Cryptocurrency DIsrupting Film Industry

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Those of us who are involved with cryptocurrency on a daily understand the potential to disrupt many different industries. Each day there are articles detailing how things could unfold.

Of course, this is offset by the FUD coming from the usual suspects. They claim cryptocurrency is nothing but a scam, has no value, and is worthless. This can discourage some who fall victim to what is being espoused.

Therefore, it is always good to see something happening, especially from those within a particular industry.

No matter where we look, the future is going to be littered with cryptocurrency.

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NFTs: More Than Just A Bubble

A lot is made of the potential of NFTs. Unfortunately, the last year or so saw massive fluff enter that market. Many called it a "bubble" early on and it appears they were right. Things got a bit nutty.

When looking at all of this, it is vital to factor in utility. It seems a lot of people get sucked into the mania, buying things that do not have much utility. While speculating on potential is a valid approach, one needs to be careful.

The prices that some NFTs sold for were truly astonishing. This left many wondering if there was an actual use case. Sadly, for those who spent a lot of money, they ended up buying into a craze for something that doesn't amount to much more than a collectable.

Cabbage Patch Kids 2.0?

Nevertheless, the future of NFTs is equally as powerful. We need to clear out some of the excess to get to the core, where innovation is taking place. The ability to assign ownership rights while programming directions into a smart contract is novel. It is also what is going to radically change many industries.

NFTs can be thought of as "deeds in the digital world". Here is where one shows proof of claim to whatever is in question.

These items are more than just a bubble. We are starting to see use cases that make sense.

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Spike Lee Sees The Future Of NFTs

A lot of celebrities got into the NFT game of late. Unfortunately, they did the same thing as everyone else: bringing out a collectible. While a famous person's NFT has a better change of retaining value, most are still issuing nothing different.

Spike Lee is teaming up with the Visible Project to release 3,945 NFT on Ethereum featuring his famous Mars Blackman character. The money raised from this project will help to fund young filmmakers.

The Vision Project seeks to do what many discussed over the years: democratizing filmmaking.

From their website, we see:

The Visible Project was created with two founding goals:

  1. To democratize the content greenlight process for creators and film fans
  2. To create a valuable use case for NFTs that allows filmmakers — veteran and new — direct access to financing and community

NFTs are long thought to have enormous disruption potential for content creators. Many who are involved in both film and music are experimenting with this new medium.

Spike Lee is jumping in, looking to help newer filmmakers. He is also helping to pave the way for a new form of financing.

Lee's NFTs are more than just collectibles. They do contain the utility of governance. Each NFT carries a vote as to which films receiving funding. Here we see buyers given more say in the project.

Democratization

One of the promises of cryptocurrency is democratization. When we look at the existing system, we see a lot of exclusivity. Many industries are walled off from the masses.

We know the film industry truly operates this way. A few major studios dominate, basically controlling what is made. They have the money along with the distribution capabilities to control what takes place.

At the core of this is funding. Since it is these entities that pay to get the films made, it is hard to operate without their approval. To their credit, they do take the risk since many movies flop. Here is where their size is an advantage.

Nevertheless, a new model could emerge where people from all over the world can assist in the funding of films. This, of course, is going to run headlong into entities like the SEC. However, the premise holds true even if the existing system is not ready for it.

This is an idea that Wesley Snipes has a few years ago. He was putting together a movie project to fund through cryptocurrency. While that appears not to have taken off, it does set the stage for what is possible.

The idea is to spread out the funding process. Think of this as crowdfunding but on steroids. Instead of just giving money over, people actually are becoming a part of the funding apparatus. This means that the NFT purchased could have rights to profits or proceeds from the film. We are seeing some of this being done in the music industry whereby artists are building in streaming rights to their songs.

It is a shift that could set the film industry on its ear. Imagine a million people, from all over the world, putting in $25 to fund a movie. This would entitle them to the profits of the film and completely bypass the existing movie studios.

We are seeing a completely new form of funding.

Let us know your thoughts in the comment section below. Would you throw a few dollars at some different projects if you were able to get a share of the proceeds?


