Russell Crowe Film Partially Funded by NFTs Makes Its Debut

A movie partially funded by the sale of non-fungible tokens (NFTs) that includes Russell Crowe is making its debut.

Based on a brand new report by Yahoo Information, Prizefighter, a British-American biopic about legendary bare-knuckle boxer Jim Belcher, was partially funded by Moviecoin, an NFT movie funding platform.

In a brand new episode of The Crypto Mile podcast, Moviecoin group lead James Mackie and Matt Hookings, the movie’s author and lead actor, clarify to the host how NFTs funded Prizefighter.

As said by Mackie,

4:00 “The entire thought of Moviecoin.com is to fund films utilizing crypto or NFTs. So typically it must be like a inventive course of since you’ve received to know how [to] elevate cash by way of NFTs or crypto.

So we truly determined to take a number of the props from the movie, for instance, boxing gloves that Russell Crowe was sporting, or that Matt was sporting… and we truly made the props into NFTs, after which we bought these NFTs.

Unbelievably, once we put them up on an NFT market, on the primary day, one among them bought for $5,000. So we have been capable of convert that cash, on the time, from Ethereum right into a fiat foreign money and provides that to Matt to assist fund the film.”

At present, there are 18 NFTs from the Prizefighter assortment on OpenSea, the world’s greatest NFT market. Different prop gadgets on the market embody punching baggage, boxing pads, authentic portraits, and the director’s clapper.

Based on OpenSea, every NFT represents a fraction of the whole revenue share from the entire movie’s future proceeds.

“Every Prizefighter NFT represents a 0.016% whole revenue share from all future proceeds of the film. E.g. If Prizefighter makes $50 million revenue, every NFT holder will obtain $8,000 in revenue from our good contract.”