Niels Juul, a prominent Hollywood producer, claims NFT movie financing can break the monopoly of major studios and distribution platforms in Hollywood.
Niels Juul, a prominent producer in Hollywood who has executive produced some of Martin Scorsese’s movies, has said that NFTs could be the solution to the direct challenge presented by Web3 startups to Hollywood. According to Juul, NFT movie financing could break major Hollywood studios’ and distribution platforms’ monopolies.
Juul also said NFT movie financing could bring back the much-needed diversity, originality, and innovation to the movie business. As a producer, Juul has produced several films, including “The Irishman,” “Silence,” and the Enzo Ferrari biopic that starred Adam Driver.
Hollywood has been severely affected by Web3 startups harnessing blockchain technology’s power. If the present situation is not appropriately addressed, the film industry might see a wave of disruption regarding film financing, distribution, and showing.
NFT Movie Financing
The rise of NFTs has threatened traditional structures such as the art world, global finance, and the music industry. Lately, even the film industry’s strongholds are shaken by the entry of NFTs, with many analysts forecasting that blockchain technology will shape how movies are made, distributed, and shown.
However, Juul sees it as an opportunity that must be leveraged.
Juul is a pioneer in bridging the divide between NFT innovations, blockchain technology, and the film industry. He attests to how these innovations change the meaning of film producers, financiers, distributors, and consumers.
Last year, Juul created the NFT Studios. This independent, decentralized organizational structure could “enable the community to seamlessly engage with participating members in shaping and making the movies they want to see, plus getting the benefits of having NFTs associated with them.”
Martin Scorsese’s executive producer criticized leading studios for stifling creativity and diversity of ideas in content production because they would instead go for the “safe bet” than take the risk.
“I have many producer friends with fascinating material and perfect scripts of the kind of movies, which would be made in the past, such as “Kramer vs. Kramer,” or “The Usual Suspects,” or any of these perfect quality movies which they fight with today. There is a lot of work to do,” Juul said. “This is because the studio costs are too high for them to ‘fool around’ on a $10 M, $15 M, or $20 M movie. Due to this, there is a great need to disrupt the film financing model.”
Juul also points to the monopolization of streaming content by major platforms like Netflix, Amazon Prime, Disney+, and AppleTV.
“Though I’ve cooperated with Netflix and Amazon, the main four streaming players are just concentrated on chasing the biggest market share,” he added.
For Juul, the growing NFT market can be a middle ground where filmmakers and creatives can meet audiences who would be willing to finance what they want to see.
“And to me, that is the appealing thing about cryptocurrencies. It presents a new chance, a new way to not just revolutionize the way things are financed, but also to change the agenda culturally in a way that we do not it’s only being the last result of the Excel spreadsheet”, he said.
Juul claims the financial market for independent films has significantly dried over the last decade, with studios concentrating on big franchises like the Marvel movies. He said such has nearly destroyed the independent film market.
He is pushing for NFT movie financing because, according to him, the lack of original independent film content motivated him to create NFT Studios. It is meant to address the imbalance by harnessing the power of blockchain technology in the form of NFT movie financing.
“So in response to this, we were looking at new ways of financing when my friends said, ‘have you heard of NFTs?” Juul said. “I thought it could be a new way to finance films and a way to create a community [that] could come together around a film. So my partners and I began discovering new ways to finance films via NFT and created NFT Studio.”
In Juul’s vision, pre-sale NFTs, which lower the barrier to entry to film financing, could democratize the filmmaking process. Moreover, the transparency and immutability of blockchain could bring back the power to artists and creatives who produce content. Such could also bring efficiency to the production process by doing away with intermediaries in the film industry’s supply chains.
For Juul, NFT movie financing means tokenizing the pre-production of movies and selling NFTs that give anyone ownership and a share of the movie’s profits. NFT movie financing could also make way for a collectability factor, which allows owners of the NFTs to become part of a unique community of people who own a piece of a movie that could also have secondary sales value.
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