“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). The NFTs, which will be sold on Metaown, a Mexico-based NFT marketplace, and designed by artist Gabriel Colin, will feature 3D models that will be connected to the story of the film and will bring benefits to owners.
Durmientes will strive to succeed by using an NFT-based financing model
Cryptocurrencies and non-fungible tokens (NFTs) are migrating to other industries that can also take advantage of their assets and technology. “Durmientes”, a new Mexican film project directed by filmmaker Gibran Bazán, will produce a set of NFTs that will be sold to raise funds 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. These will be done in 3D art, and will also bring important benefits for their owners, allowing them to assist in the shooting of the film, or even appear in a scene.
Director Gibran Bazan thinks these new technologies could change the funding landscape in the film industry. About this 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 is decentralization of content.
The 1,500 NFTs will be sold using Mexico-based NFT marketplace Maytown. However, neither the cost of the NFTs nor the amount the film needs to raise has not been shared.
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. Niels Juul, the executive producer of movies like The Irishman, directed by Martin Scorsese, founded NFT Studios with this same premise last year.
In an interview with the Guardian, Juul said that his idea was to democratize the funding phase of indie films, a process that could present many difficulties due to Hollywood’s focus on big blockbusters.
Other projects have gone in different ways. Zero Contact, a film starring Anthony Hopkins, was released as an NFT, with copies of the film sold for $90,000. NFT characters from the Bored Ape Yacht Collection will also be featured in the upcoming trilogy of interactive films produced by cryptocurrency exchange Coinbase.
