Miguel Faus: How can the film industry integrate with NFTs and communities?
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Miguel Faus: How can the film industry integrate with NFTs and communities?
In Europe, there are public funds specifically dedicated to financing independent films, but their funding allocation process is somewhat peculiar, which is why Caradita couldn't secure funding through those channels. Raising the film's budget via the NFT space with 400 investors who genuinely love this movie represents a completely new approach.
Navigating Web3 tides with focused insights"OGtown" is an authorized article column by the Chinese-speaking Cryptopunks community.
Featured Guest This Issue
Miguel Faus: A Cryptopunks OG, screenwriter and director from Barcelona. His short films "The Death of Don Quixote" and "Karadita" have won awards and been screened at major film festivals worldwide. Named by Variety as a “Spanish talent to watch.”
Guests from the Chinese-speaking CryptoPunk Community:
Noun_74: Founder of the Chinese-speaking Cryptopunks community and Noun Chinese ecosystem; has incubated and mentored multiple Chinese NFT projects to reach global audiences.
Tongzheng Yige (Token Pioneer): Researcher in blockchain since 2016. Author of China's first best-selling book on NFTs. Co-founder of the Chinese CryptoPunk community and founder of Token Punk community.
88punk: Chen Xu, founder of MetaZ think tank, former co-publisher of Coindesk China, and a pioneer OG member among Chinese punk holders.
Punk9277: Founder of Kaito, ex-Citadel trader, NFT enthusiast.
Pumpkin: Veteran NFT player also known as Laza, served as operator and advisor for multiple projects, owner of prominent blue-chip NFTs.
Host Moonlight: Bilingual host based in the U.S. East Coast, outstanding builder at Binance Live and Huobi Live, top channel host at Ultiverse on Binance Live, having planned and participated in thousands of programs and events.
Host Moonlight: I'd like to ask our director Miguel and Punk9277—what motivated you to buy CryptoPunks initially, and how do you view the future of CryptoPunks?
Miguel: I bought my Punk several months after getting into NFTs. During the pandemic lockdown, I stumbled upon NFTs and CryptoPunks online. I recognized that NFTs, as a foundational technology proving ownership, could empower creators and artists. At that time, I believed CryptoPunks was the best NFT project within Web3. I also noticed that early adopters and seasoned players in the NFT space were using Punks as profile pictures. So I invested all my income into buying CryptoPunks. The future of CryptoPunks will be an extraordinary, grand narrative. I believe the price of a single Punk will rise to one million dollars.
Host Moonlight: Thank you, Miguel. Now over to Punk9277—why did you purchase a CryptoPunk, and what’s your outlook on NFTs and the future of CryptoPunks? Thank you.
PUNK9277: There were several reasons why I bought a CryptoPunk. First, I'm an Ethereum supporter, and I believed Punks would outperform ETH in terms of appreciation, so I wanted to convert more of my ETH into Punks. Second, I believe CryptoPunks are uniquely historic—their historical value can never be replaced, regardless of what happens. Third, there's strong recognition within the punksCN community. Many OG members are already here. As someone who's been building in this space, I wanted to join this community and interact with its members. Personally, I expect the value of Punks to mirror that of Ethereum itself. But honestly, valuation doesn't mean much to me—I don’t plan to sell my Punk. In fact, I hope to buy more Punks for my family, my son, and every member of my household.
Host Moonlight: That's truly heartwarming. Thanks again for sharing. Next, Miguel, please tell us about your journey creating an NFT-based film.
Miguel: This film actually originated from a 15-minute short I made in 2019, which served as inspiration. That short was acquired by HPOMIX and released in the U.S. A few years ago, I wanted to turn it into a full-length documentary, but couldn’t secure funding or find sponsors. That’s when I started considering financing the film through NFTs. For the NFTs, I used still images from the film and clips from other shorts as visual assets. Through this NFT launch, we raised hundreds of thousands of dollars—giving me great confidence that this funding will cover post-production and other final stages. The film explores themes of gender liberation and wealth inequality. I’m very excited to share it with everyone in the near future.
Host Moonlight: Guests from the Chinese-speaking CryptoPunk community—Chen Xu and Tongzheng Yige—this next question is for both of you: Could you discuss the relationship between film and traditional industries? Let’s start with Chen Xu.
Chen Xu: The combination of film and NFTs is quite fascinating. When creating cultural products like films, traditionally we treat them as a single, monolithic IP. We know Disney earns the most from movies globally, yet they don’t make most of their money directly from box office sales—even though some films earn huge revenues. Instead, their real profits come from merchandise. Therefore, treating a film as a single IP leads to long investment cycles, slow returns, extremely low capital efficiency, high uncertainty, and limited product SKUs. As such, filmmaking isn’t a particularly agile or internet-friendly business model today.
