Movieplex & Cinema collaborate to launch NFT film at OpenSea

by James · January 5, 2023

NFT Marketplace started with the idea of getting pictures in JPEG for the store. The virtual universe has expanded to include a greater number of categories. The fresh category to be added to the NFR marketplace is a film titled Phosphate. The development comes through the partnership between Movieplex and Cinema Libre as part of a new collection at OpenSea.

Users on the platform will be able to collect full-length movies as non-fungible tokens. Other NFT films in the pipeline are From Iceland to Eden and Guantanamo diary again.

NFTs may have a decent year in 2022, but experts believe they can still go far in the future. Garry Dolley, one of the founders of Movieplex, has supported this by saying that NFT films have the potential to break the costs of traditional films through the distributed storage system of files built according to the norms of Web3. A lot of money will be saved when it comes to streaming and centralized bandwidth use.

Frank Ramos, CEO and co-founder of Movieplex, believes that NFT movies will play a big role in bringing a large number of users into the Web3 ecosystem.

Philippe Diaz, chairman and founder of Cinema Libre Studios, has even called NFTs the future of movie viewing. Philippe has also provided technical insight, citing that they will create a unique link between the filmmakers and the fans, so that the buyer can also receive more elements of the film such as deleted scenes, festival reviews and interviews of actors and directors.

Also, collectors want to keep the asset with them for resale. This is in contrast to iTunes and Amazon, which only share an attached video file with their users.

Movieplex looks forward to entering the development. It is based on the Ethereum scaling protocol Polygon which will allow users to verify the ownership of every NFT movie on the NFT market, that is OpenSea.

Phosphate is another film that has a unique debut in the NFT segment. It was previously done for The Lord of the Rings: The Fellowship of the Ring in partnership with Warner Bros and Eluvio, a Web3 streaming platform, in October 2022.

Blockchain wants to bring a revolution in intellectual property rights with non-fungible tokens. The market is really evolving so that users can take advantage of more benefits in the virtual ecosystem. The start was just a collection of pictures. It has now expanded its contact points to music, goods and the film industry. A full-length film that goes live on an NFT marketplace sets the trend for others to follow.

Although no other ventures have come forward so far, the community can expect things to work out for them as the NFT film industry proves to be profitable and sustainable compared to the traditional market. The Web3 distributed architecture for file storage will be of great help as this will disrupt the market for traditional movie streaming. Moreover, the Web3 movie streaming models will be far more profitable than the traditional streaming platform.