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44 comments
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Top quality work again and I would have to say that both the hive documentary and also the hive movie, absolutely will disrupt the movie industry and hopefully will bring a large amount of awareness from the reality world to our virtual ecosystem.

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I am not sure how much that will disrupt the entire industry but who knows, perhaps there is an Oscar somewhere in there.

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Well if we open up with a documentary and a movie here on the blockchain...

That's just going to open up the doors for more creators. Now we are funding Hive movie industry. Absolutely.

Tons of individuals post their shows and content here why not have it grow?

I mean is there any limitations of the future of our blockchain?

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Maybe you talked about this in another post, but I see the same types of financing through nfts for game creators growing too. We have already seen it but I think it will only grow.

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Certainly it would applying to gaming as well. And music. And construction of apartment buildings.

The concept could apply to anything when you think about it. This could be a new source of funding.

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That's an amazing use case of NFTs. You can basically crowdfund any idea or initiative.

Also, we need a decentralized Netflix please. :') Watch-To-Earn would be more popular than anything else.

  • Watch movies and earn Tokens.
  • Review them on cinetv.io and Earn more Tokens.

Would be so cool!

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From their latest numbers and what people are writing, the company might be going down anyway. So many we have to rework the model a bit. LOL

There are ways that we can incorporate cryptocurrency tenets into all of this. The Netflix idea would work well when coupled with this kind of funding of filmmaking. Then the content creation could be out there.

I will have to ponder this for a while and will write a post on it.

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Awesome. That's a great idea that can be developed and evolved using blockchain & crypto. A netflix like application on Spk Network would be a perfect use case.

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Might be hard to build and I have no idea about the technical specifications. However, it is a worthwhile mental exercise to determine what is possible.

HiveFlix on the way. LOL

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Bang, I did it again... I just rehived your post!
Week 107 of my contest just started...you can now check the winners of the previous week!
!BEER
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There are a lot of influential individuals in my country as well talking NFTs. Most of the ones being talked are gaming related.

I believe that at some point we will not be able anymore to separate the film industry from NFTs and that's a good and bad thing at the same time.

The bad that I see is that access through NFTs won't benefit the less fortunate too much.

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The democratizing, decentralized, and high fault tolerance nature of crypto is profound. I think most people, especially the naysayers, get wrapped up in the money-making aspect of it, and don't concentrate enough on the utility.

During credit expansions, money making dominates the headlines, but over the long term, the utility of crypto will dominate the future. One just needs to hold on to BTC, etc…long enough to participate in that growth.

The great thing about all that FUD, especially when it accelerates during credit contractions, is that it just makes crypto cheaper to buy, because we all know it has a bright future.

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It isnt only the naysayers, most of the crypto industry gets wrapped up in the money making aspect only. The entire focus is upon price. How many are actually out there talking about building? People like Vitalik and Hoskinson of course and a few other project leaders but that is about it. The rest are "when moon"?

This is what got the attention of the regulators and politicians. We need to focus upon utility and overcome the full attention on speculation.

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Yeah, I'm a big fan of Vitalik. I have followed his work since I bought ETH. I remember thinking years ago, when I first saw him on YouTube…

“Holy shit, this is a really smart guy!”

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That is definitely an interesting concept. I can't imagine how a amazing it would be to own the rights to a movie. Especially if one were to go blockbuster. It could be life changing, not just for the directors, but the creators as well. It will be interesting to see how this idea grows and evolves.

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Well it depends upon how much you put in. If you owned $25 worth, you might not have life changing money but a nice return. Of course, you might invest in 100 different projects the same way. At that level, it is like lottery tickets. A few will pay off, most will not. But the ones that do can more than compensate you.

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Quality is pretty subjective when it comes to art and film. I think you would be better off going the quantity route. You are right though, $25 on a single thing probably won't get you much.

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Excellent blog bro. Definetly we the artist need to use more the cryptocurrency and make deals with this one. Is really a very usefull solution to give value to our art and enjoy the earns without any kind of intermediary and thus be able to use our profits to generate more benefits around our growth as people and as artists and thus also be able to enjoy the real preferences of the people who consume art.