How can we make IPs more flexible, create diverse SKUs, build longer-term relationships with audiences and fans beyond just the first week of release, shorten payback periods dramatically—even generating revenue shortly after production begins, before the film is completed or released? All of this can be achieved through NFTs. NFTs allow fragmented parts of a film—or elements previously considered incomplete—to become standalone IPs. Thus, instead of one IP, a film becomes an IP group—a strategy Disney has long employed. However, Disney monetizes physical derivatives like toys and merchandise, which only generate revenue after the film’s release. By combining NFTs with film, we can create digital assets throughout the production process. These IP assets can gain popularity even before the film is finished—or even if the film ultimately fails. This is unimaginable under traditional Hollywood models. It drastically lowers barriers to entry in filmmaking, enabling more creative individuals to participate, enriching the IP landscape and offering faster, fairer returns. It also allows fans and enthusiasts to engage directly in the filmmaking process and enjoy richer experiences in film creation.
Miguel: I fully agree with Mr. Chen Xu’s insights on innovation in film models. When making this film, big studios like Disney may have budgets exceeding millions of dollars per movie. But for independent films like Karadita, a few hundred thousand dollars suffice. Yet even with such modest budgets, raising funds through traditional channels or markets remains difficult. In Europe, there are public funds dedicated to supporting indie films, but their allocation methods are peculiar—Karadita didn’t qualify. Now, however, 400 people in the NFT space who genuinely want to see this short evolve into a full feature film have stepped forward to fund it. Their early support made this project possible. I believe this model will continue to inspire other filmmakers to explore similar paths.
Host Moonlight: Now back to Miguel—how did this film manage to get support and minting participation from 200 CryptoPunk holders? Thank you.
Miguel: Karadita attracted dozens of Punk holders to mint NFTs for the project. We hope to gain increasing support from more Punk holders in the future, further expanding the number of holders—especially from the Chinese-speaking CryptoPunk community.
Regarding Moonlight’s earlier question, first, I strongly agree with what Punk9277 said—that the Punk community culture emphasizes mutual support. When one Punk holder needs help, others step in with financial or other forms of assistance. This spirit of solidarity is the primary reason Karadita received Punk support.
Secondly, Punks themselves are highly OG and pioneering NFTs. Punk holders naturally pay attention to other NFT projects that share this same OG and avant-garde spirit. Karadita is one such project—it’s the first independent film entirely funded and produced via NFTs. This pioneering nature is a key factor attracting Punk holders to participate.
After launching the mint, we gradually gained support from artists like GMONEY, who helped mint out their NFTs. Today’s direct, meaningful face-to-face dialogue further strengthens engagement with the Punk community, paving the way for greater future support.
Host Moonlight: Now let Tongzheng Yige share his thoughts—what does the integration of film and NFTs mean for NFTs and traditional industries?
Tongzheng Yige: We can confidently say the metaverse is a new world—not one that replaces the old, but one that exists independently alongside it. This new world features digital lives, virtual land, new art, and naturally, new cinema. Everything existing today will be recreated in the metaverse—including films. Thus, the film industry will experience a renaissance and explosive growth within the metaverse.
Observe how many young people today are immersed in TikTok; tomorrow’s youth will be equally absorbed in the metaverse. As eras progress, this trend is inevitable. In the metaverse, everything will be carried by NFTs. Coming back to reality—how does film NFT empower today’s film industry? Most importantly, it enables DAO-like organization. Take Karadita—it formed a decentralized autonomous organization where participants merge three roles: NFT holders are simultaneously producers, marketers, and fans. They share in future profits and box office returns. They actively promote and market the film while being its audience. This model greatly benefits today’s film industry. I believe more and more films—beyond just independents—will adopt this method, giving ordinary people opportunities to participate. Thank you.
Host Moonlight: Thank you again, Brother Token. Now let’s pass the mic to Noun_74, lead of the Chinese Punk community. As a founder who’s helped many Chinese projects succeed globally, could you share how projects can gain support from top-tier NFT communities and achieve successful promotion or collaboration?
Noun_74: I’d highlight three aspects. First, recognize that influence in the NFT space is currently centered in English-speaking circles and elite collector groups. Any project aiming to build a high-quality community must target these two demographics. Miguel’s case is a perfect example—he successfully gained widespread Punk support.
Second, accessing top-tier resources. I co-founded a lab with friends from JPMorgan and PwC to help domestic NFT projects launch globally. To reach top NFT communities or KOLs, you can work with professional agencies like ours. But crucially, the project itself must have a compelling story. Collaborating with elite communities or global influencers isn’t just about budget—they care deeply about a project’s background and narrative. They won’t risk their reputation for small promotional fees.
