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Recently, cinema and cryptocurrency have started to connect in exciting ways. While blockchain’s impact on film financing and distribution has been widely discussed, some innovative films are going further by earning cryptocurrency, often through USD to BTC transactions. This article examines notable movies that have embraced digital currencies to generate income.
“No Postage Necessary” (2018)
One of the first films to make headlines for using cryptocurrency was “No Postage Necessary” by Jeremy Culver. This indie film broke new ground by being the first movie to be released and distributed using blockchain technology.
The film was made available for purchase using cryptocurrency on the Vevue platform, a peer-to-peer incentivized video network. Viewers could pay for the movie using Bitcoin and other cryptocurrencies, with transactions recorded on the blockchain. This approach provided the filmmakers with a new revenue stream and enhanced security and transparency in tracking viewership and payments.
“Braid” (2018)
While “Braid” didn’t directly earn cryptocurrency through viewership, it deserves mention as the first feature film to be fully financed through an Initial Coin Offering (ICO). The psychological thriller, directed by Mitzi Peirone, raised $1.7 million in Ethereum tokens.
Although the film’s earnings were traditional, its groundbreaking financing method paved the way for future projects to consider cryptocurrency not just as a means of earning revenue but also as a funding tool. The success of “Braid” demonstrated the potential of blockchain technology to revolutionize film financing and indirectly contribute to a film’s earnings.
“Trust Machine: The Story of Blockchain” (2018)
This documentary, directed by Alex Winter, highlights how blockchain technology transforms different industries. In line with the subject, the film used blockchain by letting viewers buy tickets and merchandise with cryptocurrency. On the official website, people could purchase items using Bitcoin and other digital currencies, directly tying the film’s revenue to the technology it explored. This approach earned cryptocurrency and acted as a live demonstration of blockchain’s real-world uses in the film industry.
“Crypto” (2019)
While this thriller starring Kurt Russell and Alexis Bledel wasn’t revolutionary in its earning model, it’s worth noting due to its subject matter. The film revolves around a cryptocurrency conspiracy, allowing viewers to purchase tickets using Bitcoin in select theaters.
Though this was more of a promotional tactic than a significant source of crypto earnings, it represented a step towards normalizing cryptocurrency transactions in the traditional movie-going experience. The film’s engagement with crypto enthusiasts opened new revenue streams and audience segments.
“The Pitts Circus” (2019)
This Australian documentary about a family-run circus took an innovative funding and revenue generation approach. The filmmakers created their cryptocurrency, PittsCircusCoin, which was used to crowdfund the project and will be used for revenue distribution.
Investors who purchased PittsCircusCoin during the funding phase will receive returns in the same cryptocurrency based on the film’s earnings. This model directly links the film’s financial success and the value of its associated cryptocurrency.
The Role of NFTs in Film
Non-fungible tokens (NFTs), unique digital assets verified through blockchain technology, have also found a place in the film industry. NFTs offer filmmakers a new way to monetize their projects, offering buyers exclusive ownership of scenes, stills, or even entire movies. As with cryptocurrency, using NFTs provides an alternative revenue stream for filmmakers, allowing them to tap into the growing community of digital collectors and crypto investors.
How Crypto Can Help Filmmakers
Using blockchain and cryptocurrency in movies has some significant advantages, especially for smaller filmmakers:
- Easier Funding: Filmmakers can raise money using crypto without needing big studios or investors. This means they can make the movies they want without others telling them what to do.
- Fair Pay: Special computer programs (smart contracts) can automatically pay everyone involved in the movie. This makes sure everyone gets their fair share without arguments.
- Reaching More People: Blockchain lets filmmakers show their movies worldwide without needing middlemen. This saves money and helps them connect directly with viewers.
- Making Money with Crypto: Some movies are now making money using cryptocurrency. They sell tickets, digital copies, or even unique digital collectibles (NFTs) for crypto. This gives filmmakers a new way to earn money in the growing digital economy.
Challenges and Future Prospects
These early projects show the promise of using cryptocurrency to earn money in the film industry but also reveal some challenges. The unpredictable value of cryptocurrencies makes financial planning tricky, and blockchain technology can be challenging for filmmakers and viewers to understand.
There are also legal issues to consider. As governments work on regulating digital currencies, the film industry faces uncertainty when using crypto for earnings. However, as blockchain technology advances and becomes more manageable, more films are expected to explore crypto-based earnings.
In the future, we might see decentralized streaming platforms where viewers pay with cryptocurrency or systems that automatically share profits among all stakeholders in real-time. As the film industry adapts to new technologies, cryptocurrency will likely become more critical in how movies make and distribute money.
Conclusion
While the list of movies that have directly earned cryptocurrency remains relatively small, these pioneering projects pave the way for a future where blockchain technology and digital currencies could become integral to the film industry’s financial ecosystem. As more filmmakers and studios embrace these innovations, we may be on the cusp of a new era in how movies are financed, distributed, and monetized.
