While Hollywood is awash in capital for entertainment, Niels Juul, the executive producer behind Martin Scorsese’s ‘The Irishman’, is poised to develop the first feature film, funded entirely by NFTs.
Having set up the appropriately named NFT Studios, Juul hopes to raise anywhere from $8m to $10m through the sale of 10,000 NFTs to public and institutional investors.
At the moment, Juul has already secured a deal with the London-based NFT Investments, which has paid $1m for a 20% share in NFT Studios.
As a film-making veteran, Juul expressed a broader feeling of frustration when it comes to finding the funding for film projects. In a time of more money in Hollywood, there’s less room for risk. The greatest casualty of fiscal safety is the smaller-scale, arthouse projects. Something that is abundantly clear to Juul.
“As a producer, my biggest frustration is from the finance side, it is an ordeal,” he said. “The studios are mainly doing big franchise films, an independent film can take years and years. It’s hard getting investors for films and productions, especially at the development stage, with the Hollywood system. We want to democratise it.”
The film, known as ‘A Wing and a Prayer’, is the story of Brian Milton, the man who traced the steps involved in Phileas Fogg’s famous round-the-world trip in Jules Verne’s ‘Around the World in Eighty Days.’ As it stands, the film itself is ready to go, it just needs the capital to kick off shooting.
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