CrossTower in fintech-funded movie
CrossTower, the crypto and digital asset exchange with an office in Bermuda, has partnered with Arabian Camels, a non-fungible token (NFT) community that is making a first-of-its-kind Hollywood movie.
CrossTower said Antara will be the first decentralised feature film produced by Arabian Camels.
Through this partnership, the Antara Movie NFT's drop will be made available to CrossTower's users on its upcoming NFT marketplace starting in March, the company said.
CrossTower said it has secured a large, exclusive allocation of the iconic 'Antara Movie NFT' collection. Buyers will digitally own IP rights of the film by owning its NFT.
The Antara Movie NFT is the first NFT drop to fund the production of a $45 million Hollywood epic, the company said, adding that being the first major Hollywood film funded by NFT, Antara has the potential to disrupt Hollywood's existing order of financing in modern times.
Kapil Rathi, co-founder and CEO at CrossTower, said: "The NFT industry is driven by community, expression and new-found artistic identity.
“Antara's NFT is an impeccable example of industry potential, as the Arabian Camels move to introduce a revolutionary model that will 'de-risk' and transform the entire film industry.
“They are merging film, NFTs, DeFi [decentralised finance], gaming and the metaverse in this wave of transmedia evolution giving CrossTower users the opportunities to be both art collectors and revenue producers."
Depending on the rarity of the NFT, collectors may also get to take part in the filming, visit the desert set, gain producer credit or even win a Lamborghini, Rolex or a 24-carat bar of gold, CrossTower said.
Alexander Amartei, producer of Antara, said: “As the NFT market enters its next phase of evolution, many institutional investors and sophisticated collectors are rushing into the NFT space. We are seeing a great demand for game-changing, blue-chip NFT projects and platforms that cater to discerning high-profile collectors.
“CrossTower is leading the way and we are excited to work with them given their deep understanding of financial markets, infrastructure and trading technology. As we introduce a DeFi NFT model that is set to revolutionise the movie business, we are glad to partner with a platform that brings years of high-calibre experience, international reach and a new level of commerce to the world of NFTs."
The real-world relevance of this project differentiates it from other NFT collections, CrossTower said, adding that art galleries around the world have expressed interest in acquiring framed prints of The Antara Movie NFT in selected galleries.
With their framed prints, Arabian Camels will be the first to merge art with Hollywood IP rights, giving their owners the opportunities to be both art collectors and revenue producers, CrossTower said.
CrossTower said Antara covers the true story of Antara Ibn Shaddad, a slave from ancient Arabia “who became a knight and poet and rocketed to stardom in the sixth century”.
It said the film is the first big-budget Hollywood film to be funded by NFTs before its theatrical and streaming debut, as well as the first NFT to facilitate this type of royalty sharing.
As a part of the Antara IP, a transmedia rollout, the film is a part of a franchise that includes sequels, crypto-infused “Assassins Creed-styled” multiplayer game, a comic and a strong brand with a long-term merchandising and licensing strategy, the company said.
CrossTower has offices in Bermuda, the United States and India.