Cryptocurrencies and blockchain technology are having an impact on and changing a wide range of industries. Whether it's in the fields of art, gaming, music, entertainment, or simply banking, cryptocurrency has influenced the development of these industries for the better.
Several industries have benefited from the decentralized nature of Cryptocurrencies and technology improvements in recent years. The film business is one area where cryptocurrency has the potential to have a significant impact. The film industry is often cited as a leader in technological advancement and innovation. Despite the fact that the film business has barely been around for a century, the techniques of film production and distribution have changed considerably throughout the years. When compared to the dizzying CGI effects presented on 8k screens with 3D Surround Sound in the 1920s and Golden Age of Hollywood, today's dizzying CGI effects are a world away.
However, there is one area that has remained relatively unchanged, at least in recent decades. Independent filmmaking is incredibly tough to achieve commercial success unless your big movie concept is commissioned by one of the major studios. Not unexpectedly, obtaining the required funds is one of the most difficult obstacles to overcome. Furthermore, it has been largely undisturbed by the types of technical developments that have defined the sector as a whole in recent decades.
Limitations for Indie FilmMakers
Indie filmmakers often have limited financial choices. There are grants available, but competition is strong and eligibility requirements are tight. Additionally, there are other forms of debt financing, which may provide a significant risk to the filmmaker if the picture does not perform as anticipated. Similarly, private investors often see filmmaking as excessively hazardous.
Crowdfunding is a relatively new approach, made possible by the internet and sites such as Kickstarter. However, in its present form, crowdfunding limits filmmakers' capacity to obtain funds due to the platforms' reach and ability to give major incentives to fans as investors. Often, there is no assurance from a professional that the film will be produced on schedule and under budget. When blockchain and digital assets are added to the equation, however, crowdfunding for films takes on a whole new level.
Introducing Blockchain Solutions
NFTs - Creating Digital Scarcity
This year, NFTs have taken the world by storm. Digital artists like Beeple, who sold an NFT collection for $69 million in March, have found new ways to monetize their work. The remarkable aspect of this tale is not merely that a piece of digital art was sold for such a high price, it’s that it can fetch that amount since its scarcity is guaranteed by blockchain. Without the NFT, the work is just another digital file that anybody can reproduce or edit.
This is a game changer for independent filmmakers. Many Kickstarter movies include digital incentives such as artwork or posters, as well as access to behind-the-scenes footage. This type of digital merchandise, however, lacks the rarity that makes it valuable. Sure, the owner might get an MP4 clip that they can watch on their devices whenever they want. However, until they can sell or exchange it, it is not symbolic of their investment - it is only a souvenir.
Issuing these merchandise assets as NFTs, and having a secure, reliable, and liquid secondary market for such assets, similar to those that exist in physical movie merchandise, is set to provide a lucrative source of revenue to moviemakers everywhere, while allowing fans to own a liquid piece of intellectual property related to the film. This allows for a more intimate and complementary relationship between producer and fan.
Giving Fans and Investors a Voice
Directors may be able to gauge audience emotions even before a project has reached the fundraising stage if they use token-based voting systems. In the case of Deadpool and Sonic the Hedgehog, it was only because of fan pressure that these films were ever created. Even in those early days, supporters had the capacity to influence key policy choices. Because of his attempts to win over fans via engagement activities, Ryan Reynolds was able to secure the leading male role in The Hunger Games: Mockingjay Part 2 despite the studio's desire to cast someone else in the role.
Platforms such as MovieBiz are ideal blockchain platforms for providing investment options to everyone involved in the film business, and they may be found on the Ethereum blockchain. MovieBiz allows creators to tokenize their films, and customers may use $MOVIE tokens to purchase movie tickets as a result of this. MovieBiz aspires to give an equitable chance to all film creators throughout the globe by tokenizing the movie business as a whole. Its goal is to make it possible for anybody in the globe to become an investor in film production while also collaborating with well-known celebrities.
Furthermore, MovieBiz aspires to make crowdfunding a breeze for anybody who is interested in participating. Because MovieBiz aspires to be a reputable talent platform for new talent to demonstrate their filmmaking abilities, it has built a transparent film industry with autonomy in which users, actors, directors, and producers may participate and collaborate to create amazing motion pictures.
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