Nope I didn’t believe it when I read it either, but apparently there is an iPhone 4 Film Festival which was kicked off on Wednesday by Korean iPhone carrier KT and is apparently the world’s first iPhone 4 Film Festival.

According to a report by the Korea Herald, the 12 competing entries were all shot using the iPhone 4 and have been directed by both veteran cinematographers and emerging directors, and the iPhone 4 Film Festival is a month long event.

Jung Yoon-cheol, writer and director of the 2004 box office smash “Marathon,” who has a stop-motion iPhone 4 short competing in the festival said…“I was filming on top of Gwanak Mountain late into the night with just myself and my doll and thought, ‘what the heck am I doing right now? All this to get an iPhone 4.”

Apparently all entries into the world’s first iPhone 4 Film Festival where not only shot using the iPhone 4 but also cut using the iPhone’s editing application.