Pioneering Use of NFT Artwork to Fund Live Theatre
Graham & Townley Productions are launching The Viking NFT, a series of digital artworks, to fund Blodlina, a new musical premiering at this year’s Edinburgh Festival Fringe.
Sales of the NFT will directly fund the theatrical production and the success of the production will increase the value of the NFT.
Much like conventional theatre angels, the community of NFT holders will be associated with the show throughout its developmental journey. NFT holders will also be offered exclusive benefits only possible through an NFT.
Theatre funding, both public and private, is in crisis. Could this innovative NFT project provide a creative solution to this financial storm?
Live theatre is facing a perilous future. Since the 2008 financial crash, it has been increasingly difficult to secure funding. The Coronavirus pandemic has exacerbated the problem – illustrated by the recent closure of Andrew Lloyd Webber’s Cinderella in London’s West End.
Traditionally, theatre has relied on public sector grants, private funding (e.g. high-net-worth individuals often known as Theatre Angels) and charitable donations. These traditional sources of finance are unlikely to yield the amount needed for theatre to self-sustain. Rather than focusing on raising funds from a small number of institutional investors, an NFT sale gives more people, who would not normally be able to, the opportunity to invest in the development of new theatre.
Whilst theatre funding is in crisis, sales of NFTs are booming. However, NFT investors are increasingly looking for projects with real-world applications and utility. Graham & Townley Productions have created The Viking NFT as a new model of theatre investment, democratising funding and forging a new relationship between theatre and investors.
In the future, could NFTs become one of the primary mechanisms for financing live theatre?