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Arabian Camels launches NFT giving 50% of IP rights in a feature film
Published Dec 15, 2021 02:44AM ET
© Reuters. Arabian Camels launches NFT giving 50% of IP rights in a feature film
The $50 million feature film Antara, based on the story of medieval Arabian knight Antarah Ibn Shaddad, is being produced by the NFT community Arabian Camels, which has developed an NFT that enables purchasers to retain up to half of the intellectual property rights.
Arabian Camels and Swapp Protocol launched the Antara Movie NFT to decentralize film ownership and minimize the finance concerns involved with film production. Ownership of a digital or real-world item is confirmed by using an NFT, which is a virtual asset.
Read Also: Malaysian Artists Allowed to Maximize their Innovations with NFTs
NFTs with DeFi capabilities will be created by these two partners, which will be the first of their kind in the world. The Ethereum blockchain provides the foundation for Swapp, a DeFi system pushed by the Ethereum community. Rather than using traditional financial instruments, DeFi relies on smart contracts on blockchains to raise funds.
The use of Swapp Protocol's decentralized finance products will eliminate the financial risks associated with movie funding by tying up with Swapp Protocol. "My objective was to build a mechanism to make films that ordinarily cost more than $50 million risk-free," Alexander Amaratei, the producer of Antara, stated in a statement dated 9 December.
Alexander Amaratei continues:
"This method would not only eliminate financial issues, but it would also empower fans, the NFT owners, to own films. Without Swapp's innovative NFT farming capabilities and blockchain/cryptocurrency knowledge and platforms, this feat would not have been possible."Because of this change, people and moviegoers who want to support a project will have more power over how the film is made than conventional financiers and production companies. Owners of Arabian Camel NFTs may reap the benefits of passive income. Direct financial rewards are provided for people who back the project before its theatrical premiere via Swapp's platform.
Related: Microsoft (NASDAQ:MSFT) leads startup Palm NFT Studio's $27M series B round
Those who are a part of the Arabian Camel NFT may participate in the movie's production, have their names on the credits as producers, and have access to the set in the Arabian Desert, where the film is being shot.
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