Hollywood is embracing blockchain in the film industry
Blockchain technology is being utilised in almost all industries, from the textile industry to the finance services sector and almost anywhere in between. The use of this technology in the film industry has not as of yet taken off as much as it has in other industries. Nonetheless, a growing number of film production companies are adopting blockchain to revolutionise the way the industry makes money from their work.
The potential of blockchain in the film industry is vast, from NFTs that can provide new streams of income for artists and innovative ways of film funding and distribution.
The non-profit Decentralized Pictures revealed their blockchain-powered platform will go live in Autumn, a platform with a mission to discover and support underrepresented filmmakers and to democratize the process of film funding. Co-founded by Roman Coppola, film producer Leo Matchett, and American Zoetrope exec and producer Michael Musante, Decentralized Pictures also has Sofia and Gia Coppola on their board - with three of the famous Coppola’s making up the non-profit.
Producer Michael Musante commented on the non-profits aim in an interview with IndieWire, noting, “In a sense, this is a democratically selected film fund. Instead of a boardroom of executives, it’s our community that decides, that gives their opinion and tells people what they like.”
Co-founder Matchett added to this, going into the details of how members of their community will be able to participate in Decentralized Pictures:
“We’re going to be giving away significant amounts of money and support, and we want our community to trust the process. So having the voting data all on (the blockchain) with signatures validated by each person who’s contributed their opinion is very important — it’s auditable and immutable,” Matchett said. Anyone will be able to join the community and vote on projects, but a reputation system will weight the opinions of those with track records of success in the industry higher than others. Other members will have a chance to boost their scores, too, by establishing a pattern of voting on projects that go on to be successful"
Another Hollywood figure who has recently made the leap to Blockchain is Mila Kunis. Her production company Orchard Farm Productions integrated NFTs into their new subscription-only tv series “Stoner Cats”, a new animated tv series that enables people to purchase NFT tokens that correspond to the tv series.
As filmmaking can be an incredibly costly process, members of the film industry are beginning to see just how beneficial blockchain technology can be in the notoriously costly and time-consuming process of filmmaking. The utilisation of blockchain technology allows a unique approach to the hollywood network of stars, producers, and industry professionals, and it is likely to increase in adoption.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read more: https://www.cryptodaily.co.uk/2021/08/hollywood-is-embracing-blockchain-in-the-film-industry
Text source: Crypto Daily™
