The Cannes Film Festival is known to all film buffs! But now it has entered the world of the highly volatile crypto market as well as the new advanced digital world, Metaverse in 2022. Crypto and Metaverse with the hand of NFT walked the Cannes red carpet through Web 3.0, NFT, and crypto-based filmmaking. Cannes Film Festival is much more than just red carpets, fashion, and glamourous parties. It also includes the strategies of a global sales market from different independent film companies. Let's explore how crypto and Metaverse have partially ruled Cannes 2022.
The crypto community has walked the Cannes red carpet with high-profile appearances from the cryptocurrency community. CEO of the largest crypto exchange platform, Binance, CZ, as well as the OG of The Sandbox and Bitcoin, Charlie Shrem, hosted beach parties for all kinds of celebrities whereas Charlie launched a crypto-based film financing platform at this glamourous event.
There was also a hosting event of an NFT Showcase and Business Brunch at the Cannes' business innovation strand in conference rooms. The NFT show presented the plethora of opportunities that the NFT marketplace can offer to different professions such as producers, creators, studios, and financiers.
Eminent speakers from the crypto community presented how the emerging Web 3.0 can transform the existing system of the film industry through film funding, distribution, and production at the event hosted by Decrypt and Web 3.0 filmmaking platforms such as FF3 as well as Decentralized Pictures at Cannes.
It is promoted at Cannes Film Festival that leveraging the current powerful financial elements such as crypto and NFT can provide ample opportunities to create a more diverse cinema in the nearby future. It can also be shown in the Metaverse where users can watch through their digital avatars.
There are multiple filmmakers who have funded their movies for the nomination in Cannes Film Festival 2022 with NFT. It is apparent that NFT and crypto have navigated their ways to the film industry across all languages. It can provide a chance to eliminate middlemen and pave straight to the community to tell the stories in the nearby future. NFT and Metaverse can directly help filmmakers to focus on direct buy-in within their community to receive necessary feedback from token holders — they get to decide the story-level choices.
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