EGW GLOBAL MAGAZINE

TECHNOLOGY

Dive into a world where Web3 paves the way for writers and filmmakers, offering unlimited creative possibilities. Explore how decentralized platforms and blockchain tech are reshaping the future.

In the everchanging world of the film and entertainment industry, Web3 is reshaping the dynamics for independent writers and filmmakers. The term “Web3”, coined by Ethereum’s co-founder Gavin WOODS in 2014, gained popularity in 2021 when we saw a high rise in the number of blockchain start-ups and Venture Capitalists entering the space. This technological shift, created a movement from the centralized nature of Web 2, is rooted in decentralized, blockchain-driven technologies. It’s like a breath of fresh air, opening new possibilities for creatives in the industry.

Web3 serves as a game-changer for independent writers and filmmakers by dismantling traditional barriers. Utilizing smart contracts, NFT’s and decentralized platforms, independent writers can protect their intellectual property, ensuring fair compensation and ownership rights. This departure from conventional practices prioritizes user ownership, privacy, and fortification, disrupting traditional norms and fostering a more transparent and user-centric internet era. For filmmakers, Web3 introduces direct engagement with the audience and community crowdfunding support for their vision.

Startups like Decentralized Pictures, Film.io, First Flights and others are at the forefront, introducing decentralized decision-making processes. This includes community voting on script selection, casting decisions, and even choosing directors through transparent blockchain records. Web3’s influence on the film industry points towards an encouraging future, offering opportunities for new talent to thrive in creativity and ownership.

Notable Web 3 Startups Redefining the Future of the Film Industry:

Decentralized Pictures: Led by Roman, Sofia and Gia Coppola, Decentralized Pictures stands as a nonprofit film startup with a mission to support independent filmmakers and creatives. DCP was Initially co-founded by American Zoetrope, which was established by Francis Ford Coppola and George Lucas in 1969. Zoetrope, an independent film company, played a pivotal role in the founding of DCP. Zoetrope was awarded fifteen Academy Awards, sixty-eight nominations, and a bunch of other awards. What’s even cooler is that four of their films snagged a spot in the American Film Institute’s list of the top 100 American films. Talk about leaving a lasting impression on the cinematic scene!

While DCP is still in beta, it introduced its native token FILMCredits. FILMCredits can be used to vote on submissions or staked to support the t4l3nt network, or donated to the film project.

Film.io

The Film.io platform operates under the governance of the Film.io DAO (decentralized autonomous organization), breaking away from conventional hierarchies. Decision-making is decentralized, involving both fans and the creator community. This platform facilitates creators in submitting projects, building audiences, and validating markets, offering avenues for funding and licensing opportunities. Creators have the ability to present their film and TV projects, develop a devoted fanbase, interact with industry colleagues, and draw in potential partners for financial support and content acquisition.

Film.io has proudly unveiled its public launch at the Sundance Film Festival 2024, extending access to the general public. This significant step towards the future of cinematic ownership, anchored in Web3 principles, places fans at the forefront of the projects they cherish. The platform has garnered substantial support from Hollywood veterans, creators, Web3 enthusiasts, and film fans alike, inviting everyone to be part of the evolving Hollywood landscape through its innovative FAN token. This initiative symbolizes a transformative shift, empowering fans and embracing Web 3 as the cornerstone of cinematic engagement and ownership.

First Flights

First Flight allows filmmakers to allocate tokens to funding patrons, providing access to NFT rewards and priority content viewing. This unique approach enables patrons to trade tokens and NFTs on multiple platforms, such as OpenSea, fostering shared revenues for creators. This initiative aligns with First Flight’s; vision of establishing a decentralized decision-making community, creating a dynamic space for patrons and creators to connect, create, and distribute content.