The 36-year-old actor appeared in front of Venetian fans on the red carpet with a shaved head and a tattoo of 'A Place In The Sun' stars Montgomery Clift and Elizabeth Taylor, reported Digital Spy.
He received awards from Italian film critic Alberto Barbera as part of the shoot.
Talking about 'Zeroville', Franco said, "It's a little movie we're doing. Maybe we'll show it here in Venice next year."
He is directing the film and plays the lead role of Vikar in the big-screen adaptation of Steve Erickson's novel of the same name.
Franco debuted his new bald look for the role when he posted before and after shots on his Instagram profile.