The Cannes Film Festival is going all-in in its dalliance with the metaverse. The festival is set to host its first NFT summit bringing together media, the film industry, and emerging tech professionals.

Cannes Film Festival
Image Credit: Variety

The Cannes Film Festival is set to hold its first-ever NFTCannes Summit which will be held at this year’s Cannes Film Festival. This is an annual event that is geared at connecting the top minds in the media and entertainment industry to the main players in web3/metaverse like investors, creators, and innovators.

The first NFTCannes Summit takes place on Monday, May 23, and will be held at the Hotel du Cap-Eden-Roc. The summit will be coordinated by a coalition of groups that will include the global cryptocurrency financial management firm Galaxy Interactive, the production studio Electromagnetic Productions, the NFT app OP3N, the top blockchain platform Avalanche as well as the private investment platform Republic.

This will be an invitation-only event and will feature panels and conversations delving into the burgeoning intersection between media institutions and web3 technologies.

The NFTCannes Summit will be focusing on topics that span the future of the current NFT apps in entertainment (including financing, collectibles, and distribution), live events and experiences as well as fan and community-building opportunities.

This first NFTCannes Summit will be hosted by Mark Kimsey who is the co-founder and co-CEO of EMP; Jaeson Ma, co-founder of OP3N Studios and Sam Englebardt who is the co-founder of Galaxy Interactive and Galaxy Digital.

The entertainment world has changed dramatically over the past decade and has grown more competitive, innovative, and prolific and the next decade will see an even greater transformation in this industry thanks to web3, Kimsey said. He stated that the NFTCannes Summit is signaling the evolution of the film industry and opening up the doors to a new era of entertainment at cinema’s biggest global stage, the Cannes Film Festival.

OP3N’s Ma expressed his excitement at hosting the metaverse summit and stated that web3 offers a massive potential to “completely revolutionize” the way in which premium content is financed and distributed as well as how the fan communities of IP can engage.

The NFT Summit will last the whole day and will commence following the first annual producers’ luncheon.

Source: Variety

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