Red Granite Pictures, the production company behind the hit movie “Wolf of Wall Street,” is set to launch non-fungible tokens (NFTs) featuring iconic scenes from the film.
On sites like Discord and Reddit, there are thousands of meme and clips, and posters, iPhone cases, and hoodies based on the movie sell on EBay, Etsy, and Redbubble.
The move comes as the company seeks to monetize its fan base and protect its intellectual property rights. “This is a way to protect the intellectual property of the film,” says Red Granite’s chief financial officer, Randy Hermann.
The NFTs will be priced at $100 and above, with buyers joining an exclusive online group where they can access props, costumes, and remixed versions of the movie’s soundtrack.
On April 10, Red Granite Pictures has also obtained a preliminary order from a Florida court to halt the sale of goods that infringe its ownership rights, and is working with lawyers to take down pirated versions of the movie.
According to CFO Randy Hermann, the proceeds from the NFT initiative will be donated to charitable organizations that promote film restoration, support the development of young filmmakers, assist women and minorities on Wall Street, and teach financial literacy.
He added that while the company expects to make a profit from the NFT plan, it also sees it as a marketing opportunity to encourage people to re-watch the movie and boost streaming revenue.
But the aim for Red Granite is “to create an incentive for people to watch the movie again,” which will boost streaming revenue, Hermann says. “There was a conversation about the perception of NFTs being a money grab on the part of Red Granite,” he says. “That’s not our intent.”
Content Source: bloomberg.com