Anthony Hopkins, the legendary actor is selling his new film as a Non-fungible token (NFT). The film Zero Contact will first premiere as an NFT via Veule, a global NFT platform. But, what does this mean for buyers and for creators? Read to know more.
The Anthony Hopkins NFT is the first of its kind
The creative world was the first to accept and grow NFTs. The record-breaking sales are just another example to prove this. However, Zero Contact will be the first full-length feature film to be sold as an NFT.
“It creates scarcity in copies of the film and protects against piracy,” said Rice Dugdal, the director and producer of Zero Contact. Dugdal added that there will be four to five ‘exclusive drops’ of the movie. Users can claim these items by buying or bidding on them. Moreover, these NFTs can be bought through payments via credit cards and cryptocurrency.
What’s so special about an NFT film?
Films are traditionally distributed through channels and labeling partners. Its distribution involves several parties distributed over many regions. Since NFTs are unique and collectibles, the copies of the movie are limited-edition versions. Additionally, since NFTs can be released on the blockchain, it makes it easy to maintain the details of the owners. Since these tokens are cryptographic, it has an established identity and provides a unique and digital confirmation of ownership. So, if you plan to buy the NFT, it means that the files are unique or one-of-a-kind. This is what makes the NFT so valuable.
“As opposed to Bitcoin, which is fungible and can be exchanged with millions of other Bitcoins, NFT’s proposition of being unique makes it a collector’s item or an investor’s paradise. It is worth noting that NFTs are only proof of ownership and do not prohibit adoption or copies of the art on the internet or otherwise,” said Vikram Subburaj, the CEO and co-founder of Giottus cryptocurrency exchange. “Hence, there is no IP associated with it other than claims to verifiable digital ownership,” added Subburaj.
How do creators earn from NFTs?
NFTs are merely the digital form of the object. Hence, creators are free to sell their physical copies if they wish to. NTFs are not yet mainstream so, we cannot predict their profits. So, creators can either make a lot of money or, nothing from their NFT. But,going by the current trend the future is in crypto and digital currencies.
However, the monetization of NFTs is simple. They are created by minting and blockchains. In addition to this, NFTs will continue to generate income for the creators through royalties. “For example, an original song can be ‘owned’ uniquely on a blockchain. When the demand for the song goes up or becomes valuable with time, you can sell it with a considerable gain to the next owner, much akin to how we sell a plot of land or a house,” explained Subbraj.