‘Calladita’ Director: NFT Film Funding Model Is Outdated, ‘Space Moves So Fast’

Director Miguel Faus made the headlines with his new approach to finance his feature film “Calladita” by selling NFT. But, he cautions, he “wouldn’t recommend” that other filmmakers replicate his approach exactly because the Web3 cinematic space has already evolved.

“Our mint collection did pretty well and we were able to fund the movie, but it’s over now,” he said. said Decrypt at the NFT Paris conference. “Space moves so fast, that pattern has gone,” he explained, adding that it’s important for filmmakers to be open-minded, innovate and iterate on what’s come before.

“That spirit of continuous innovation is very important” to the fledgling Film3 movement, he said. “It’s important to try things out and learn from what works and what doesn’t.”

As an example, he cited the all-access NFT passes created for the film. “We tried to have a very low entry price so that more people could join our community, but it didn’t take as long as we would have hoped.”

Nonetheless, with the film in the box, the NFT fundraising effort for “Calladita” is clearly a success. “We are now moving on to sound editing, color grading and the original score, and hope to have the film finished around mid-May,” before it hits the film festival circuit, Faus said.

The DAO ‘Calladita’

Future plans for the film include launching a CAD governed by NFT holders “Calladita”.

Faus described the DAO as a “workaround” on stage at NFT Paris, noting that “we cannot offer direct revenue shares to our NFT holders in the film, as that would turn our NFTs into titles.”

Instead, the DAO will own 50% of “Calladita” in perpetuity, with proceeds from the film going into a treasury governed by NFT holders. “It’s really exciting to be able to found a new body in the ecosystem that can help foster the future of decentralized cinema,” Faus said. Decrypt.

Faus has already explored new avenues of Web3 funding; in January, “Calladita” landed a $100,000 Completion Grant from “Ocean’s Eleven” director Steven Soderbergh, awarded via the Web3 funding platform Decentralized Pictures.

“It’s a dream come true,” Faus said, adding that Soderbergh had seen the film and passed along his editing notes, albeit “very sparse.” “He really liked the movie and didn’t have much to say about how to improve it,” Faus added.

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