Russell Crowe Film partly financed by NFT debuts
A movie partially funded by the sale of non-fungible tokens (NFTs) starring Russell Crowe makes his debut.
According to a new report from Yahoo News, Prizefighter, a British-American biopic about legendary bare-knuckle boxer Jim Belcher, was partially financed by Moviecoin, an NFT film financing platform.
In a new episode of The Crypto Mile podcast, Moviecoin team leader James Mackie and Matt Hookings, the film’s writer and lead actor, explain to the host how NFTs funded Prizefighter.
As said by Mackie,
4:00 “The whole idea of Moviecoin.com is to fund movies using crypto or NFT. So sometimes it has to be like a creative process because you have to understand how [to] raise money through NFT or crypto.
So we actually decided to take some of the props from the movie, like boxing gloves that Russell Crowe wore, or that Matt wore… and we actually made the props into NFTs, and then we sold those NFTs one.
Amazingly, when we put them up on an NFT marketplace, the first day, one of them sold for $5,000. So we were able to convert the money from Ethereum at the time into a fiat currency and give it to Matt to help finance the film.”
There are currently 18 NFTs from the Prizefighter collection on OpenSea, the world’s largest NFT marketplace. Other props for sale include punching bags, punching pads, original portraits and the director’s clap.
According to OpenSea, each NFT represents a fraction of the total profit share from all the film’s future earnings.
“Each Prizefighter NFT represents a total profit share of 0.016% from all future revenue of the film. For example, if Prizefighter earns $50 million, each NFT holder will receive $8,000 in profits from our smart contract.”
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Featured image: Shutterstock/Daronk Hordumrong/archy13
