How the Web3 will revolutionize the film industry

The way we consume content is changing over time. We no longer patiently wait for the release of a movie, series or some TV show, we already have faster access to movie distribution and storage and we said goodbye to large DVD collections.


We follow the artists of our favorite shows, discuss series and movies, and now, with Web3, we'll have the opportunity to be part of the development of a film production, like the ones we see on Netflix, Amazon Prime, Disney, among others. channels. Have you ever stopped to think about this possibility?


With the internet and, more recently, blockchain technology, we are getting closer and closer to major transformations in the way studios will produce and distribute their works. After making great strides towards the advancement of the art industry, non-fungible tokens (NFTs) are ready to change the way movies are being financed.


THE BIG STUDIOS GET A MAJOR PART OF THE GAINS

In the current system, artists cannot simply sell their work directly to their audience without having an intermediary. Relying on centralized entities (in any industry) can also mean that artists are subject to the whims of the people who will be releasing their content and that means sharing a good part of the earnings of their work with these entities.

The “top-down” nature of the industry means that most artists – even the most famous – are at the mercy of a central entity that can dictate unattractive terms in exchange for providing an infrastructure to monetize the artist's work.


It is a way of limiting the creativity of a work, because if it is not in line with what the major studios want, this material will most likely not be financed. Can you imagine the amount of films that have already been rejected for simply not being in the Hollywood production standard?

In an industry that always seeks maximum profit, diversity ends up not having its due value and this is a loss for all of us movie and series lovers. We can see then that the lack of digital ownership can have a negative impact on artists, independent studios and the public.


THE KEY TURN IN THE CINEMATOGRAPHIC INDUSTRY WITH WEB3

Thanks to Web3, this scenario of difficulties in obtaining financial resources, lack of diversity and chances for new projects is about to change, as through the blockchain it will be possible to finance films through the commercialization of NFTs. This new financing format allows a greater number of people to invest in films and in return gain benefits such as being part of the production, being in contact with artists and even obtaining intellectual property rights over the work.


Film NFTs are already catching the attention of the global film industry. They give the audience not only the possibility to enjoy their favorite content, but also give opportunities to new actors, writers and directors. After all, they gain access to funds from a community of film aficionados, giving them the opportunity to bring their cinematic ideas to life.


Anndy Lian,President of BigONE Exchange says, “Currently, NFTs are being seen only as an art form and collectibles. However, very soon, interactive movie scenes will be seen in which viewers will be able to “hunt” NFTs, as Netflix recently did with the animated series Love, Death & Robots. This will take the concept of utility to the next level.”


David "DC" Cassidy, founder of film studio Web3 Next Hollywood agreed that these new technologies can help take creators “where we would least expect it” as well as find “new voices”.



He also talked about how this can promote new ways of engaging and interacting with viewers, pointing to the animated series Stoner Cats, from Mila Kunis, in which NFT holders directly decide what happens at the level of story development.


Another example is Arabian Camels, an NFT community developing a $50 million Hollywood movie called Antara based on the life of ancient Arab knight Antarah Ibn Shaddad.

The Antara Movie will benefit NFT holders with a direct share of the film's box office and streaming revenues. Examples like these have become increasingly common in the web3 film industry. However, other sectors also benefited from this advance.


FILM FESTIVALS

Film festivals will also have positive impacts, as, in the current model, film events are only accessible to those who have the purchasing power to travel to them. Now, with web3, films can be shown more flexibly, making them more accessible to a wider audience.

At the 75th edition of the Cannes Film Festival (one of the most prestigious and famous film festivals in the world) the “web3 film industry” was among the most talked about topics at the event.


As never before in the history of the legendary film festival, the winds have blown in favor of technology, and much has been discussed about how blockchain can help revolutionize the film industry in terms of financing and distribution mechanisms, as well as bring greater diversity to productions. cinematographic.


Distribution is also moving from web2 social platforms to the games themselves. An example cited is the success of shows held in Fortnite. One can imagine a future where all movie releases take place in Fortnite or some other metaverse, like Decentraland.


An example: the portfolio company BVP Makersplace recently partnered with Decentraland for the release of Break the Bars, a film by director David Bianchi. As we enter this new era of the film industry, it becomes increasingly clear the ocean of opportunities that will emerge over time.


DAOS AND COMMUNITY FINANCING OF FILMS

DAOs (decentralized autonomous organizations or groups with a shared treasury and decentralized governance structure) represent a way for creators to fund large-scale projects without having to work with streaming providers or centralized studios.

Some have already emerged with the aim of creating and financing Hollywood film productions. For example, the Hollywood DAOwas recently formed by former Hollywood executives and creatives to create a community-based funding platform for films and shows.


With eleven initial members in the community, the idea is to raise money to fund new projects through NFT drops, expand the community to an average of 5-10k members, hold token sales and form a community-based governance structure.

While DAO has reported that it already has a project in its pipeline, in the future, a content creator will have the opportunity to submit a proposal for a project to submit to the community. After reading and considering, the community will be able to vote on whether or not to allocate financial resources to the project. Actions like this are being developed so that projects can come to life without depending on a centralized entity.


As this is all very new, the idea is for this space to be discussed in a democratic way so that not only the entertainment market can benefit, but the whole world that revolves around the web3.


BRAZIL ON THE WEB3

In Brazil, we already see some moves towards web3, such as that of the Brazilian animation studio Hype Animation which, in 2013, launched the story of the award-winning short film Ed and now intends to develop the animated feature from the commercialization of NFTs as virtual collectibles and real utilities.


According to Hype CEO Gabriel Garcia, NFT holders will be rewarded with the right to multiple participations in the film, as the idea is that the creation of the feature is collective, through interactions with project artists and suggestions for development.


Another interesting novelty for the Brazilian market was the launch of a platform for selling NFTs, the Kinobaum.

The project was conceived by filmmaker and producer Marcos Seneor. According to him, blockchain technology is revolutionizing the world of transactions, business and contracts.


“Kinobaum will be a store for movie scenes, series, music videos, football moves, skaters tricks and so many other genres in video files”.

Currently Brazil is the second largest market for NFTs in the world, so we will certainly come across several innovations in the national cinematographic market, because creativity and diversity is not lacking in our country.


WE ARE ONLY IN THE BEGINNING OF THE WEB3

web3 is still in its infancy, but it is already having a major impact on the film industry, both creators and consumers will have increasingly participatory roles in the future of film content.


For consumers, this can mean participation through funding early projects, as well as through the ability to vote or have an opinion on the content that is created. Furthermore, consumers may literally be able to become active IP holders of content in a way that has never been possible before.


Imagine being the NFT holder of an original animated character of a series, which can, for example, unlock early access to new experiences for fans of the content or serve as your avatar in experiences in the metaverse and act as a certification of your initial participation in the production's narrative universe.


For creators, this means a more open and accessible system for creating and funding content. A creator can mint a project and auction it off through an online marketplace to get funding from DAOs or people who believe in the project.


It is even possible that our notion of “creators” and “consumers” will change as more internet users become interested parties and participants in their own online experiences.


We can look forward to more projects that will be funded through cryptocurrency and blockchain, as well as a huge diversity of new and innovative film genres.



__________________________________________________________________________________


This post was written by Willyan Ricardo, south matogrossense anda publicist passionate about communication. The Web3 enthusiast and builder has experience in management and service, is a big movie lover and StoryTelling scholar. Will is also an amazing member of Ed's Staff and 1st in the Ranking of Discord engagement.


Recent Posts

See All