Hollywood Gets in on the NFT Boom with Auction of Anthony Hopkins Movie

Posted on

Blockchain technology is gaining steam and many project that it will become a big part of the future. Hollywood has jumped on the blockchain bandwagon and has entered the big market for non-fungible tokens, otherwise known as NFTs.

A new science-fiction movie starring Anthony Hopkins, which will be the first film to be auctioned off as an NFT.

Called “Zero Contact,” the film is being auctioned off by Vuele, an NFT film distribution platform that hopes to become a new model for the future of film distribution.

The film had been produced in 17 different countries virtually during 2020 and follows five characters based all over the world, connected only by their devotion to the late founder and tech titan Finley Hart, played by Hopkins.

“What we’re setting up to do is prove that there’s a revenue stream in Hollywood that’s never existed before,” said Rick Dugdale, the director, producer & Vuele Co-Founder, to Yahoo Finance Live.

The NFT-based film will run on the CurrencyWorks blockchain, which has cross-chain capabilities with Ethereum.

“The future of the film business is blockchain…This could be a scenario where prior to theatrical release or home entertainment a film is released as an NFT,” Dugdale said.

According to Dugdale, movie makers could make a few hundred thousand dollars off an NFT release, and then the film could continue on its traditional pathway to theaters.

NFTs utilize blockchain technology to create secure transactions to authenticate digital art from movies to music and artwork.

Two NFT auctions initially offered the film on OpenSea, the world’s largest NFT marketplace, with a bonus auction just added for Tuesday night on the platform.

The bid price will start at 3 ethereum digital coins (ETH-USD), roughly $8,500 as of Tuesday’s spot rates.

“It’s all designed around engaging fans and getting them to come back,” Dugdale added. “When people see a movie on screen in theaters that can be the end of it. So we’re looking at this as a way to engage them and have them come back into our universe.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.