Collaboration between Movieplex and Cinema Libre to release NFT movie
The movie is a part of a brand-new collection that lets consumers buy full-length movies as NFTs.
Intellectual property rights are evolving thanks to NFTs on the blockchain. What started as JPEG-based blockchain-based digital treasures are quickly evolving into a mirror market for almost anything. The film industry follows the business of products and music.
On Wednesday, the digital film library Movieplex stated that it has teamed up with Cinema Libre, a boutique production company specializing in NFT movies, to distribute “the first” NFT movie on OpenSea.
This is not the first NFT movie to be released. Warner Bros. and Eluvio collaborated to debut the NFT movie “The Lord of the Rings: The Fellowship of the Ring” in October.
The scaling protocol Polygon for Ethereum is the foundation of Movieplex. The technique makes it possible for anybody to verify the ownership of each NFT film, creating a new category of NFT films in the top NFT marketplace. NFTs are the future of movie viewing, according to Philippe Diaz, the founder, and CEO of Cinema Libre Studios.
“All that is provided to customers who purchase movies from iTunes or Amazon is a tethered video file. With the NFT, collectors can join a community while maintaining a valuable asset that can be sold. NFTs provide a special connection between the filmmaker and their audience by enabling the purchaser to access additional materials that are also included in film distributors, such as deleted scenes, director or actor interviews, festival reviews, and more, according to a press release by Diaz.
The first NFT movie from the two studios will be “Phosfate,” an environmental documentary. The following two movies in production are “From Iceland to Eden” and “Guantanamo Diary Revisited.”
According to Frank Ramos, co-founder, and CEO of Movieplex, the next billion individuals will access web3 primarily through video content.
On the other hand, co-founder Garry Dolley, who worked with Ramos to build the Cinemaplex technology, said: “The distributed file storage architecture of Web3 will break the expense of traditional cinema streaming charges and drive centralized bandwidth utilization to nearly nothing. As a result, business models for Web3 streaming of movies will be significantly more lucrative than those of conventional streaming services.
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