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- Several low to mini-budget movie producers are finding it almost impossible to secure financing because of the pandemic.
- As Hollywood is famous for making big-budget films and TV series, the producer of a horror blockbuster, “It Follows,” thinks that the era of indie films is coming to an end.
- But “Silence” and “The Irishman” movie producer Neils Juul — thinks that Web3 might be a solution for this.
Dark Clouds Over Indie Films
In this generation of superheroes, Netflix, and more, Neil Juul thinks that independent filmmaking is suffering, with “algorithms” having the steering wheel instead of people.
Juul said in an interview that scripts are lying out there not getting made at 10 to 20 million dollars because studios are more interested in MCU, and other franchises.
He thinks that the indie movie pipeline has been bottlenecked, and several producers have no other viable financing option than streaming services such as Netflix.
While Neil Juul is a fresher in the crypto sphere, he is passionate and enthusiastic regarding the potential of NFTs and DAOs to solve issues persisting in the indie film industry.
Juul created NFT Studios the previous year with a target of utilizing NFTs to crowdfund low-budget movies. “A Wing and a Prayer”, the initial movie of NFT Studios, is its proof of concept and has a budget of $10 million.
Regulatory Barriers En Route
A letter was received by the SEC, the most notorious regulating legend in the wild wild west, which issued a letter to NFT studios, to impose regulations on NFT trading similar to everyone else.
After hiring a law firm, NFT Studios decided that they should start a Decentralized Autonomous Organization that utilizes governance tokens (NFTs are tokens here in this scenario) to make decisions collectively.
Juul’s KinoDAO will release 3 NFT tiers: General Admission, Silver, and Gold. Gold tier will have the majority of perks, giving a chance to NFT holders to do a cameo in the NFT Studios film, hobnob around the set, and have an NFT of their choice to be displayed in the movie as an Easter Egg.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
