Niels Juul hopes to raise up to $10m and says he wants to ‘democratise’ antiquated funding system.

The executive producer behind blockbusters including Martin Scorsese’s The Irishman is to make Hollywood’s first feature film funded entirely by non-fungible tokens (NFTs), with a promise that those who invest will get a share of any profits and meet the stars of the production.

Niels Juul, who has set up the production company NFT Studios to fund a series of films, hopes to raise between $8m and $10m (£6m and £7.5m) through the sale of 10,000 NFTs to the public and institutional investors.

Juul said the aim was to develop a new funding model for films to circumvent an antiquated Hollywood system under which smaller productions take up to eight years to reach movie or TV screens.