Author mBlu announced on Twitter that he has released the first film using the NFT (Non Fungible Token) format on the WAX blockchain. It’s called Dear Superstar V and it’s a short film.
The first Short-Film as an #NFT on #Blockchain is being sold on AtomicHub for a bargain imo. When studios one day launch Trailers as #NFT’s to crowd-fund this will be the first of its kind. Collectors 😉 @anyobservation @coreycottrell @WAX_io @netflix https://t.co/2ZPYHeoWwy
— mBlu 🎧 Crypto (@mBluCrypto) September 12, 2020
The WAX blockchain is an EOS sister chain and has several aspects in common with it, such as the DPoS (Delegated Proof of Stake) consensus protocol.
WAX focuses on the NFT ecosystem. It enables the creation, purchase and sale of this type of tokens in a quick and easy way, as the acronym WAX (Worldwide Asset Exchange) recalls.
This NFT, which can be viewed here, is a film or rather a short film entitled Dear Superstar V. In addition to being the first NFT film, it is intended as a response to a famous music video.
NFT, films and digital works
We are entering the era of full digitization since the producer/filmmaker, after producing the artwork, has put the film on sale also in the form of NFT, so anyone can buy it eliminating any intermediate step between author and distribution of the work.
This NFT is sold for 25 thousand WAX which, at the current price, means more than 1000 dollars, so a significant amount, considering that it is a unique piece as demonstrated by its characteristics. And this determines its value since only 1 person will have that NFT as there will be no other copies.
This is certainly only the beginning of this revolution and we can imagine how in the future this system could be used as a crowdfunding system to finance the works, considering that several NFTs could be sold, such as special versions, autographs, posters and more, and all this would go directly to finance the film.
Of course it is possible to expand the use of NFTs to other digital works, think of a song or a whole CD of music tracks or a work of literature.
It is worth mentioning that an NFT can be relatively rare because at the moment of its creation it is possible to set its quantity.