The marriage between blockchain and filmmaking is one that is sure to shake up Hollywood for the better. With the rise of blockchain technology, the potential for filmmakers to create and distribute their work without relying on traditional studios or production companies is now a reality. Blockchain has the power to revolutionize the film industry by allowing filmmakers to securely store and share their work while also allowing them to track and monetize their films more easily. With its ability to decentralize the filmmaking process, producers can offer more transparent projects that find funding more naturally. This way, the industry could eventually be controlled by the community, thus dethroning those ancient powerhouse production companies that have been monopolizing film content for decades. But how can blockchain technology reach the dream of decentralized filmmaking? Let's go over the key aspects together.
Filmmaking Now: What can Blockchain Technology Fix Budget-wise?
There are several things that could be improved when it comes to the old traditional ways of making movies. The most money hemorrhaging of them all is the safekeeping of “the middleman.” Blockchain technology could provide filmmakers with an entirely new efficient way of working, where every penny is accounted for, avoiding the non-contributing intermediaries and making sure that everyone who actually worked on the project is paid exactly what they deserve. Including all transactions on the blockchain makes it easier to track financial records, making it simpler to figure out where the money is going. With its ability to make accounting and budgeting more efficient, the industry can become 100% transparent and open up new sources of financing. Blockchain could revolutionize how Hollywood works.
Boosting Independent Filmmaking Through Blockchain
Blockchain can help democratize the film industry by giving filmmakers access to more scripts and giving people from all backgrounds the opportunity to have their projects seen. For example, it could be used to create a decentralized platform for distributing and monetizing films, allowing independent filmmakers to reach audiences directly and retain a larger share of the revenue generated by their work. Blockchain can also open up new sources of financing for independent filmmakers. Blockchain-based tokens, such as crypto-collectibles, can be used to crowdfund projects or even monetize viewership. As a result, filmmakers would no longer be held hostage by Hollywood's traditional funding sources but instead be able to seek out new financing avenues that are based on merit alone. Additionally, blockchain-based smart contracts could be used to automate the complex and time-consuming process of rights management, making it easier for independent filmmakers to protect and monetize their creations.
Copyrights Management in the Blockchain
Due payment of copyrights is a central issue in the film industry. But how can blockchain help solve the problem? A smart contract is a digital agreement between two or more parties written in code on the blockchain and self-executing. This bulletproof technology can be used to ensure copyrights are not violated and that creators are compensated fairly for their work.
A smart contract could be set up with specific rules to pay for, acquire, and keep track of copyright transactions. The contract would also be programmed to enforce the terms of the agreement, ensuring that all parties involved adhere to the terms stated. This would give filmmakers reliable control over their intellectual property and guarantee payment for their work.
Furthermore, blockchain can make it easier to keep track of ownership rights over the content, making it simpler for filmmakers to manage licensing and royalties. Since blockchain is a secure and immutable ledger, all rights information can be stored securely, ensuring that licenses are not tampered with.
Funding Through NFTs
The emergence of Non-Fungible Tokens (NFTs) has also opened up new possibilities for the film industry. By tokenizing assets, producers can receive funding and other resources through the sale of digital assets on the blockchain. Implementing this method could help democratize the industry and give filmmakers more control over their projects.
NFTs could be used to tokenize various assets, including movie posters, scripts, or other forms of copyrighted content. These assets could then be sold as digital collectibles to fans and collectors, providing an extra source of revenue for filmmakers. In addition, NFTs could be used to offer exclusive access to special screenings and premieres, giving fans an opportunity to interact with the filmmaking process in an exclusive way.
Even though funding through NFTs is in its initial stages, the potential use cases are exciting and could have significant implications for filmmakers and the film industry as a whole. As more filmmakers adopt this technology, we could see an increased democratization of the filmmaking process, allowing the audience to boost the ideas they find interesting and help artists bring their vision to life.