Illuminart, in collaboration with Rooftop Production and the Karlab Studios, launched the production of Plush, the first French animated film funded by NFTs.
If anything, a cinema release is planned for the end of 2023. This is the first time a French film has used cryptocurrencies in its financing.
Justified “Plush»(translate plush), this animated feature film follows a teddy bear fighting with an environmental community against environmental disturbances. A militant film that brings together actors, web celebrities and singers in the credits. Kev Adams, Camille Lellouche, Ludovik, Maître Gims and Gérard Damon will lend their voices to these 3D characters.
Cryptocurrencies make their cinema
This feature film, of which only a few images have been revealed, has the ambitions of a Hollywood blockbuster. Artists and graphic designers from Rooftop Production and Karlab studios collaborated with Universal to “as a beast», “Everyone on stage», “Minions» or “Me, ugly and evil“, Or with Netflix for the Arcane series.
But to fund the project, no major Hollywood studios or major French producers. Illuminart reckons with the phenomenon of NFTs (non-fungible tokens or non-fungible tokens) to obtain the more than $ 60 million needed for the development of the film.
To become a co-producer of “Plush», it will be necessary to pay the sum of 1,250 euros for an NFT of a bear. The characters were first imagined by the graphic designers of the studios before an algorithm generated 50,000 variants of these teddy bears. In Indian costume, soldier, flashy or punk look, just as many naughty versions that internet users will blindly acquire on the site “plushnft.io” before discovering them one or two weeks later.
A target of 700 million cash receipts
The guarantee of this purchase lies in the speculative nature of these digital works of art. Those who want it can sell or buy others on the opensea platform, a kind of online NFT market. For participants, it is the opportunity to see their teddy bear gain in value if it appeals to as many people as possible.
With this purchase, the co-producers of “Plush» is guaranteed to share 80% of the profits at checkout. Illuminart, the company behind the project, boasts great commercial potential: “Since the average revenue of big animated films is $ 700 million, every buyer of an NFT PLUSH should at least see their efforts multiplied by three.»he explains in the columns in Parisian.
An estimate that could be considered very optimistic on the part of Illuminart. In fact, only 23 of these films have managed to cross the 700 million mark at the worldwide box office (without taking inflation into account), with the biggest animated success ever, The Queen of Neiges 2, which has accumulated almost 1, $ 5 billion worldwide. It is also the last animated film (released in 2019) that has crossed the 700 million mark.
Bad buzz on social media
On the financial side, everything seems to be planned, but the artistic side is still unclear. If a plot has already been written and the heroes imagined by the graphic designers, neither the director nor the screenwriter has been announced by Illuminart. The latter also indicates that the co-producers will be able to control the scenario via a voting system. It is therefore difficult to imagine a cinema premiere for Christmas 2023, as announced.
On social networks, however, “Plush” suffers from a significant bad buzz. Internet users criticize the speculative aspect of the financing, some of which will go directly to production. In fact, even if the feature film is not made due to lack of funding, those who bought the NFTs will remain simple owners with a value in Ether, a cryptocurrency.
An animated film for children, funded by a giant ponzi scheme #NFT.
Influencers target children to sell their scam.
This assembly should not be legal. The stars who participate in #Plys must be tried for organized fraud
– Marmalade #StandWithUkraine (@Marme_elade) April 28, 2022
The celebrities in the casting and in particular the personalities of the internet are appointed to promote this production system. Some criticize the discrepancy between an ecology-oriented synopsis and the use of NFTs, which consume a lot of energy and therefore have a significant carbon impact.
In France, NFTs are gradually gaining ground in film financing. The feature film A Wing and a Prayer, directed by producer Martin Scorsese, announced the sale of 10,000 NFTs to raise the $ 8 to $ 10 million needed for the film’s budget. In France, director Claude Lelouch supports the Klapcoin project, a cryptocurrency that would fund about twenty films and series.