Non-fungible tokens (NFTs) can be used to finance films, which ‘will bring greater democracy to film production’. Director Spike Lee expressed this view, The Block.
At an NFT conference in New York, he stressed that his view on the tokens’ potential usefulness is based on his own experience. Lee noted that people who backed his films in the 1980s are still benefiting from the investments.
However, the director acknowledged risks in the sector:
“Whatever you do, you must do your due diligence. Don’t bet your house.”
He also hinted at the upcoming launch of some NFT project, without disclosing details.
Spike Lee rose to prominence after the release of the 1986 film ‘She\’s Gotta Have It’. Among his works are: ‘Do the Right Thing!’, ‘Catch Me If You Can’ and ‘Malcolm X’. The latter earned the director an Oscar.
Earlier, director Quentin Tarantino sold an NFT Royale with Cheese based on the film ‘Pulp Fiction’ for $1.1 million. The auction went ahead despite accusations by Miramax of unfair competition, breach of contract and copyright.
Earlier, Microsoft founder Bill Gates questioned the value of NFT and called them a scam, ‘based on the greater fool theory’.
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