Using NFTs To Fund Movies & EBay + PSA = Backlog?
DeFilm is the new frontier of filmmaking, and eBay's expanded Authenticity Guarantee
Cultured is a newsletter that gets readers up to speed on the most interesting things going on at the intersection of finance, art, collectibles, NFTs, and more. Cultured is produced by Otis, an alternative investment platform that was recently acquired by Public.com.
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🗞 STORIES OF THE DAY
Can crypto tokens be used to democratize film funding?
Financing a movie is a huge task involving dozens of investors. Those stakeholders, along with the studio, are the first to recoup expenses, leaving little for filmmakers. Some filmmakers are now switching to blockchain tech as an alternative funding model.
The decentralized film (DeFilm) approach uses crowdfunding and a social token to fund movies. Ownership of the token grants access to a share of the profits, as well as additional benefits.
Retrogression, a new film from Anthony Hayes, is one of the earliest experiments with this approach. The presale launch of the $RTGN token brought in more than $500,000, and token holders have received access to exclusive perks like a play-to-earn game.
Our Take: DeFilm could help merge production and fan communities.
Currently, the production of a film is separate from its fan community. While studios respond to fan desires, those fans don’t really have a say in what films get made and how they’re produced. Decentralizing film financing using the blockchain gives more money to creators and allows them to more closely interact with and respond to fans.
eBay extends its Authenticity Guarantee to cover graded cards over $2K
eBay announced that its Authenticity Guarantee, an authentication service that confirms cards are legitimate, would now cover single graded cards over $2,000. The online marketplace is teaming up with PSA to manage the expanded service.
PSA will only authenticate the cards — ostensibly, they’ll already be graded by the time the company receives them. It’ll ensure that the card matches the listing description and that its plastic holder and label are intact and haven’t been tampered with.
eBay has rapidly expanded its Authenticity Guarantee in recent months as interest in collectibles has skyrocketed. This move follows up on a promise earlier this year to roll out authentication services to all cards over $250 this year.
Our Take: Hopefully PSA has hired enough staff to handle the coming surge.
For the past few years, PSA has been inundated with cards to grade. At one point, the company had a backlog of 12 million cards (it’s now down to around 4 million, as of late April). In its announcement, eBay specifically noted that the team managing its cards would be separate from PSA’s grading team. Still, there’s a strong chance that the new service will lead to skyrocketing demand — let’s hope PSA is up to the job.
✨ AROUND THE INTERNET
The baseball bat used by Jackie Robinson in the 1949 All-Star Game sold for a record $1.08 million at Goldin last week.
ApeCoin has plummeted in value after a controversial sale of deeds for BAYC’s metaverse project crashed the Ethereum blockchain.
A Sonic megafan has set a new world record for the largest collection of memorabilia featuring the spiky hedgehog.
In one of the most bizarre collabs of our era, BTS (like the boy band) has teamed up with the MLB and New Era for a series of song-themed items.
Spotify has made its way into the metaverse with an island on Roblox.
You may have heard that the Met Gala happened on Monday. Here are some of the best looks, including Kylie Jenner’s dedication to Virgil Abloh.
