Movieplex and Cinema Libre team up to launch NFT film at OpenSea
Quick take:
- Movieplex has partnered with Cinema Libre to launch a full-length NFT film on OpenSea.
- The film is part of a new collection under a new film category on the NFT market.
- Movieplex was launched in May 2021 during the Cannes Film Festival as a limited edition collector’s pack for various movie titles.
The blockchain is revolutionizing intellectual property rights with NFTs. What began with blockchain-based digital collectibles offered in the form of JPEGs is quickly evolving into a mirror market for virtually everything. From music to merchandise, and now the film industry.
In a press release on Wednesday, digital film collectibles platform Movieplex announced its partnership with Cinema Libre, a specialist boutique film studio, to launch the ‘first’ NFT film on OpenSea.
This is not the industry’s first NFT film. In October, global film and entertainment company Warner Bros teamed up with web3 streaming platform Eluvio to launch “The Lord of the Rings: The Fellowship of the Ring” NFT movie.
Movieplex is built on the Ethereum scaling protocol Polygon. The platform allows anyone to verify ownership of every NFT movie on OpenSea, thus creating a new NFT movie category on the leading NFT marketplace.
According to Philippe Diaz, founder and chairman of Cinema Libre Studios, “NFT is the future of film viewing.”
“When someone buys a movie on iTunes or Amazon, they only receive an attached video file. With NFTs, collectors retain an asset that can be resold, while also becoming part of a community. NFTs create a unique link between the filmmaker and their audience, allowing the buyer to receive subsequent elements that are also part of the film distributions – such as deleted scenes, interviews with the actors or director, reviews from festivals and more,” Diaz said in a press release.
The two companies’ first NFT film will be an environmental documentary titled “Phosfate” with “Guantanamo Diary Revisited” and a narrative feature, “From Iceland to Eden,” the next two in the pipeline.
Movieplex co-founder and CEO Frank Ramos said video content will be a key factor in bringing the next billions to web3.
On the other hand, co-founder Garry Dolley who helped Ramos develop the Cinemaplex technology added: “The distributed file storage architecture of Web3 will break the expenses of traditional movie streaming costs and drive centralized bandwidth usage to almost zero. This will make Web3 movie streaming business models far more profitable than traditional streaming platforms .”
****
Advertisement
Register on the world’s largest crypto exchange Binance to buy and sell cryptocurrencies.
Keep yourself updated:
