The scaling protocol Polygon for Ethereum is the foundation of Movieplex

The movie is a part of a brand-new OpenSea collection that lets consumers buy full-length movies as NFTs.

Intellectual property rights are evolving thanks to NFTs on the blockchain. What started out as JPEG-based blockchain-based digital treasures is quickly evolving into a mirror market for almost anything. The film industry follows the business of products and music.

The digital film library Movieplex stated on Wednesday that it has teamed up with Cinema Libre, a boutique production company that specializes in NFT movies, to distribute "the first" NFT movie on OpenSea.

The scaling protocol Polygon for Ethereum is the foundation of Movieplex. The technique makes it possible for anybody to verify the ownership of each NFT film on OpenSea, creating a new category of NFT films in the top NFT marketplace. NFTs are the future of movie viewing, according to Philippe Diaz, the founder and CEO of Cinema Libre Studios.

"The only thing customers get when they purchase a movie from iTunes or Amazon is a tethered video file. With the NFT, collectors can remain in possession of a resaleable asset while also joining a group of people. In a press release, Diaz stated that NFTs "create a special connection between the filmmaker and their audience, enabling the buyer to receive additional elements that are also included in film distributions, such as deleted scenes, interviews with the actors or the director, festival reviews, and more.

The first NFT movie from the two studios will be "Phosfate," an environmental documentary. The following two movies in production are "From Iceland to Eden" and "Guantanamo Diary Revisited."

According to Frank Ramos, co-founder and CEO of Movieplex, the next billion individuals will access the web3 primarily through video content.

Contrarily, co-founder Garry Dolley, who worked with Ramos to create the Cinemaplex technology, claimed that "the distributed file storage architecture of Web3 will break the expense of traditional cinema streaming expenses and drive centralized bandwidth usage to nearly nil." Due to this, Web3 film streaming business models will be significantly more lucrative than those of traditional streaming services.