$50m feature film to sell movie rights via NFT drop
NFT Community Arabian Camels in collaboration with Swapp Protocol on Tuesday launched the “Antara Movie NFT”, which allows buyers to hold up to 50 per cent of intellectual property rights to “Antara” — $50 million feature film — based on the life of an Arabian knight Antarah Ibn Shaddad.
According to Outlook India, Antarah Ibn Shaddad was a black slave in ancient Arabia, who rose to stardom in the 5th century. He was a talented poet and his poetry was held in such high regard, that it was sewn in gold, and suspended on the Kaaba in Mecca before the days of Islam. To date, the poetry of Antara is still studied and revered.
The partnership aims to produce the world’s first decentralised feature film production NFTs (non-fungible tokens) with DeFi (decentralised finance) capabilities, which will likely enable the use of decentralised finance products to eliminate the monetary risk associated with movie funding.
“In addition to eliminating funding risks, this system would allow films to be owned by the fans, the NFT owners,” said Alexander Amaratei, producer of Antara.
Swapp’s NFT Farming platform will allow the films to be funded, while simultaneously providing a direct monetary benefit to those who support the project, before the theatrical release. This paradigm shift moves the control of the industry away from traditional lenders and production studios, and into the hands of individuals and fans who support the film.
Members from the Arabian Camel NFT community will share in the ownership of the film, get roles in the movie, credit as producers.