In brief
- Terra Virtua has created a number of non-fungible tokens based on officially licensed content from The Godfather movie trilogy.
- These NFTs might pave the way for Hollywood to embrace blockchain technology in the future.
- Blockchain solutions might help the move industry recover somewhat from losses felt during the COVID-19 pandemic.
Terra Virtua, a blockchain-based digital collections company, has today released a new set of non-fungible tokens (NFTs) based on the Godfather movie trilogy. This follows the company’s release of Godfather posters and other non-digital products.
It’s the first time The Godfather has been officially licensed for blockchain tokens. It’s an interesting example of how Hollywood can get into blockchain technology. If it works, it could help mainstream blockchain technology through many more NFTs being created from Hollywood’s all time greatest films.
“Our core mission is to bring NFTs to the mainstream,” Gary Bracey, CEO of Terra Virtua, told Decrypt.
NFTs, also known as nifties, are a form of cryptographic tokens that are unique. In other words, unlike typical tokens in the crypto industry, it matters which exact NFT you own, because each of them is unique. Non-fungible tokens are big business in the gaming and art industries, and can be sold for thousands of dollars a piece.
Terra Virtua chose to use NTFs to create an edge to their marketing. “We started to give a lot more thought about creating something a little more dynamic - the main catalyst being to provide something in digital that was not practical in the ‘real’ world,” Bracey said.
The company’s Godfather NFTs are presented in 3D, and incorporate animations and audio in some cases. “We came up with the idea of creating interesting spot animations to make the posters come alive,” Bracey added.
These new NFTs are made possible by blockchain technology. According to Bracey, “all of these items will integrate perfectly into our 3D ecosystem, to provide a more immersive and engaging interaction between users and their NFTs.”
The future of film
Blockchain technology isn’t only changing the way we think about finance. According to Bracey, we can expect Hollywood to embrace blockchain networks too. “A movie could be funded via tokens. This is actually a logical option for the future of movies, as we’ve seen a dramatic hit on cinema attendance due to recent events and so productions will be looking to fill the funding hole.”
Specifically through NFTs, movie companies have a lot to gain. “It becomes a two-pronged proposition for them to license: firstly, it can obviously generate significant incremental revenues for them and secondly, once the market is big enough it can seriously supplement their marketing activities,” Bracey added.
And with the film industry down $7 billion by May 2020, it sure could do with a little help.