Therefore, I recommend any project seeking high-caliber holders evaluate their project packaging and PR strategy across four dimensions: technological innovation, IP uniqueness, roadmap clarity, and team credibility.
Lastly, especially in a bear market, no project should overlook market maker planning. Though often unspoken, it’s critical. With current poor market conditions, even a globally renowned KOL recently launched an investment-focused NFT project that failed to launch successfully, with extremely low trading volume. Under current conditions, ignoring liquidity planning during promotion is extremely risky. Those are my brief thoughts on the matter.
Host Moonlight: Thank you for sharing. Anyone wanting support from the Chinese CryptoPunk community should definitely follow Noun_74. Now let’s hear from Pumpkin—having operated many NFT projects, what do you see as the key success factors for community-driven fundraising initiatives like Karadita? Thank you.
Pumpkin: Operating this type of community mainly involves building strong connections with NFT buyers. This can be done through a series of online or offline activities to enhance community stickiness and interaction. Online AMAs, or meeting in person at a café to discuss the project’s future plans, can help. For instance, larger investors might be invited to contribute creatively—such as participating in scriptwriting or suggesting plot ideas. Also, to gain more visibility, I suggest not relying solely on Punk retweets. Using Premint to distribute data can help improve Twitter presence and expose the project to broader audiences. I think that’s quite helpful. Thank you.
Host Moonlight: Great insights, Pumpkin. There are many keys to successful operations, especially in today’s market—but no worries, just consult any of our four panelists here today. Shall we now open the floor for questions from our audience? I see someone raising their hand.
Miguel: I’d like to add something. In response to Pumpkin’s suggestion about incorporating PFP elements into operations—we’re already considering this and have included it in our roadmap. He mentioned that many NFT degens who support the project love the idea of featuring top contributors’ PFPs in the opening credits or acknowledgments section of the film. Specifically, the avatars of top donors may appear in the film—and these avatars could very well be those of Punk community members, given how much the Punk community loves Karadita. That’s what I’d like to add.
Host Moonlight: Now over to Punk9277 for a question.
PUNK9277: From your perspective, Miguel, could you share your thoughts on two aspects? First, Karadita represents an unprecedented IP experiment—an avant-garde NFT project. During the filmmaking, community-building, and NFT fundraising processes, what meaningful lessons or insights have you gained that you’d like to share?
Second, the ethos of Web3 and NFT communities is collective creation and shared ownership. How can we apply this mindset to better involve the film’s NFT community in both creative processes and profit-sharing?
Miguel: Regarding the first question—lessons learned and key takeaways—I found fundraising particularly insightful. In Web3, no one can replace the founder in fundraising. Members in Web3 and NFT spaces prefer direct connection, communication, and interaction with creators or founders—just like this AMA we’re having now. I personally walked through the entire process—from fundraising and community engagement to launching NFTs for funding. I don’t believe delegating fundraising to a third party would have been effective or appropriate, because Web3 communities value direct access to founders.
On the second point raised by 9277—about shared ownership and experimental NFT projects—the industry and space we operate in changes rapidly. Therefore, both teams and holders must have clear goals and strategies to succeed. Current market conditions are far from optimistic, compounded by ongoing geopolitical conflicts like the Russia-Ukraine war—all of which impact the NFT market.
When our team wrote the smart contract, we encountered unpredictable gas fees—constantly fluctuating and impossible to fully control. But such volatility is an unavoidable path for any project trying to survive in a bear market.
From day one, we accepted that a slow minting pace was acceptable. Karadita is positioned as an indie film—nichely targeted. We never intended to attract mass FOMO, nor is that our goal. We deliberately aimed to attract high-quality, diamond-handed collectors—those who won’t easily list their NFTs—who would genuinely commit to our community. This strategic positioning contributed significantly to our launch success.
Regarding co-creation: Our current community includes collectors from various other communities. While they often lack time for direct artistic collaboration or project input, they support us by collecting works they believe are artistically significant and destined to leave a mark. So far, there hasn’t been much co-creation to report. But perhaps in the future, when the film premieres and they see their PFPs or names listed among assistant producers or co-producers in the credits, that will represent a powerful form of community co-creation.
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About the Column
"OGtown" is an authorized article column by the Chinese-speaking Cryptopunks community. Founded in 2021, it is China’s earliest and largest private NFT community by asset holdings, requiring proof of Punk ownership for membership. With over 200 CryptoPunk holders, it is the most concentrated Chinese-language Web3 community of notable figures—founders, executives, representatives from Christie’s and Sotheby’s Asia and Greater China, listed companies, leading NFT projects, exchanges, veteran blockchain media, Chinese opinion leaders, and whale NFT collectors. The community maintains strong ties with overseas top OGs. We welcome connections with friends across sectors to jointly advance the development of the Chinese NFT space.
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