As the space has evolved, director Miguel Faus “wouldn’t recommend” that other filmmakers replicate his NFT fundraising strategy precisely.
Using NFTs to finance his feature film “Calladita,” director Miguel Faus made headlines with his innovative approach. But, he cautions, he “wouldn’t recommend” that other filmmakers replicate his identical approach because the Web3 filmmaking space has already evolved.
“Our mint collection worked quite well, and we were able to fund the movie—but that’s over now,” he told Decrypt at the NFT Paris conference. “The space moves so rapidly, that model is gone,” he explained.
“This spirit of continuous innovation is very important” to the burgeoning Film3 movement, he said. “It’s important to try things out and learn from what works and what doesn’t.”
As an illustration, he mentioned the NFT all-access permits designed for the film. “We tried to have a very low entry price point so that more people could join our community, but that didn’t catch on as much as we would have hoped.”
Nevertheless, now that “Calladita” has been completed, it is evident that the NFT’s fundraising effort for the film was a success. “We are now moving on to sound editing, color grading, and the original score, and hoping to have the movie done around mid-May,” ahead of its launch on the film festival circuit, Faus said.
The ‘Calladita’ DAO
Planned for the future of the film is the launch of a DAO that will be run by “Calladita” NFT holders.
Faus described the DAO as a “workaround” on stage at NFT Paris, noting that, “we cannot offer direct revenue shares to our NFT holders in the movie, because that would turn our NFTs into securities.”
The DAO will own 50% of “Calladita” forever, with proceeds from the film going into a fund managed by NFT holders.
Content Source: decrypt.com