Web 3.0 technologies are increasingly making inroads into a variety of traditional businesses, thus bringing innovation to previously established protocols.

This encompasses creative industries that have a long history, such as the music business, as well as more contemporary creative sectors, such as the film industry.

The new film Fuzzy Head will have its world debut this year at the Slamdance Film Festival, which is an Oscar-accredited film festival for independent filmmakers. The film’s production was made possible by blockchain-powered crowdfunding site Untold.io. “The most crucial part of crypto and blockchain integrations in the movie business will be increasing fan engagement through NFTs and opening up a new asset class for all different types of investors through supported security tokens.” .

Dapper Labs and Untold have formed a partnership to advance Untold’s technology and bring more accessibility to their programs.

Other notable films, such as “The Comeback Trail,” starring Robert De Niro and Morgan Freeman, have also received financial support through this platform. It is not the first time that a film festival has seen the use of cryptocurrency and blockchain technology in films that are making their world premieres.

In 2019, representatives of the Filmio blockchain platform attended the venerable Sundance Film Festival to explore possible ideas for the blockchain-based entertainment platform they are developing.

During the previous year’s Sundance Film Festival, Liquid Media Group made an announcement about its first blockchain movie streaming with a list of digital discussion boards.

Additionally, the company discussed the effect non-fungible tokens (NFTs) have had on filmmakers and the communities in which they work.

The film “Prizefighter”, directed by Russel Crowe and released in 2022, used non-traditional forms of financing (NFT, for its acronym in English) to partially support its production. The director described the film as “audience-driven”.

According to Aksu, the use of blockchain-based technologies by heritage directors and large festivals increases awareness of these tools for small filmmakers, who will greatly benefit from their use. These are also wonderful possibilities to build a genuine community that supports innovative initiatives like blockchain.

The year before, film director Anthony Hopkins managed to sell out every item in a collection of NFTs based on movie characters he had previously produced.

Additionally, Quentin Tarantino developed Novel Film Techniques (NFTs) based on his groundbreaking film Pulp Fiction.

Later, he became embroiled in a large legal dispute with the film production business, which centered on claims of copyright infringement.