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The creative people and the analytical people can join forces and find ways to bring utility to NFTs within the context of artistic works. The creative people have the vision to see what most people can't imagine, and the analytical people can figure out ways to rally resources and assets to the side of the creatives so they can realize their vision.

The trick will be having the analytical people explain the technical or mundane aspects of NFTs to the creative people in ways which get the light bulb to light up. One that moment arrives, the rest is just bringing the vision to reality.

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This idea will be a great one for the movie creation and I think it will continue to grow with time.

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Surely anyone could fund an indie movie, for example, but the biggest thing here might be taking out the middle man. Getting rid of the bureaucracy. So much easier for a film fanatic kid from across the globe to fund American indie film. This is a naive dream-like thing to say, but it brings the world closer together.

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It does open up a lot of doors. Imagine each of us being able to throw a few dollars into a film. Get enough people from around the world, and it could end up being a strong amount of cash.

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Exactly. And it could perhaps give fans more power to support films they like just like with DAOs. More little streams of money, but from the people who actually appreciate the content.

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Many people have been hearing the crash of Bitcoin,plus what happened to Luna, that's while people are afraid but only people that's has the full knowledge and orientation of crypto currency is the people doing it now.

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We have been watching The Offer on Paramount Plus. The story of Al Ruddy's journey of the making of the Godfather. I wonder how it would go for him and Coppola and Puzo trying to make that movie now with Crypto in the mix. Would the studio execs, or the Mafia or anyone else be able to stand in the way of their vision? Maybe they wouldn't even go to the studio to have the movie made.
They could just sell NFTs of movie stills to raise funds for the project. It's amazing that the movie ever got made from what I have watched so far.
!CTP

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At the core of this is funding. Since it is these entities that pay to get the films made, it is hard to operate without their approval. To their credit, they do take the risk since many movies flop. Here is where their size is an advantage.

This could be an example of parallel production or distribution of films. The studio system as it exists today operates as it does. Alongside it is the NFT-based model as exemplified by Spike Lee. One has the resources and the reach. One has the potential for newer players to get funding and recognition. They don't need to be competitors, and maybe they can even both gain from the existence of the other.

For anyone who's been a fan of the Star Wars franchise long enough, there are 2 stories concerning the money aspects of this movie:

  • Actor Sir Alex Guinness came to agree to play his role when he accepted a modest salary in exchange for 1% of the gross.
  • Director George Lucas signed his deal to make Star Wars with the condition that he retained merchandising rights (especially for toys). At the time this was unheard of, so this condition was granted to him.

In both cases, the rest is history!

So what would have happened had NFTs existed in the 1970s, or if the original movie was made in the 2020s rather than in the 1970s?

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Wow! I would love to buy such NFT. For the first time in human history, a common man with minuscule capital can now profit from the film industry. That's the beauty of the kind of democratization this new technology will bring about.

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While I think it's a good way to get funding, I don't really know if having NFTs would be a good idea. Most of these NFTs won't really have much value and it's highly likely that they won't have value in the future. It does have potential but I think they also need to be creative to give perks to people participating.

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A really interesting concept and Lee coming aboard says something. If he is the first film-maker to do it, he is going to make history especially if this is going to turn successful.

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This is awesome! I know that these nose-in-the-air industries are going to get a whole lot of stuff messed up for them and I think that’s amazing. It’s going to be painful for the common worker in them sadly but it’s due time these monopolies have had a shaking to their core at the behest of the people!

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The gaming industry surpassed the film industry in terms of revenue in the last decade. The gaming industry is now bigger than the film and music industries combined.

And play-to-earn games are the new kids in town. I predict that leading future franchisees will be blockchain-based. Star Wars and Harry Potter out, Splinterlands and PsyberX in :)

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I'm certain that crowdfunding via crypto would democratise film industry and make its content less formulaic, less bland and more diverse. However, I'm also quite certain that such process is going to have many impediments and that 95 % of such crowdfunded projects would fail (like most current studio films fail). And we would have to wait for a long time before one such crowdfunded film becomes something in the league of Star Wars.

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this is a multi-million dollar idea and i believe this will work out if given a change to do so.

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