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EXCLUSIVE: Forest Road Company, the film financier and tax credit specialist, creates an NFT platform to help independent producers and Hollywood studios monetize their content.
The company said on Tuesday that alongside its investors, it would spend an initial $ 20 million to launch the platform using the latest blockchain technology to help content owners transform new IPs and existing in NFT – or non-fungible tokens – while increasing liquidity in the market. The move comes a month after the artist known as Beeple sparked an NFT media storm by selling an NFT artwork at a Christie’s auction for $ 69 million. Art, music, sports and entertainment have all been measuring and testing the new medium.
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Forest Road has funded or distributed over 550 films, has 1,500 producers and entertainment partners in its orbit, and an integrated library of films to draw from. In addition to investing, he will be the maker, coin mechanism and auctioneer of NFTs as well as the development of creative ideation and marketing. The firm said it was working to perfect the “A to Z” process with studio films and that resources were replicated and streamlined for independent producers.
“Independent filmmakers are historically neglected, so providing them with these resources is key to our mission, hence ‘IndieNFTs’ – a specialty token – said Zachary Tarica, CEO of Forest Road.
The idea is to identify a strong IP with a built-in, loyal foundation to launch the first NFTs, which are essentially unique digital collectibles. There will be a limited number of NFTs per movie, ranging from iconic scenes to never-before-seen posters or digital images.
NFTs will come with separate “physical attachments” to reward dedicated fans. These could be access to never-before-seen content, images and memories, the ability to interact with talent and creators, or exclusive invitations to film screenings and film premieres.
“We aim to democratize access to these offers, giving both loyal movie fans and seasoned NFT collectors the ability to access these auctions and lotteries, while helping to generate additional revenue for our partners. and content creators, ”Tarica said.
NFTs are a type of blockchain crypto token that stands for something unique. Unlike other digital tokens like bitcoin (also known as cryptocurrency), they’re not interchangeable – or fungible – and provide proof of authenticity and ownership.
“NFTs represent a new way to leverage IP and connect with fans,” said Seen creator and board member of FRC Mark Burg. “With the creation of this platform, there is a significant opportunity for filmmakers to raise significant capital through this new source of revenue and to deepen engagement with their audiences.”
NFTs were created for the TV show American gods, the new album by the band Kings of Leon and the National Basketball Assn. Earlier this month, A3 Artists Agency launched an NFT task force to act as a liaison within the agency and its clients. Last week, Beacon Pictures, the company behind the long-running ABC drama Castle and feature film Air Force One, said he was developing the first crypto-funded and scripted series called Hold on for Dear Life. Beacon will also create non-fungible tokens for the show and can post an entire episode as an NFT.
“Technology will continue to drive the evolution of the entertainment industry,” Tarica said. “We are confident in our ability to replicate the success we have had with music and artistic NFTs for film.”
Profit sharing will vary, but Tarica said the FRC would only make money if producers / IP holders did, there is full alignment. FRC leverages established connections in the film industry to identify and secure the intellectual property rights of creators who seek to explore the opportunities and benefits of NFTs.
He said the first drop and IP date will be announced soon.
FRC’s investors include director and producer Jon Turtletaub and Michael Hackman, CEO of Hackman Capital Partners, a real estate developer who is a major owner of studios and sound stages, among others.
Forest Road’s board includes former Disney director and Tiktok chief Kevin Mayer, and former Disney CFO Tom Staggs. The firm made the news recently with two SPACS. Mayer and Staggs recently helped launch Forest Road Acquisition Corp. II, which started operating this month and is looking for a tech, media, telecom or consumer company to buy. The duo were among the advisors for the company’s first SPAC, which acquired digital fitness specialist Beachbody.
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