NFTs have made the unavoidable transition into the world of film funding, and one project now claims to be the first NFT funded film.

The project is being spearheaded by the executive producer of Martin Scorsese’s Producer Niels Juul of The Irishman and Silence.

Niels Juul, who is currently collaborating with Scorsese on the Apple-backed Western epic Killers of the Flower Moon starring Leonardo DiCaprio and Martin Mann’s Ferrari starring Hugh Jackman, has launched NFT Studios to fund a series of films entirely through NFTs, which are digital file certificates of authenticity.

A Wing And A Prayer

The comedic drama A Wing and a Prayer tells the story of Brian Milton, the first man to round the globe in a microlight, following in the footsteps of Phileas Fogg, in 1998. There are “big-name actors” participating, according to the filmmakers, but they are expected to be revealed shortly before the Berlinale next year. From April onwards, the film will be shot in Malta and London as a joint US/UK production.

To fund the film, NFT Studios will issue NFTs(non-fungible tokens), which will grant holders exclusive access to certain rights, including financial rights.

First NFT Funded Film

“We are in the middle of great transition in the entertainment business where traditional ways of film funding and ownership are being uprooted due to the rapid rise of streamers and other digital platforms,” said Juul struck of NFT Investments, a London-based incubator that invested $1 million in NFT Studios in exchange for a 20% ownership in the company.

Jennifer Esposito, who starred in The Summer of Sam and The Boys, is planning to make her directorial debut with the indie feature Fresh Kills, according to The Hollywood Reporter. The film will be funded through a combination of NFTs and a first-of-its-kind public offering to sell shares in the film.
The remaining $3.9 million budget will be raised by the sale of NFTs tied to the project, such as unique digital work made by award-winning artist Gala Marissa, executive producer credits, or walk-on cameos for fans, with a goal of generating $3.5 million via an IPO.

“NFT Studios has developed forward-looking strategies which will be a positive disrupter in the global movie-making industry and which will further shorten the distance between an engaged community of audiences and high-calibre writers and directors.”