An Italian startup turned a film into NFT to sell it at auction

by time news

AGI – After digital collectibles, online games and above all after the explosion of crypto art (remember the monstrous 69 million sale of a work by Beeple, the third ever by value of a living artist?) NFT, the Not Fungible Token (technically digital certificates), land on the big screen.

The work “The Legend of Kaspar Hauser” by Davide Manuli, produced by BlueFilm, has been made accessible in 62 NFT scenes that will be auctioned on July 31st on the digital platforms OpenSea, Rarible and Crypto.com. The project was carried out by EY, a multinational business consultancy, with its team of blockchain experts, and by an Italian startup, CinTech, active in the blockchain sector. An idea that in a historical moment like this, in which art, culture and entertainment are grappling with the post-Covid crisis and the changes imposed by the digital transformation, can represent an innovative way to relaunch the film industry .

The blockchain conquers entertainment

To carry out this project, EY, in particular, was involved in designing a scalable entrepreneurial vision for a sector, such as that of entertainment, new to this type of technology. In addition, EY followed the strategic and operational part that led to the definition and creation of the film’s 62 NFTs through its proprietary solution blockchain.ey.com, with the planning of the sales process. “This project allows us to take advantage of our new proprietary solution EY OpsChain to create Non Fungible Tokens on Blockchain Ethereum and create a digital copy of the different frames of the film – explained Giuseppe Perrone, EY EMEIA Blockchain Leader – it is certainly an innovative idea to which we are proud to have believed and participated in immediately because we are convinced that it will be a new way of creating value in support of the entire film industry, but not only. The potential of this technology is enormous and can be exploited in all sectors: from sport to culture, tourism and so on ”.

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Cinema and Nft

CinTech was born in the spring of 2021 from the intuition of Renato Pezzi, Jacopo and Nicolò Lucignano, three Italians driven by their passion for innovation and the world of entertainment who were the first in the world to imagine a new way of conceiving the product “film “linking it to NFT technology. “With this operation we want to demonstrate to those who have digital content and assets how it is possible to innovate their business model by creating new revenue streams and sources of financing”, the three founders of the company specified.

A documentary about Not Fungible Token. With the sale of this first film in NFT, then, the company plans to reuse part of the revenues for the creation of a documentary film on the NFT phenomenon. “An example of how a circular economy can be created that allows the proceeds from the sale of tokens to be used for the production of new films, works of art and more”.

A new platform. CinTech, EY and BlueFilm are also working on initiatives similar to this first project in the sports, tourism, culture and entertainment sectors. Furthermore, the creation of an online platform is in the pipeline where it will be possible to buy, exchange and create collectible digital assets, through gamification-oriented logic.

the numbers of the Nft

According to data from DappRadar, in the first half of 2021 NFT sales totaled 2.47 billion dollars (in the previous 12 months the turnover had stood at 13.7 million dollars). Among the contents put up for sale in recent months in NFT format is the web source code written by the inventor Tim Berners-Lee (4.5 million dollars), Jack Dorsey’s first post on Twitter (2.9 million dollars) and precisely the work of the artist Beeple (sold at Christie’s for 69.3 million dollars).

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There is also Banksy. But that’s not all. On July 22nd the NFT version of Spike, the work of Banksy, will go to auction. The original, which was created in Palestine by the famous street artist, is currently owned by the tenor Vittorio Grigolo, co-founder of Valuart, the platform that will auction the work (50% of the auction proceeds will go to charity).

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