A film partially funded by the sale of non-fungible tokens (NFTs) featuring Russell Crowe is making its debut.
According to a new report by Yahoo News, Prizefighter, a British-American biopic about legendary bare-knuckle boxer Jim Belcher, was partially funded by Moviecoin, an NFT film funding platform.
In a new episode of The Crypto Mile podcast, Moviecoin team lead James Mackie and Matt Hookings, the film’s writer and lead actor, explain to the host how NFTs funded Prizefighter.
As stated by Mackie,
4:00 “The whole idea of Moviecoin.com is to fund movies using crypto or NFTs. So sometimes it needs to be like a creative process because you’ve got to understand how [to] raise money through NFTs or crypto.
So we actually decided to take some of the props from the film, for example, boxing gloves that Russell Crowe was wearing, or that Matt was wearing… and we actually made the props into NFTs, and then we sold those NFTs.
Unbelievably, when we put them up on an NFT marketplace, on the first day, one of them sold for $5,000. So we were able to convert that money, at the time, from Ethereum into a fiat currency and give that to Matt to help fund the movie.”
Currently, there are 18 NFTs from the Prizefighter collection on OpenSea, the world’s biggest NFT marketplace. Other prop items for sale include punching bags, boxing pads, original portraits, and the director’s clapper.
According to OpenSea, each NFT represents a fraction of the total profit share from all of the film’s future proceeds.
“Each Prizefighter NFT represents a 0.016% total profit share from all future proceeds of the movie. E.g. If Prizefighter makes $50 million profit, each NFT holder will receive $8,000 in profit from our smart contract.”