Asia’s first NFT feature film, Lockdown will be released in October as a series of five NFTs by producers Phoenix Waters Productions and AMM Global, and NFT tickets will be available for the film’s premiere.
According to a press statement from Marvion Media, NFT tickets will be available for Lockdown’s Hong Kong and UK premieres.
Non-fungible tokens, or NFTs, are cryptographically unique digital assets that serve as proof of ownership of media material such as artwork, music, or, in this example, a film.
Lockdown is a film about an actor (Kevin Leslie) whose audition goes off the tracks when the casting director (The Walking Dead’s Xander Berkeley) compels him to pass a series of tests, threatening to kill his associates if he fails.
Aside from being Asia’s first NFT feature film, this will also be the world’s first Hybrid NFT (h-NFT),” said Julian So, interim CEO of Marvion Media, in a news statement.
Hybrid NFTs, also known as h-NFTs, are intended to handle the problematic issue of intellectual property (IP) rights in the context of NFTs. As already said.
According to a news release made by Marvion Media, “many NFT investors we’ve interacted with are unaware that as an NFT owner, they don’t own the underlying IP connected with the artwork under the NFT smart contract.”
“The creator retains ownership of the intellectual property. This means that NFT owners have no legal recourse if their intellectual property is infringed upon.”
The company’s h-NFTs also contain sales and buy agreements, evidence of IP ownership, transfer deeds, and ownership title information, in addition to digital content.
Lockdown isn’t the first film to be released as an NFT; Claude Lanzmann: Spectres of the Shoah, a documentary short, was the first Academy Award nominee to be released as an NFT earlier this year.
In July 2021, Vuele, a blockchain-powered film distribution company, revealed that Anthony Hopkins’ next film, Zero Contact, a sci-fi thriller shot during the lockdown, would be distributed as an NFT.
Producer Rick Dugdale told film industry newspaper Deadline that several tiers of Zero Contact NFTs would be packaged with a range of digital extras depending on the price point. “It generates scarcity in copies of the picture, and safeguards against piracy,” he said.
