Hollywood producer Niels Juul is trying something new to help independent producers get their films financed – he’s using NFTs (Non Fungible Tokens) to fund his latest project, A Wing and a Prayer.
Juul has developed a model where people invest in the film with NFTs and he will give them back a share of the profits as well as tokens that give them access to special things like licensing rights, visiting filming locations, seeing behind-the-scenes footage or meeting the actors.
He hopes to be able to raise between $8m and $10m (£6m and £7.5) with 10,000 investors each purchasing an NFT token for this movie.
The movie is based on true events surrounding Brian Milton who retraced Phileas Fogg’s round-the-world trip in a microlight after taking up a bet at the Reform Club, where Jules Verne’s fictional character was also a member.
Juul believes it’s hard for independent producers to get their films financed through the studios and thinks that this new NFT model could help circumvent those issues as investors will have more opportunity for profit and involvement in the production.
There is some risk associated with investing in the film but Juul has reassured people that they will get licensing rights and a cut of the box office profits.
He said, “It’s a great deal. You can own a piece if it – you’ll be able to go behind the scenes, to see how it works.”
The market for NFTs continues to grow with some high profile investors and this could be an excellent way to get into that market too!