NFT-backed ‘Infinite Machine’ film taps Decentraland, Lumiere
Versus Entertainment taps Decentraland and Lumiere to develop NFT and metaverse-focused angles for an upcoming film, “Infinite Machine,” which will focus on Ethereum founder Vitalik Buterin.
Adapted from Camilla Russo’s book of the same title, “Infinite Machine” will be produced by Versus with acclaimed director Ridley Scott’s production company, Scott Free. The film will delve into the story of Buterin and the world’s second largest digital asset, using virtual earthworld Decentraland and Lumiere to develop crypto and NFT-based storylines.
Decentraland, a virtual world powered by open-source technology, which allows other member users to extend its world. Lumière, a Hong Kong and Singapore-based entertainment specialist, is also supporting the project by developing and integrating the film experience into the Decentraland metaverse.
With a budget of $16 million, the film is set to undergo its third round of NFT broadcasts in the coming months, allowing this project to become the first-ever NFT-funded film. There are said to be 10,499 uniquely designed NFTs in the collection of 36 budding artists, including works by Lucas Riberiro, Marella Gonzalez and Eduardo Calegari.
“We believe Ethereum is enabling a world where users and the public are now owners and participants, and so ‘The Infinite Machine’ movie itself should be part of that movement and allow the Ethereum community to participate in the creating a movie on the platform,” Russo said.
Proceeds from NFT sales will be assigned among the 36 artists (22.5%), Infinite Machine DAO (10%) and the overall film budget (67.5%).
Decentraland opens new doors to audiences
The film’s executive producer, Francisco Gordillo, described the project as one that will “bring the potential of the Ethereum ecosystem to the mainstream.”
“We are really proud that a company like Lumiere and a movie as important as ‘The Infinite Machine’ have chosen Decentraland to develop their experience to interact with their fan community,” said Alejandro De Grazia of Decentraland. “The connection between the movies, their communities, and the metaverse is already in place.”
“This is a case that can transform how the entire industry develops and promotes its content to its fans and audiences,” said Lumière CEO Patrice Poujol. Variety. The agreement between Versus and Decentraland will help grow the NFT collection and integrate it into Decentraland.
The corporate world is beginning to embrace the metaverse, buying virtual land NFTs on the blockchain, where they can build Decentraland’s virtual infrastructure for their existing brand.
JPMorgan’s “Onyx Lounge,” for example, allows the Wall Street giant to run a virtual bank inside the metaverse. In a recent reportJPMorgan has embraced the idea of virtual gambling in the global economy.
Many aspects of virtual worlds reflect the global economy, focusing on factors such as population, gross domestic product (GDP), in-game currency and digital assets, which the bank says directly fuel skills. JPMorgan’s base.
Other considerations, including cross-border payments, creation of financial assets in foreign currencies, trading and custody, as well as the ability to serve customers at scale, are skills that JPMorgan believes translate well when they will be transported to a virtual world.
For fashion retail chains, including Forever 21, the metaverse is an opportunity to further drive e-commerce and, subsequently, new revenue streams.
In December, Forever 21 entered the metaverse by opening a virtual store on Roblox, a digital gaming platform hugely popular with children. Users enter the retailer’s multi-level digital store where their avatars can purchase furniture, clothing and accessories.
During Metaverse Fashion Week in March, Forever 21 was one of the brands, besides Estee Lauder, that opened a virtual store, leasing 450,000 square feet of virtual land inside Decentraland. Forever 21’s virtual store allowed users to interact with vendors and even purchase NFTs.
“We’ve embraced the growth of the Metaverse as it continues to collide with culture,” Winnie Park, chief executive of the fashion retailer said in an interview with The Wall Street Journal.
In December, Prager Metis, a leading international consulting and accounting firm with offices in New Jersey, became the first CPA firm to officially open its headquarters inside the Metaverse, purchasing a three-storey building. floors inside Decentraland. Through a joint venture with Banquet LLC, the Prager Metis Metaverse Office currently offers real-world services that are essential to the Metaverse world.
The opening of a metaverse office reflects Prager Metis’ belief that the metaverse will be the future and that technology will continue to influence the way the world works,” said Glenn FriedmanCEO of Prager Metis.
“Our new Metaverse headquarters will serve as a bridge between the traditional and the digital and bring valuable real-world financial services to the Metaverse. Our presence in the metaverse shows how serious we are about our vision for the future and confirms our belief that there is a huge need for expertise and financial resources in the evolving digital world.
According to the company’s press release, the first floor of the building has an open design to display customer NFTs, while the second and third floors offer meeting rooms, conference rooms and rooftop space for live events.
PricewaterhouseCoopers (PwC) also acquired land inside The Sandbox in January.
Developed by game studio Pixowl and originally released in 2012, The Sandbox is a sandbox game for mobile phones and Microsoft Windows, which was eventually acquired by Animoca Brands in 2018.
Animoca has since used the name “Sandbox” for a new blockchain-based open-world game that sold NFTs that represent plots of virtual real estate, raising over $2.5 million in funding for the development of the project.
PwC’s Hong Kong division did not say at the time why the purchase was made, but comments made by PwC chief crypto, Henri Arslanian, in July 2021 suggests that the company can use its digital property to access and invest in smaller but promising crypto startups.
A recent report from Citigroup revealed that the metaverse economy could grow to between $8 trillion and $13 trillion by 2030.
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