Considering that more than 6.8% of the global population has adopted crypto in recent years, it’s no surprise that big industries are very interested in digital assets. Bitcoin, Ethereum, and Binance Coin have something in common: it’s now easier and faster to move large sums of money due to the power and relative privacy of different blockchains.
And that’s good for the world of cinema because it’s arguably an industry that needs a lot of cash to function. While it’s not clear if Hollywood has completely understood the power of web3, DAOs, and NFTs, many of its major actors recognized that digital currency owners are clearly onto something. That’s why a bunch of people owning cryptos could very much finance a blockbuster action movie. Let us tell you how.
How Crypto-Crowdfunding Can Help Movie Makers
The most daunting task for a movie director and producer isn’t making the movie itself. It requires months and months of effort to raise the money to make a movie with an 8-figure budget, such as Avengers or even Civil War, released in 2024. Assembling this million-dollar budget isn’t easy, but what about crowdfunding?
Basically, people in the industry now have the choice to launch a crowdfunding campaign with the digital money of their choice, preferably Ethereum, as it is linked to smart contracts and works on a versatile blockchain. For example, video slots like Sands of Destiny can be played using crypto. While Bitcoin is still considered the gold of crypto-currency, manipulating large amounts of ETH is just a better option, according to crypto experts.
Are DAOs the Next Big Thing in Motion and Animation Pictures?
Looking at the trailer of “The Rise of Blus” – A Nouns Movie, certainly feels like crowdfunding done right. Three major things to say about this wonderful animated short film. First, it has been created with the help of a 2.75 million budget collected with the help of thousands of contributors. These contributors are regrouped in a thing called DAO, which stands for Decentralized Autonomous Organization. These are crypto lovers who want to join forces to have a part in various projects.
The Rise of Blus hails from the creative minds of Pixar, Netflix, and Marvel veterans. It’s visually outstanding, and while it’s only a short film, it tells a lot about the limitless potential of people joining forces to create a work of art. Obviously, many other movie projects rose from DAOs, but we are still waiting for that one Blockbuster movie paid entirely in crypto.
Smart Contracts and NFTs: A New Way to Streamline Revenue
The year 2022 was a strange year for tech, as NFTs, a term derivative from the whole web3 glossary, took over the world and created millions of revenue before a dramatic collapse. The concept of non-Fongible tokens is still not clear to many people because it encompasses so many things, such as video games. However, buying an NFT – which is essentially purchasing a certificate of ownership engraved on a blockchain – could prove very handy for cinema lovers and contributors.
As a movie buff, it’s not hard to imagine that scenario: somebody gives an important sum of money to a film studio. In exchange, he gets an NFT, which is a digital certificate that authenticates the fact that said person contributed to the budget of this movie.
In many cases, owning an NFT from a movie could mean that you can give your advice on the work being done. What if the movie makes the bank? In this case, every contributor could be rewarded in crypto thanks to smart contracts, a system of contracts based on the blockchain. Smart contracts are mainly based on the Ethereum blockchain, and they are responsible for many DAOs and other crowdfunding operations. The cinema industry could well be next.
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