Movieplex.io and Cinema Libre Studio are poised to launch the first NFT movie on OpenSea
Movieplex.io and Cinema Libre Studio are pioneering movies on OpenSea. The two companies are set to launch the very first NFT movies on the top NFT marketplace. The work, known as “Movieplex.io Film Collection”, will give collectors three options in the documentaries: “Phosfate”, “Guantanamo Diary Revisited”, and its feature film titled “From Iceland to Eden”.
Built on Polygon
A release by Movieplex said that the initiative stems from the company’s belief that non-fungible tokens are not a fad that is about to fade away. The company added that the project is ongoing and said that the movie collection is just the first of many NFT movies planned for the future.
Movieplex.io said that it was inspired to develop a limited edition movie NFT at the 2022 Cannes Film Festival. According to the company statement, there would be an initial offer of a collectible Founder Pack for each film title:
“Movieplex is built on the Ethereum scaling protocol Polygon. The platform allows anyone to verify the ownership of each NFT film on OpenSea, thus creating a new NFT film category on the leading NFT marketplace.”
In a January 5 Twitter post, Cinema Libre Studio wrote that Opensea will host the blockbusters of the future through NFT movies. The statement said that ownership of each NFT film could be proven using blockchain technology.
The ultimate utility for Web3
The Movieplex co-founder and CEO, Frank Ramos, said:
“Video content is the ultimate utility of Web3. It’s the way the next billion people will experience Web3.”
Phosfate is a movie about a survivor, Erik E. Crown, whose a filmmaker working with concerned residents to investigate rising incidents of cancer in Florida. The team’s investigations showed a correlation between phosphate mining that contaminates the waterways with the rising cases of cancer and other diseases in the state.
The second documentary, Guantanamo Diary Revisited, is the story of Mohamedou Ould Slahi, who was arrested after the September 11 terrorist attack because he was suspected of being a member of Al Qaeda. The book Slahi wrote on his experience as a detainee inspired the movie as he searches for his interrogators who tortured him 14 times.
The feature film, however, is “From Iceland to Eden”. It is a story of a couple involved in narcotics in the Icelandic capital, Reykjavík. The love story showed a couple wanting to escape from the cartel and start a new life. They needed to steal from the cartel as well as evade being captured.
Eliminating the cost of traditional movie streaming
The co-founder of the Austin-based Movieflex, Garry Dolley, stated some of the advantages of having films as NFTs:
“Web3’s distributed file storage architecture will eliminate the costs of traditional movie streaming and reduce centralized bandwidth usage to near zero.”
Movieplex, in its update, stated that they’d be uploading 100 films to Opensea in the coming weeks. Cinema Libre Studio, the partner in the project, has been involved in the production, distribution, and sale of movies over the past 30 years.
Philippe Diaz, founder and president of Cinema Libre Studios, said that NFTs are the future of movies because the owners have more ownership rights than what is obtainable at iTunes or Amazon and can resell their NFTs in a marketplace.
He highlighted that NFTs create a peculiar relationship between the filmmaker and the collector, enabling the latter to own subsequent values attached to the NFT by the creator in the future.
