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Sundance Film Festival embraces blockchain and crypto film initiatives

by SuperiorInvest

Web3 technologies continue infiltrate various industries bring innovation to old systems. This includes older creative fields such as the music industry and more recently the film industry.

The new film will premiere this year at the Slamdance Film Festival, an Oscar-winning film festival for independent filmmakers. Fuzzy Headwhich raised its funding through the blockchain-powered crowdfunding platform Untold.io.

Ali Aksu, CEO of Untold.io, told Cointelegraph that filmmakers like those on Fuzzy Headcould use blockchain technology to democratize their funding process and open investment opportunities to both accredited and non-accredited investors.

“The most important aspect of crypto/blockchain integration in the film industry will be opening up a new asset class to all kinds of investors through compliant security tokens and increased fan engagement through NFTs.”

Recently, Untold partnered with Dapper Labs to accelerate the technology and allow wider access to its programs. The platform has also supported other notable films including The way backwhich features Robert de Niro and Morgan Freeman.

Related: Bluechip NFT project Moonbirds has signed a contract with Hollywood talent agents UTA

This isn’t the first time the film festival has seen crypto and blockchain components in films that premiere. In 2019, blockchain platform Filmio attended the older Sundance Film Festival to explore projects for its blockchain-based entertainment platform.

Last year, Liquid Media Group announced its first blockchain movie streaming with a series of digital panel presentations during the Sundance festival. The company also presented the impact of non-fungible tokens (NFTs) on filmmakers and their communities.

In 2022 Russell Crowe’s Prizefighter the film used NFT to partially finance its production and became what the director called an “audience-driven film”.

Aksu said the adoption of blockchain-based tools by older directors and major festivals is bringing visibility to these tools for independent filmmakers who would greatly benefit from them.

“They are also great opportunities to create a real community behind revolutionary movements like blockchain.”

Last year, a film director Anthony Hopkins sold out of NFT collection based on characters in films he has already released.

Quentin Tarantino also created NFT based on its ion film Pulp Fiction. However, he later got into a major lawsuit with the film’s production company over copyright infringement.

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