Indian Short film gets listed as an NFT
The ongoing cryptocurrency wave has given rise to a number of innovations, but perhaps none have been as popular or have had as much of an impact in a short span of time as non-fungible tokens, or NFTs. NFTs are essentially units of data that are stored on blockchain networks, with each unit being unique and not interchangeable with another. This makes it possible for them to be used to verify digital assets as unique, and this is where they have become all the rage, especially in terms of content creation.
There are multiple artists, musicians, and other content creators who are now utilizing NFTs to put out their content and connect directly with their most ardent fans, while also making decent money at the same time. NFTs are allowing artists to have complete control over the revenue that their content makes, which is not the case with streaming services or other content providers. NFTs can also be programmed to provide a fixed percentage of every resale as a royalty to the original content creator, thereby creating revenue streams for artists as well.
The popular band Kings of Leon raised over $2 million from the NFT sales of their latest album, while the digital artist known as Beeple sold one of his artworks for a whopping $69.3 million through an auction at Christie’s. These examples show the potential that NFTs have, and this is in line with how cryptocurrencies and blockchain have been able to transform industries in general. For example, the online casino industry has been completely changed by the introduction of cryptocurrencies, with several online casino providers now giving players the option to place bets via cryptocurrencies. This sort of ETH casino has understandably seen a lot of traffic and has completely changed the industry as a result. In terms of NFTs, they are also becoming similarly popular all over the world, and the latest example sees an Indian film being listed as an NFT as well.
The production house Lekh-Haq has listed one of its short films, ‘For Those That Watch Me Dream’, as an NFT on OpenSea, the world’s largest NFT marketplace, making it the first Indian film to be listed as an NFT. It is listed at a price of 0.3 ETH, or around $750 at the current conversion rate. According to Terence-Hari Fernandes, the director of the movie, the aim is to try and create an easy entry point for Indian buyers and investors, with the hope that resales of the movie will then bring in a consistent source of revenue, especially if the resale prices are higher than the current list price.
The 20-minute movie is one of the few movies in the world to be listed as an NFT – at the time of its listing in April, there were only two live-action films as NFTs, Claude Lanzmann: Spectres of the Shoah, and Lotawana, which were minted on the blockchain as NFTs on OpenSea and Raible respectively. Besides the NFT and a digital version of the film, the highest bidder on OpenSea would receive a ‘Collector’s Edition’ in a marble inlay box along with a DVD of the movie, a hand-painted poster of the film, and a personalized note. The production house will retain the rights to the movie, with the winning bidder only gaining access to the film for personal use.
Lekh-Haq was also part of Indiarath’s first cohort of nine startups. Indiarath is India’s largest borderless incubator program. The company has produced six short films, such as Doori, Starchild, and Goodbye Love are available on Disney+ Hotstar.