NFT marketplace started with the idea of getting images in JPEG to the store. The virtual universe has expanded to now include a larger number of categories. The fresh category to be added to the NFR marketplace is a film titled Phosfate. The development comes through the partnership of Movieplex and Cinema Libre as a part of a new collection on OpenSea.
Users on the platform will be able to collect full-length movies as non-fungible tokens. Other NFT films in the pipeline are From Iceland to Eden and Guantanamo Diary Revisited.
NFTs may have a decent year in 2022, but experts believe that they can still go a long way in the times to come. Garry Dolley, a Co-Founder of Movieplex, has supported this by saying that NFT movies have the potential to break the expense of traditional movies through the distributed storage system of files that have been architected according to the norms of Web3. A lot of finances will be saved in terms of streaming and centralized bandwidth usage.
Frank Ramos, the Chief Executive Officer & Co-Founder of Movieplex, believes that NFT movies will play a huge role in onboarding a large number of users to the Web3 ecosystem.
Philippe Diaz, Chairman & Founder of Cinema Libre Studios, has even called NFTs the future of film viewing. Philippe has given technical insight as well, citing that they will create a unique link between the filmmakers and fans, allowing the buyer to also receive additional elements of the movie like deleted scenes, festival reviews, and interviews of actors & directors.
Moreover, collectors will have the asset with them for reselling purposes. This is in contradiction to iTunes and Amazon, which only share a tethered video file with their users.
Movieplex is looking forward to entering the development. It is based on the Ethereum scaling protocol Polygon that will allow users to verify the ownership of every NFT film on the NFT marketplace, that is, OpenSea.
Phosfate is another film making a unique debut in the NFT segment. It was earlier done for The Lord of the Rings: The Fellowship of the Ring under the partnership of Warner Bros and Eluvio, a Web3 streaming platform, in October 2022.
The blockchain is looking to bring a revolution in terms of intellectual property rights with non-fungible tokens. The market is truly developing for users to avail of several benefits in the virtual ecosystem. The start was merely with a collection of images. It has now expanded its touchpoints to music, merchandise, and the film industry. A full-length film going live on an NFT marketplace sets the trend for others to follow.
While no other venture has come forward till now, the community can expect things to work for them as the NFT movie industry proves itself profitable and sustainable as compared to the traditional market. The distributed Web3 architecture of file storage will be much helpful as this will disrupt the market of traditional movie streaming. Moreover, the Web3 movie streaming models will become far more profitable than the traditional streaming platform.