Techbank Movies London Introduces DNFT to Revitalize Film Industry Revenue Post-Covid
Published On : 2024-02-04T16:23:53+0530 [ IST ] |
Author : Mayur_Tembhare
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India :
In a bid to rejuvenate the film industry, Techbank Movies London, a UK-based entity, has introduced Decentralised Non-Fungible Tokens (DNFT), presenting a novel revenue stream for production houses grappling with a decline in movie-goers post-Covid. The innovative technology allows film producers to monetize promotional content, offering an alternative income source in the digital age.
The inaugural adopter of this pioneering approach is the high-budget Malayalam film "Malaikotai Vaaliban," featuring the iconic Mohanlal and directed by Lijo Jose Pellissery. The DNFT rights for the movie's promotional videos and stills have been acquired by GPL Movies, the owner of Techbank Movies London, for an undisclosed sum.
DNFT, positioned as a decentralized version of the traditional Non-Fungible Token (NFT), is emerging as a viable alternative in the digital content monetization space. The technology allows production houses to sell NFT rights of promotional materials, such as exclusive videos and behind-the-scenes content, generating additional revenue beyond conventional distribution channels.
According to Subhash Manuel, the founder of Techbank Movies London, the demand for DNFT is expected to grow with the expanding reach of web3 technology. With around 120 million web3 wallet users in India storing digital assets like cryptocurrencies and NFTs, DNFT provides an avenue for producers to tap into this growing market.
Shibu Baby John, the producer of "Malaikotai Vaaliban," expressed optimism about DNFT's potential impact, stating, "As a producer, I am delighted that Malaikotai Vaaliban is the first film to explore the possibility of selling DNFT rights. I hope that more films will embrace the technology in the future as it would help the producers generate some additional revenue."
Techbank Movies London has also secured DNFT rights for "2018," India's official entry for the Oscar Awards this year, and has subleased them to companies globally. The company is currently in discussions with production houses across Tamil, Telugu, Bollywood, and Hollywood to acquire DNFT rights for their movies.
Apart from financial gains, DNFT is expected to enhance publicity for movies and expand international reach by connecting with cryptocurrency users globally. The initiative aims to build a community of international audiences for Indian language movies, bridging the gap between the content and potential viewers.
While DNFT offers revenue opportunities, analysts caution fans to treat NFTs and DNFTs as digital merchandise, emphasizing that their value isn't guaranteed to increase solely because they are blockchain-linked.
Source : Techbank Movies London
Tags : Web3 Technology , Cryptocurrency , International Reach , Techbank Movies London , DNFT , NFT , GPL Movies , Malaikotai Vaaliban , Film Industry , Digital Content Monetization ,
Summary : Techbank Movies London introduces Decentralised Non-Fungible Tokens (DNFT) as a new revenue avenue for the film industry post-Covid. Malayalam movie "Malaikotai Vaaliban" becomes the first film to leverage DNFT, allowing producers to monetize promotional content beyond traditional distribution channels. The technology, presented as a decentralized version of NFT, holds potential for increased revenue and international reach, connecting with the growing user base of web3 technology in India. Analysts advise caution, treating NFTs and DNFTs as digital merchandise rather than guaranteed investments.
