The value of one Bitcoin briefly exceeded $20,000 before reversing course. Filmmakers that are more technologically savvy have begun mining and creating their cinematic cryptocurrency tokens, such as Movie Coin. If you’re a filmmaker who hasn’t considered Bitcoin film financing yet, now is your chance.
While mining your currencies is prohibitively expensive and technically difficult and hence out of reach for most independent filmmakers, creating your tokens or holding a cryptocurrency film crowd sale will become more feasible in the coming years.
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Who Are Bitcoin and Cryptocurrency’s Wealthiest Individuals?
A considerable percentage of these cryptocurrency millionaires are not traditional millionaires, heads of large banks, dot com founders, or business owners. These Bitcoin billionaires are everyday people who invested early in cryptocurrencies and have amassed a sizable net worth, notably in the Western world.
Numerous crypto experts predict that 1 Bitcoin will reach $100,000 in 2018, further enriching the Bitcoin wealth while creating even more new Crypto wealth due to the massive increase in the value of alt cryptocurrencies.
What excites filmmakers is that a sizable number of these Bitcoin and Altcoin millionaires will want to invest their newly earned wealth in something, including indie films and potentially even producing them.
Why Should Independent Filmmakers Be Excited About Bitcoin Filmmaking?
Bitcoin wealthy investors are more receptive to investing in films directed by lesser-known directors as long as the subject matter is monetarily viable or personally meaningful to them.
However, allow me to emphasize that Bitcoin film funding is not easy to get by if you want to make a film. You’ll still need to make and package marketable films, and the same commercial principles that apply to independent films will apply.
Bitcoin Film Financing
When it comes to Bitcoin film financing, I recommend that your films have a combined budget of less than £1 million – anything more will be too much for the Bitcoin rich to handle initially.
Because Bitcoin and other alt coins’ prices change frequently, and many people are unfamiliar with them as a relatively new technology, it’s better to start small and stay modest for an extended period to account for all of these variables.
First, you should attempt to fund your efforts using Bitcoin with a budget of between £250K and £500K. There is a significant likelihood that some form of cryptocurrency will eventually supplant fiat currencies such as the US dollar and British pound sterling and completely supplant the current financial system.
Therefore, as cryptocurrencies become more widespread, consider the long term and cultivate relationships with your bitcoin investors while simultaneously establishing a track record in commercial movies.
At some time in the future, you should seriously consider investing a major percentage, if not all, of your pay and back-end earnings in cryptocurrencies. This mitigates risk and rewards everyone if the film is a success and the value of cryptocurrency increases.
Examining the Future of Cryptocurrency Film Financing
Change is inevitable, and the financial system as we know it is quite likely to undergo significant changes in the next years, with cryptos most likely to take their place. This effectively eliminates or significantly degrades traditional sources of film funding and investment finance.
This is already occurring in other industries and among the ultra-wealthy. This has the following consequences for independent filmmaking and the film industry as a whole:
Cryptocurrencies will increasingly be used to fund films
At some time in the future, talent and other players will demand payment in Bitcoin and other cryptocurrencies. Similarly, other altcoins such as Ethereum and Litecoin are increasing in value. Suppose talent, agents, and others require payment in them, and their current values are unaffordable.
Also Read: All About Movies and Bitcoin
As a filmmaker/producer, you should immediately familiarise yourself with cryptocurrency film finance and Bitcoin filmmaking. As a filmmaker/producer, you do not want to miss out on attracting talent and establishing film sales and distribution partnerships due to a late start in Bitcoin film funding.
In the coming years, your ability to ‘pay and play’ with a particular cryptocurrency will almost probably outweigh any other apparent merits of your film endeavor.
This means that investors are approached and convinced to invest, develop/redevelop your independent movie ideas to make these crypto-rich film investors friendly and drive the wave as it adapts for the long run.