Cannes is bringing the metaverse to the film industry.

The first-ever NFTCannes Summit will take place at this year’s Cannes Film Festival. This annual event is designed to connect leading minds from the media and entertainment industry to innovators, creators and investors in web3.

Officially kicking off on May 23 at the Hotel du Cap-Eden-Roc, the summit is run by a coalition of groups, including production studio Electromagnetic Productions (EMP), global cryptocurrency financial management company Galaxy Interactive, NFT app OP3N, leading blockchain platform Avalanche and private investing platform Republic. The invitation-only event features conversations and panels that delve into the growing intersections between media institutions and web3 technologies.

The program will focus on topics spanning the future of current NFT applications in entertainment (including collectibles, financing and distribution), fan and community-building opportunities, as well as live events and experiences. The hosts of the first-ever summit are Mark Kimsey, co-founder and co-CEO of EMP; Sam Englebardt, co-founder of Galaxy Interactive and Galaxy Digital; and Jaeson Ma, co-founder of OP3N Studios.

“The entertainment world has changed drastically over the last decade and become more prolific, competitive and innovative,” Kimsey said. “The decade ahead will see an even more dramatic transformation with the arrival of web3. As cinema’s preeminent global stage, the Cannes International Film Festival is the top destination for storytelling in film and NFTCannes signals the evolution of the film industry and opens the door to a new era of entertainment.”

Ma added: “We at OP3N are truly excited to co-host NFTCannes as the future of Hollywood and web3 is just beginning, and there is so much potential to completely revolutionize how premium content is not only financed and distributed, but how fan communities of IP can engage.”

The all-day event will commence with the first annual producers’ luncheon and a panel discussion moderated by Variety senior film writer Matt Donnelly.