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Screen Revolution: How Cryptocurrencies Are Changing the Movie Industry

Arina

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The movie industry is a world of fantasy, magic, and unlimited possibilities, while cryptocurrencies are innovative financial instruments that are changing the rules of the game. Let's look at what happens when these two worlds collide.

Movie Financing Via ICO

One of the most notable examples of cryptocurrency being used in the movie industry is movie financing via Initial Coin Offering.

An ICO is a process when companies issue blockchain-based coins and offer them to investors in exchange for funding a project.

Projects related to the movie industry can use ICOs to raise funds for movie production and promotion. Investors can purchase coins and receive a share of the profits from the success of the movie.

Selling Tickets for Cryptocurrencies 

Some movie theaters accept cryptocurrency as a means of payment for tickets. Viewers can use their cryptocurrency accounts to purchase tickets without having to exchange for traditional currencies.

For example, AMC, the world's largest U.S. movie theater chain, has implemented cryptocurrency acceptance and started selling tickets for movie nights.

To provide this service, AMC has partnered with BitPay, which supports over 100 popular digital wallets, including Exodus, Metamask, Electrum, Trust Wallet, Coinbase, and others.

NFT and Movies

Non-fungible tokens have made a breakthrough in the digital world. The movie industry hasn't been left out of this revolution.

The main appeal of NFTs lies in their uniqueness. Each token is unique and has its own value. In the movie industry, this opens the door for creating unique digital objects like movie scenes, posters, artwork, or other visual elements that can be sold as NFTs.

How NFTs Are Used in the Movie Industry

Quentin Tarantino decided to capitalize on the power of NFTs to sell exclusive content related to Pulp Fiction.

Partnering with token marketplace OpenSea, he auctioned off seven deleted scenes from the movie and a handwritten script of the film. Bonus NFT lots included special audio recordings of Tarantino commenting on the script.

Enderby Entertainment released Zero Contact with Anthony Hopkins in NFT format. The movie was shot during the pandemic through Zoom.

The movie was released in stages, with each subsequent release offering more and more NFTs containing less and less exclusive content.

The first "platinum token," which included the director's cut of the movie, the ability to video call the actors via Zoom, and a digital picture that was the key to a mystery from the movie, was sold for 20 ETH.

The Hollywood Reporter described this method of distribution as one possible future approach to auteur and independent filmmaking.

With the release of a new part of the James Bond movie called No Time to Die, an NFT associated with the movie was launched.

This token allowed viewers and Bond fans to purchase merchandise with symbols related to the world of James Bond.

Cryptocurrencies as a Source of Inspiration

In recent years, we have seen a growing interest in cryptocurrency and blockchain technology. Of course, the modern movie industry cannot stay away from this trend. Cryptocurrency has become a source of inspiration for screenwriters, thanks to which the mention of digital money has become more and more frequent in movies and TV series.

The first mention of cryptocurrency was recorded by Bitcoin movie buffs in 2012 in the CBS series called The Good Wife.

Overall, cryptocurrency has long since ceased to be just an economic phenomenon, and it has become an integral part of our culture.

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