Director Spike Lee sees potential for NFTs to ‘democratize’ film funding: NFT NYC

Spike Lee, the director behind movies together with She’s Gotta Have It and Do the Proper Factor, took the stage at an NFT convention in New York Metropolis as we speak to clarify why he thinks non-fungible tokens (NFTs) will open movie funding to a larger vary of buyers.

Throughout a chat on the NFT NYC convention on the Radio Metropolis Music Corridor, Lee stated his view on the potential utility of NFTs comes from his personal expertise. He described how people who funded his movies within the Nineteen Eighties nonetheless profit from that funding.“The people who invested within the movie are nonetheless receiving checks greater than 30 years later,” Lee stated. “The remaining is historical past.”

Utilizing NFTs to fund movies is “bringing extra democracy to filmmaking,” stated Lee. Nevertheless, Lee additionally acknowledged the riskiness of NFT investments. “It doesn’t matter what you do, you need to do your analysis,” Lee provides, mentioning crypto firm layoffs and the bear market. “Don’t wager the home.” 

Lee additionally hinted at a brand new NFT undertaking that he stated will drop “quickly.” Nonetheless, when requested by an viewers member whether or not he’d fund his personal undertaking with NFT gross sales, Lee did not appear so enthusiastic. “Perhaps down the road, however not proper now.”