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    You can now own a movie via NFT; find out how

    You can now own a movie via NFT; find out how

    You can now own a movie via NFT; find out how
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    By CNBCTV18.com  IST (Published)

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    The makers of the film, 'Antara' are allowing buyers to hold up to 50 percent of the intellectual property rights to the film. This will eliminate the monetary risks involved with movie funding and give fans ownership rights to films featuring their favourite artists

    Blockchain technology has indeed revolutionised the world of investing. While cryptocurrencies are the modern alternatives of investment, the introduction of non-fungible tokens (NFTs) has changed the way creators and artists fund or sell their projects.
    NFTs are a unit of data stored on a digital ledger; they are unique, and cannot be interchanged. These digital assets are now being used to provide authentic ownership of art, music, video clips, among others. Filmmakers have been using NFTs to give their fans access to exclusive content like special interviews with the artist and movie scenes that are or are not featured in the film. However, the NFT community Arabian Camels has taken this a step further.


    It has collaborated with Swapp Protocol to use NFTs to fund the production of its new $50 million feature film 'Antara' based on the life of ancient Arabian knight Antarah Ibn Shaddad.
    The partnership is all set to produce the world’s first feature film that has decentralised finance capabilities. The filmmakers are allowing buyers to hold up to 50 percent of the intellectual property rights to the film. This will eliminate the monetary risks involved with movie funding and give fans the ownership rights to films featuring their favourite artists.
    The use of NFTs to fund the movies will help reduce the industry control of the traditional lenders and production studios to give more rights to the fans who support the film. The owners of the NFT will share ownership of the film, get credit as producers, and even get roles to play in the movie.


    So the good news for movie buffs is that they can now own movies they love. Here's a quick guide on how you can do that.
    How to own a movie via NFT
    • Create a digital wallet. You can easily sign-up on the various digital wallet service providers present on the internet today. Provide the required documents and set up your account.
    • The next step is to fund your digital account. It is important to note that NFTs are based on the ether (ETH) cryptocurrency. Hence, you would first need to convert your money to ETH and store the digital currency in your digital wallet.
    • The NFTs of the film you wish to own are typically offered on the NFT farming platform associated with the movie. In the case of “Antara”, this role is played by Swapp protocol. To proceed with the purchase, visit the NFT farming platform’s website and create an account.
    • You will then need to link your digital wallet to the account you create on the NFT farming platform.
    • Choose the NFT of the film you wish to own and make the payment using the Ethereum coins stored in your digital wallet.
    • The acquired NFT would be credited to your wallet.
    • The acquired token can be held for as long as desired. If the film does well, the NFT holders would get their share of the profits. With the movie’s performance, the value of the NFTs would rise as well. If you wish, you can then sell the NFT at an increased valuation and make a profit.


       
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