- Profits to be distributed amongst funding members on ritestream
- Alex Høgh Andersen's character (Vikings) "Ian" will be minted as an NFT
Earlier today, ritestream, the NFT funding platform, partnered with Hollywood's Stealing McCloud, an upcoming heist movie based on U.S. tech tycoon John McAfee, to create and issue the film characters' NFTs according to a press release. Alex Høgh Andersen's character (Vikings) "Ian" along with "Javier", played by Darko Peric (Money Heist) and "Elin" played by Alex Essoe (Doctor Sleep) will be available for purchase as NFTs.
ritestream users will be able to buy these unique NFTs using their RITE coin, the platform's native token for investing in Hollywood productions among other content ideas available on the platform. On ritestream, the NFT of an idea is minted pre-production and each funding member is a part-owner of the project. ritestream releases funds throughout the production process and when completed, the content is released in the form of a concluding NFT. Each funding member will receive a share of the profits when the content in question is sold or distributed.
This deal signifies an awesome moment in history where we will give fans the opportunity to own a piece of the movie as an NFT even before its releaseRiaz Mehta, founder and CEO of ritestream.
Stealing McCloud will not be the first or last feature film to be funded through NFTs. Miguel Faus's Calladita is aiming to be the first European feature film ever funded with NFTs. The film, based on an award-winning short film by Miguel Faus, has released a collection of 2400 NFTs, with all proceeds going to finance the feature-length version, which will be shot this summer in Spain with an A-list cast including Emily Mortimer and Antonio de la Torre. In the first week since launching, Calladita has raised over $100,000 via NFT sales.
NFTs are increasingly being hailed as the latest means to fund projects in the entertainment industry— given their ability to monetize scenes, art and whole pieces of content. Celebrity interest in the area has seen considerable growth in recent months. According to Vanity Fair, Reese Witherspoon’s Hello Sunshine deal with World of Women (WoW), an NFT collective has generated over $120 million in revenue. Mila Kunis's recent production of Stoner Cats, an animated show, reportedly generated an estimated $8.4m in 40 minutes.
"NFTs are the way forward— their utility will only continue to expand as various sectors catch on," says Fang Low, Founder of Figment.