Versus Entertainment hired Decentraland and Lumiere to develop NFTs and a metaverse-centric angle for the upcoming film “Infinite Machine,” which will focus on Ethereum founder Vitalik Buterin.
Infinite Machines, based on Camilla Russo’s book of the same name, will be produced by Versus in collaboration with Ridley Scott’s production company, Scott Free. The film will delve into the story of Buterin and the world’s second largest digital asset, fighting the virtual land world of Decentraland and Lumiere to develop crypto and NFT-based plots.
Decentraland, a virtual world powered by open source technology, allows other member users to expand their world. Hong Kong and Singapore-based entertainment specialist Lumiere is also supporting the project by developing and integrating cinematic experiences into the Decentraland virtual world.
The film, which has a budget of $16 million, is expected to undergo a third round of NFT releases in the coming months, making the project the first-ever NFT-funded film. There are reportedly 10,499 uniquely designed NFTs in the collection, from 36 nascent artists, including work by Lucas Riberiro, Marella Gonzalez, and Eduardo Calegari.
“We believe Ethereum is creating a world where users and viewers are now owners and participants, so the Infinite Machine movie itself should be part of this movement and enable the Ethereum community to get involved in making movies about the platform, ‘ said Russo.
Proceeds from NFT sales will be distributed among 36 artists (22.5%), the Infinite Machine DAO (10%), and the overall movie budget (67.5%).
Decentraland opens new doors for audiences
The film’s executive producer, Francisco Gordillo, described the project as “will spread Ethereum’s ecosystem potential to mainstream audiences.”
“We’re really proud that companies like Lumiere and important films like Infinite Machines have chosen Decentraland to build their experiences to engage with their community fanbase,” said Decentraland’s Alejandro De Grazia. The connection between the community and the metaverse is already happening.”
“This is a case that can change the way the entire industry develops and promotes its content to fans and audiences,” Lumiere CEO Patrice Poujol told Variety. The agreement between Versus and Decentraland will help for developing and integrating NFT collections into Decentraland.
The corporate world is starting to embrace the metaverse, buying NFTs of virtual land on the blockchain, where they can build virtual infrastructure for their existing brands in Decentraland.
For example, JPMorgan’s “Onyx Lounge” enables the Wall Street giant to run a virtual bank in a virtual world. In a recent report, JPMorgan Chase embraced the idea of virtual games in the global economy.
Many aspects of the virtual world mirror the global economy, focusing on factors such as population, gross domestic product (GDP), in-game currency and digital assets, which, according to the bank, directly affect JPMorgan’s core competencies.
Other considerations, including cross-border payments, foreign exchange financial asset creation, trading and custody, and the ability to serve clients at scale are all capabilities that JPMorgan believes will translate well when moved to the virtual world.
For retail fashion chains including Forever 21, Metaverse is an opportunity to further drive e-commerce and subsequently new revenue streams.
In December, Forever 21 entered the virtual world by opening a virtual store on Roblox, a very popular digital gaming platform for children. Users enter the retailer’s multi-level digital store, where their avatars can buy furniture, clothing and accessories.
During Metaverse Fashion Week in March, Forever 21 was one of them, in addition to Estee Lauder, which opened a virtual store and leased 450,000 square feet of virtual land within Decentraland. Forever 21’s virtual store enables users to interact with salespeople and even buy NFTs.
“We’ve embraced Metaverse as it continues to collide with culture,” Winnie Parker, the fashion retailer’s chief executive, 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 in Metaverse, purchasing a three-story building within Decentraland. Through a joint venture with Banquet LLC, Prager Metis’ Metaverse offices currently provide real-world services critical to the Metaverse universe.
The opening of the Metaverse office reflects Prager Metis’ belief that Metaverse will be the future and that technology will continue to influence the way the world works,” said Glenn Friedman, CEO of Prager Metis.
“Our new Metaverse headquarters will act as a bridge between traditional and digital, and provide valuable real-world financial services to Metaverse. Our presence in the Metaverse shows that we are serious about our vision for the future and supports us belief that financial expertise and resources are in huge demand in an evolving digital world.”
According to the company’s press release, the building’s ground floor features an open-plan design to showcase clients’ NFTs, while the second and third floors provide meeting rooms, meeting facilities and rooftop space for live events.
PricewaterhouseCoopers (PwC) also acquired a piece of land within The Sandbox back in January.
Developed by game studio Pixowl, The Sandbox was originally released in 2012 as a sandbox game for mobile phones and Microsoft Windows, which was eventually acquired by Animoca Brands in 2018.
Animoca has since adopted the “sandbox” name for a new blockchain-based open-world game that sells NFTs representing virtual real estate plots, raising more than $2.5 million in funding for the project’s development.
PwC Hong Kong did not explain the reason for the purchase at the time, but comments from PwC’s crypto practice head Henri Arslanian in July 2021 suggested the firm could use its digital asset access and investment to a smaller but smaller scale. Promising projects crypto startups.
A recent report by Citigroup suggested that the Metaverse economy could reach $8 trillion to $13 trillion by 2030.
What do you think about this topic? Write to tell us!
All information contained on our website is published in good faith and for general information purposes only. Any action taken by readers with respect to the information on our site is entirely at their own risk.