A Wing and a Prayer, it will be the name of the first Hollywood film entirely financed by NFT. Niels Juul, the producer behind The Irishman wants to bypass the traditional funding system by going through this new funding model. According to him, the current system favors large franchises to the detriment of independent films.
To achieve this, Niels Juul founded the company NFT Studios. It will be responsible for raising between 8 and 10 million dollars to finance the film. A very modest amount compared to the majority of blockbusters.
To do this, the company will launch around 10,000 NFTs which will grant benefits to their holders. The company ensures that it already has other “fully developed” projects that will be exclusively accessible to those who contribute to this initiative. Some sources mention in particular a share of the profits, a meeting with the stars of the film or a place reserved for the premiere. This system would therefore be closer to what crowddfunding sites offer, with donations and counterparts.
A Wing and a Prayer is a dark comedy based on the true story of Brian Milton, the first man to fly around the world in an ultralight plane in 1998. The director and the protagonists of the film have already been chosen, but they remain anonymous for the moment. They will be unveiled at the Berlin Film Festival to be held in February. Production is slated to begin in April 2022 with filming scheduled in Malta and the UK.
Democratize a new funding model
Niels Juul told The Guardian newspaper that his idea was to change the way film productions are financed: “As a producer my biggest frustration comes from the financial side. The studios mostly make big franchise movies. An independent film can therefore take many years to materialize. It is difficult to get investors for films and productions, especially in the development phase, with the Hollywood system. “
Jonathan Bixby, president of NFT Investments, a company that has partnered with Niels Juul’s company, also believes this system can be a game-changer: “Funding a new feature film with NFT will revolutionize thinking about production. cinematographic and multimedia in the future. I see a huge appetite from NFT investors for a product like this. “