Spike Lee, the director behind films including She’s Gotta Have It and Do the Right Thing, took the stage at an NFT conference in New York City today to explain why he thinks non-fungible tokens (NFTs) will open film funding to a greater range of investors.
During a talk at the NFT NYC conference at the Radio City Music Hall, Lee said his view on the potential utility of NFTs comes from his own experience. He described how individuals who funded his films in the 1980s still benefit from that investment.“The individuals who invested in the film are still receiving checks more than 30 years later,” Lee said. “The rest is history.”
Using NFTs to fund films is “bringing more democracy to filmmaking,” said Lee. However, Lee also acknowledged the riskiness of NFT investments. “No matter what you do, you have to do your research,” Lee adds, mentioning crypto company layoffs and the bear market. “Don’t bet the house.”
Lee also hinted at a new NFT project that he said will drop “soon.” Still, when asked by an audience member whether he’d fund his own project with NFT sales, Lee didn’t seem so enthusiastic. “Maybe down the line, but not right now.”
MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).