Buying Movie Memorabilia As An NFT: Everything You Need To Know

July 4, 2022 by Mimi Phan

NFTs are all the rage right now! No, seriously, from Twitter to Reddit, everyone’s talking about them — usually connected to some glorious artwork or album. But did you know that you can trade movie memorabilia as an NFT? Exciting, right? Let’s dive into how that works!

First, where did the idea of memorabilia NFTs come from? In November 2017, a company known as Dapper labs started selling CryptoKitties — probably the cutest cat collectibles you’ve ever seen. They were introduced as non-fungible tokens because each one had a unique record of its existence and ownership on a blockchain. Since the concept of NFTs was pretty new, only a few people paid attention to them… Until a CryptoKitty sold for over a million dollars. 

As you would expect, that really set the ball rolling and it didn’t take long for Hollywood to get on board. By December 2019, Sotheby’s second auction of rare Star Wars collectibles was in full swing. Even Quentin Tarantino sold NFTs of the Pulp Fiction screenplay in January 2022. That said, a lot of smart people still don’t know what they are.

What are NFTs and Why Do They Matter to Anyone?

An NFT is an object (usually digital) that has a unique record on a blockchain. Even when NFTs look alike, they have a clear differentiator; just like how identical twins have different fingerprints. 

Sounds good so far – but How Do NFTs Work?! NFTs cover a broad range of media. Your favorite song, a picture of your dog, or even an iconic scene from your top indie movie can be an NFT. The beauty of these tokens is that anyone can create one in minutes and transfer its ownership to someone else. 

This creates an opportunity for people to make money from their work without going through a third party. Imagine it! A world in which you can truly connect with the artists and creators you admire.  

How NFTs Work in Entertainment 

Picture it like this: You’re sitting on a couch watching Die Hard. The scene in which Hans Gruber falls to his death comes on and you’re hit with a wave of nostalgia. You realize that so many great stories will probably never be told because of a funding problem and you wonder how you can help. 

In a situation like this, filmmakers could sell exclusive film tokens like original posters or rare anniversary NFTs that represent future value. In exchange, you contribute to the funding of their project and help them tell their stories. 

Film NFTs Sound Great But What’s in it for the Creators?

In the entertainment world, NFT memorabilia allow movie fans to have a more wholesome connection with a project and its creator. Imagine if you could own the rights to a portion of your favorite screenplay; how crazy would that be? It would mean that you have a deeper connection to the movie and even a way to make some money off it. 

NFTs also give creators a way to earn more since they can receive royalties from each future sale of the token. Creators can also earn money by crowdfunding their new projects. This means that a lot of people who wouldn’t usually be able to create niche projects get the opportunity to do so.

This, in turn, fosters the rise of platforms that help filmmakers raise money for their movies. One recent example is Goldfinch, an entertainment funding group based in the UK, which recently launched a new NFT crowdfunding platform called FF3. 

Projects like “The Dead of Winter”, a short horror film by Stephen Graves, a short film director, are already raising funds via FF3 and similar platforms! 

Unlike traditional media crowdfunding on platforms like Indiegogo or Kickstarter, the NFT reward system gives the creator a lot more autonomy. There’s also a better connection between buyers and the creators.

Do Memorabilia NFTs Hold Any Real Value?

Just like art, the value of memorabilia NFTs depends on a lot of different elements. One of those things is the underlying project that the NFT represents. The more notable or exciting a project is, the more valuable it will be. 

Another thing that determines the value of a memorabilia NFT is sentiment – if a buyer or community believes it has value, then its value increases. So as more people grow to love the project over a period, the more value it accumulates. 

NFT memorabilia could also become more valuable depending on who owns it. Let’s face it, Bored Ape NFTs became more popular when celebrities like Eminem bought them. This led to an increase in their base price. When celebrities buy up memorabilia NFTs, it could lead to a perceived value increase. 

Lastly, NFTs for movies with popular faces behind them are valuable from the jump because people expect the movie to succeed. Reese Witherspoon’s Hello Sunshine project generated more than $120 million in revenue, according to Forbes. In cases like this, there’s an incentive to buy an NFT that could net a decent profit later. 

How to Trade Your NFT Memorabilia the Easy Way

Most NFTs are traded using Ethereum, the second largest cryptocurrency by market cap. To buy an NFT, you would have to buy Ethereum, or another cryptocurrency depending on the marketplace you use. You can do this easily on an exchange like Binance or Coinbase. 

Next, you would have to create a cryptocurrency wallet on a platform like Metamask and move your Ethereum to the wallet. Connect your wallet to the marketplace, select the NFT you’d like to buy, and follow the prompts to complete the transaction. You should see the NFT in your metamask wallet.  

To sell your NFT, look for the option to list it in your marketplace, set the price, and wait. You could also tell people about it on social media and NFT discord groups.  

Where to Buy the Best Film NFTs in Minutes

On the question of which marketplaces are the best for trading NFT memorabilia, OpenSea is always a great choice. You could also check out SuperRare and Rarible. For more exclusive projects like academy award winning action movie, Zero Contact, check out Vuele. You could easily get signed posters and BTS clips from actors like Anthony Hopkins, Chris Brochu, and Aleks Paunovic.

Signed posters and BTS clips are great but there are also a ton of other exciting movie NFTs that you can buy. From collectibles of movie characters to classic scenes, there’s a whole world of movie memorabilia waiting for you to explore! 

Featured Image by Tyson Moultrie on Unsplash