NFT tokens helped Russell Crowe raise funds for a new movie

The movie Prizefighter, starring Russell Crowe, was partially funded by the NFT platform Moviecoin, as it became known thanks to a new episode of The Crypto Mile, a show about virtual reality and cryptocurrencies.

According to James Mackey, head of the Moviecoin team, and Mat Hookings, screenwriter of Prizefighter, to obtain funds for the movie, Moviecoin representatives used props from the filming and converted them into NFTs. This way, Russell Crowe’s boxing gloves (Prizefighter tells the story of boxing) were sold for $ 5000 on the first day of trading. The funds were immediately converted from ethereum to fiat currency and transferred to the film crew. Currently, there are 18 NFTs from the Prizefighter collection on OpenSea, including boxing gear, original portraits, and a director’s numberer.

Each NFT holder will receive a share of the movie’s total profits in the future: «Each NFT-Prizefighter represents 0.016% of the total profit share of all future revenues of the movie. For example, if Prizefighter generates$ 50million in revenue, each NFT holder will receive $ 8000 in profit from our smart contract,» OpenSea explained.

As for the show about virtual reality and cryptocurrencies «The Crypto Mile», which featured the NFT financing of the movie, it is the first show on the Yahoo platform about VR and digital assets.