“Durmientes,” a new movie that will be directed by Gibran Bazan, a Mexican filmmaker, aims to be funded fully by the sale of a series of non-fungible tokens (NFTs). Metaown in Mexico will sell the NFTs. Designed by Gabriel Colin, the 3D models will connect to the movie’s story and bring owners benefits.
Durmientes will try to succeed using an NFT-Based Finance Model
Non-fungible tokens and cryptocurrencies (NFTs), are moving to industries that have the potential to benefit from their technology and properties. “Durmientes,” a new Mexican film project which will be directed by filmmaker Gibran Bazan, will produce a set of NFTs that will be sold in order to raise funding for the film.
The financing team of the film will issue 1,500 NFTs that will feature some important object present in the film’s script. The owners of these NFTs will have the opportunity to participate in shooting the movie or be part of a scene.
Director Gibran Baszan feels that new technologies could change how funding is distributed in the film sector. He said:
Part of this new world and Web3 is going to open up a panorama for creators because instead of big companies having the projects, now it’s the people. It’s decentralization.
Metaown, an NFT market based in Mexico, will offer the sale of 1,500 NFTs. The film’s budget and price have not been disclosed.
Similar Initiatives
While Durmientes’ NFT funding initiative is one of the first in Latam, other projects have already tried to tap into the NFT market for funding films. NFT Studios was established last year with the same concept by Niels Juul. This is Niels Juul who produced movies like The Irishman directed Martin Scorsese.
Juul said that his goal was to make it easier for independent filmmakers to get funding. Hollywood is too focused on the big blockbusters.
Others have had different outcomes. Zero Contact, an Anthony Hopkins film, was made as an NFT. It sold for $90,000. NFT characters of the Bored Ape Yacht Collection, as well as other NFT characters will be included in the forthcoming trilogy of interactive films from cryptocurrency exchange Coinbase.
How do you feel about Durmientes’ goal to raise funds via NFT sales and what are your thoughts? Comment below.
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