Prizefighter, a movie starring Russell Crowe, is making its debut. The interesting part is that the biopic was partially funded by the sales of non-fungible tokens (NFTs).
According to a report by Yahoo News, the British-American film tells the story of legendary bare-knuckle boxer Jim Belcher. It was partially funded through the help of the NFT movie funding platform Moviecoin.
In an episode of The Crypto Mile podcast, James Mackie and Matt Hookings, the film’s writer and lead actor, explained how the movie was funded. “The whole idea of Moviecoin.com is to fund movies using crypto or NFTs. So sometimes it needs to be like a creative process because you’ve got to understand how [to] raise money through NFTs or crypto,” Mackie said. He goes on to say that props from the movie, such as Russell Crowe in a boxing glove, were then converted and sold as NFTs.
Unbelievably, when we put them up on an NFT marketplace, on the first day, one of them sold for $5,000. So, we were able to convert that money, at the time, from Ethereum into a fiat currency and give that to Matt to help fund the movie.
According to the leading NFT marketplace, each NFT represents a fraction of the total profit share from all of the film’s future proceeds.
Each Prizefighter NFT represents a 0.016% total profit share from all future proceeds of the movie. E.g. If Prizefighter makes $50 million profit, each NFT holder will receive $8,000 in profit from our smart contract.