Here's How Filmmakers are Crowdfunding their Films in 2022

As it is with the world, times are changing the entertainment industry as well. The advent of streaming and the birth of new technologies are coercing creators to think outside the box for their creative endeavors. The emerging blockchain technology and its shiny, new offerings are paving new paths and opening bigger doors for everyone interacting with it.

COVID-19 may have brought the world to a halt, but NFTs only catapulted their growth into the worlds of art, technology, and finance with transactions in 2020 hitting over $250 million, four times the $62.9 million in 2019.

2021 saw an ever bigger rise, bringing in over $17 billion in sales. The value of the technology has only skyrocketed since its inception in 2014.

Reddit, the massive social media website, amassed over 3 million users for their ‘Digital Collectibles’ initiative — Profile Picture NFTs that the users can claim through their platform.

Creators are utilizing the blockchain to fund and distribute their projects, enabling and expanding the rapidly evolving ecosystem. As the ecosystem evolves, filmmakers are also toying with the idea of funding and distributing their projects and connecting with a new audience.

Julie Pacino decided to fund her upcoming feature ‘I Live Here Now’ all via NFTs. She launched a precursor collection, ‘Keepers of the Inn’, a collection of over 3,000 photographs taken during the rehearsals of the film, to help secure funding for the feature. This collection brought in over 212 ETH (valued at around $318,000 now) and gave birth to a partnership between distribution company Utopia and Pacino.

Spanish-born filmmaker Miguel Faus turned his short film Calladita into a full-length feature film with a widely successful NFT drop, raising over $650,000 in a span of a few months. The collection included stills from his short film and holders that bought these collectibles were granted rewards in the form of memorabilia, exclusive access, and credits!

PLUSH, a French movie slated to release in 2023, is involving its community of backers in a whole new way: the creators are granting holders the right to receive a share of the film’s profits, in addition to a co-producer credit and exclusive access to special screenings among others.

NFTs allow a unique channel for a creator to interact and involve their fans. Unlike conventional film funding, where a small group of companies or investors would reap all the project benefits, NFTs are giving everyone a chance to participate in something bigger than themselves (and be handsomely rewarded for it).