The release of a movie starring Russell Crowe and partially financed by the sale of NFTs is going to take place.
Prizefighter, a British-American movie about famed bare-knuckle boxer Jim Belcher, was reportedly partially financed by Moviecoin, an NFT film funding platform, according to a recent story by Yahoo News.
The writer and star of the movie, Matt Hookings, and Moviecoin project leader James Mackie explain to the host how NFTs funded Prizefighter in a new episode of The Crypto Mile podcast.
“The whole idea of Moviecoin.com is to fund movies using crypto or NFTs. So sometimes it needs to be like a creative process because you’ve got to understand how [to] raise money through NFTs or crypto.
So we actually decided to take some of the props from the film, for example, boxing gloves that Russell Crowe was wearing, or that Matt was wearing… and we actually made the props into NFTs, and then we sold those NFTs.
Unbelievably, when we put them up on an NFT marketplace, on the first day, one of them sold for $5,000. So we were able to convert that money, at the time, from Ethereum into a fiat currency and give that to Matt to help fund the movie.”