1. What is NFT:
NFT (Non-Fungible Token), refers to non-fungible tokens. As a cryptocurrency token representing a digital asset, it is tradable and unique.
NFT adopts the underlying technology of blockchain, which is irreplaceable, inseparable, and non-tamperable, and has traceability. All digital content creators can profit from this technology in a fairer and freer environment.
2. The significance of NFT to image creators:
Video art creators can realize the ownership certification and monetization of their works by making their own works of art into NFTs. This not only effectively simplifies the process and increases transparency, but also eliminates the friction of circulation in traditional trading markets, as well as distances and cultural barriers across currencies and regions. NFT technology makes it a reality to circulate artworks in the global market at almost zero cost.
3. Why this Film Festival incorporated NFT:
During the previous film festivals, due to the impact of COVID-19 among other reasons, many prizes and trophies could not be delivered in time, or in some cases ended up missing. This is the main reason behind why the Film Festival decided to use NFTs and cryptocurrencies as an alternative.
In addition to the faster and more reliable delivery method of trophies and prizes in a timely manner, we also valued that NFT trophies make it much more convenient to be collected and organized. In comparison with physical trophies, NFT trophies are individually unique and have the potential to increase in value. At the same time, the cryptocurrency prizes offered to the winners can also be exchanged for any currency of their choosing anywhere in the world.
4. Will we continue to utilize NFTs and cryptocurrencies in the future?
In the future, we will continue to use NFTs and cryptocurrency technology. At present, our team and the Metasea platform have begun to cooperate to establish a Meihodo NFT encrypted artwork area on the newly launched Metasea platform on February 22, providing an accessible and open platform for talented young creators around the world.
5. What is the purpose of our development and utilization of NFT technology
Provide an open platform facing the world through the combination of our video festival and NFTs;
Enable talented young creators and artists to raise funds through the use of NFT technology;
Provide support and help for individuals who have certain physical and mental obstacles or diseases, NFT minting among other crypto trade will be a highly accessible way of generating revenue and income for all individuals regardless of their physical limitations.
In the future, an exclusive NFT cinema will be established in the original universe to further provide opportunities for short film filmmakers to exhibit their artworks and communicate with a global audience in an unprecedented fashion.
We also hope that monetizing the NFTs and cryptocurrencies, will enable this film festival to become fully self-sufficient in terms of generating funds to operate for the foreseeable future.