Will moviegoers and film industry supporters from around the world sponsor movies? This is why SSFF & ASIA holds this opinion.
Emerging filmmakers from all over the world are continuously supported by Short Shorts Film Festival & Asia. SSFF & ASIA aims to explain how the transformation in funding that has occurred in the age of cryptocurrencies might help those who are trying to enter into the sector.
For the introduction of its newest project, NFT Global Cinema Market, SSFF & ASIA collaborated with Visual Voices Inc. to inform filmmakers about the murky realities and future prospects of cryptocurrencies. All filmmakers and moviegoers should be aware of the shifting media landscape since it is quite likely that this is the way that movies will be made in the future.
Festival director Tetsuya Bessho discussed new filmmaking techniques in the Web 3.0 era with Taichi and Takahito Kagami at the online session titled “NFT and Cinema.”
New Filmmaking Techniques
Everyone can now consume media and content more easily thanks to the internet. As more and more video is posted to YouTube, TikTok, and Instagram every day, filmmakers begin to lose patience with the time-consuming and seemingly endless process of making movies.
Kagami spoke about the current state of film production, saying, “When something is difficult to make, we usually expect better results because of the time and money we spend. By connecting the creators and their fans, it will make the production process easier and will shed a light [on] many creators.”
Taichi said, “Until now, there was no verbalization of the process of filmmaking, and Japan tends to not speak clearly. However, when this generation changes and uses NFT, it is possible to optimize the production.”
The business is undergoing a significant change as cryptocurrencies and online media take over more and more of our lives. Director Taichi thinks it’s time to give the film industry greater flexibility for aspiring filmmakers because it has always struggled to keep up with the times.
“It is the matter of how we will adapt and change [the industry] to the 21st century, and how NFTs come into it all,” Bessho said during the film festival.
NFTs vs. Crowdfunding
until recently, movies had to be either totally self-funded by the directors or traded as copyrighted works. However, NFTs and crowdfunding allow artists the ability to have their fans and audiences fund their movies.
When sourcing finance for your production, it’s crucial to comprehend how crowdsourcing and NFTs differ from one another.
According to Kagami, “Crowdfunding is a contract between individuals and movies. Making it a sell-and-buy contract.”
An independent filmmaker will often use crowdfunding to finance a project, however this method is typically only available to local audiences. Unlike crowdfunding, NFTs can be sold anywhere in the world, giving filmmakers the opportunity to interact and connect with a larger audience. NFTs are a part of a loosely-knit group of backers.
“Individuals can participate in problems and issues while making movies together,” Kagami said. “The management side can make operational changes that directly and continuously give and receive benefits.”
Kagami said of selling NFTs to fund a project, “When co-producing an animation, even if the audience rating of the first series were not good, knowing that there are fans will allow them to continue making seasons.”
How Do NFTs differ the Producing Process?
The lack of funding is a major problem for the film industry. One of the most challenging pre-production steps is it. If investors don’t think they will get their money back, they won’t invest a lot of money in the project. However, NFTs can lessen some of the anxiety that many independent filmmakers are all too familiar with while trying to get finance.
“With NFT, it is possible to know the people who have been participating from the beginning, so when there is a big profit from the box office, it is possible to set up a large return to early investors,” Kagami said.
For those with an interest in NFTs who want to support filmmakers without making a significant financial commitment, there is a sizable market.
“Movies are made by humans. By using NFT technology and its techniques, each artist can be valued more,” Taichi said. “For example, the cycle of movie directors having to find sponsors to fund their movies will be broken down.”
Since everybody in the world can purchase NFTs, there is ultimately a greater market for investors.Kagami explained, “Centralized leaders are absolutely necessary for film production, but creators want to try more things and search for people that have the same ideas. I think it will be important to create an environment where we can network.”
The creation of content that viewers desire to see will require audience engagement in the future of filmmaking. Because the funding is coming from the audience, studio executives will not have as much influence over what is or is not produced.
The 4 NFTs’Characteristics
There are four considerations to make when thinking about developing an NFT to fund your project, according to Kagami. These four qualities are:
Uniqueness—the NFT should be distinguishable from other digital data.
Tradability—ownership becomes clear and global trading becomes possible.
Interoperability—enabling the use of content across various services.
Programmability—set automatic rules to create a smart contract.
The community that supports filmmaking and the financiers of a film’s production are extremely important to the industry’s survival. According to Kagami, the NFT creator’s own rules constitute the foundation for the historically unparalleled advancements in community administration.
Taichi said at the end of the panel, “There is a chance for every artist to be famous.”
Bessho added, “You can be the player to watch,” by purchasing the artist’s NFT.
To discover more about developing NFTs to finance your future initiatives, see The Rhetoric Star project. Everyone is learning to navigate this new adventure together, so don’t be hesitant to take the chance and start the discussion in your filmmaking community.