The rise of Web3 technology has demonstrated its potential to revolutionize various industries. One of those that is beginning to experience this change is the Film Industry. In this context, a paradigm has developed that promises to redefine the dynamics of film production, financing, and distribution: the Film3 era.
The underlying power of the audience
The 2016 film "Deadpool" is an illustrative example of how the power of audiences can influence film studio production decisions. Despite initial resistance from Marvel and Fox Studios to produce the film, an "accidental" leak of test footage generated an overwhelming response from netizens, forcing studio executives to greenlight the project. This fact highlights the power of the masses and how that power can positively influence filmmaking.
The advent of Web3 could push this audience power even further. And it is because, thanks to decentralization, the film industry, hither to a territory dominated by the majors, could undergo a sea change. The obstacles encountered by independent filmmakers, emerging actors, and smaller-scale films could be minimized, allowing new voices and ideas to reach the big screen.
Shifting power dynamics
The Film3 era aims to change these power dynamics, creating new opportunities for films and filmmakers. Hence, this transition from a top-down approach, where studios choose scripts, finance films, and distribute them, to a bottom-up approach, where audiences actively participate in deciding and financing films, is one of the most promising aspects of this new era.
For example, filmmaker Trevor Hawkins has used blockchain technology to finance his new film through a collection of non-fungible tokens. Each NFT, sold at $1,000, represents a share of ownership of the film and a share of the profits. This innovative form of financing is a clear example of how it is possible to democratize the film industry.
Moreover, it could transform the financing of films and their production and distribution. Decentralized production houses, film-related DAOs (Decentralized Autonomous Organizations), and virtual cinemas in the metaverse are some innovations we could see soon.
Of course, this transition from Film2 to Film3 will challenge the industry. However, early signs suggest an openness to these changes: Hollywood insiders are already experimenting with NFTs, cryptocurrencies, and metaverse technologies.
