puppet starring Anthony Hopkins, was released as an NFT, with film copies selling for $90,000. NFT characters from the Bored Ape Yacht Collection will also be featured in the upcoming interactive trilogy movies produced by the cryptocurrency exchange Coinbase.
What do you think about Durmientes and their goal of getting funding through NFT sales? Tell us in the comments section below.
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