From its murky origins over a decade ago to its current status as the world’s largest cryptocurrency, the Bitcoin (BTC) saga alone could make an intriguing film.
With bitcoin and blockchain-related topics gaining importance in popular media these days, it’s unsurprising that more films include or feature cryptocurrencies and blockchain technology. For more information, click bitqt.
Apart from cinema references to cryptography, there has been a shortage of crypto financing in the film industry. Because current film distribution and funding structures rely heavily on complex conversations, financial agreements, and time-consuming requirements, an increasing number of filmmakers are partnering with crypto enthusiasts to fund film projects.
In contrast to the current analog sector, various organizations and people in both the film and crypto industries have leveraged blockchain technology and cryptocurrencies to provide much-needed digital upgrades to many film and crypto enthusiasts.
A New Era of Cryptocurrency-Financed Films
HardFork, a dystopian television series set in a world where bitcoin and heightened reality rule, was one of the first significant film projects to be entirely funded by cryptocurrency.
The project team recognized the opportunity to go on a non-traditional, decentralized fundraising adventure after establishing a network of supporters on Steemit, a cryptocurrency-backed social media platform.
No Postage Necessary is another blockchain-backed science fiction anthology film. Jeremy Culver’s romantic comedy was released in 2017. MovieCoin, a cryptography platform dedicated to crypto financing, aspires to revolutionize the way films are financed. The venue is the brainchild of Christopher Woodrow, the Oscar-winning Birdman film’s financial and managing director.
Wesley Snipes, a well-known actor, and martial artist is also among individuals attempting to bring crypto-financing to the film industry. Cointelegraph reported in 2019 that Snipes had formed the “Daywalker Movie Fund” with the Liechtenstein-based Cryptoassets Exchange. The $25 million tokenized fund will invest only in Snipes’ studio, allowing investors from all across the world to participate in development.
Concerns about Cryptocurrency and Filmmaking
Decentralization democracy is the common thread that connects crypto-blockchain enthusiasts with independent filmmakers. Both sectors can draw large audiences of youthful supporters due to their underlying concept of liberty and independence.
Additionally, crypto financing fits perfectly with the reality that renegades typically drive both industries with traditional hierarchies and monopolized enterprises. Emily James, director of the film Finding Satoshi, believes that the cryptofilm’s future is bright. She is currently working on a fictional story of a detective searching for the actual Satoshi Nakamoto. According to James:
Distribution and Finance
Although true success stories in this industry are still few, organizations such as MovieCoin and Livetree, a social platform that enables users to watch, license, and distribute film and television material, presented alternatives.
For instance, the olive tree has developed a new equity crowdfunding model that rewards investors with dividends. In contrast to traditional crowdfunding, in which supporters of a particular film project are rewarded with a special toy in exchange for their money, Livetree takes a DAO-like strategy to create an autonomous, decentralized ecosystem.
Despite her interest in crypto-financing, Ashley Pugh, a producer of films, documentaries, and music videos, believes many filmmakers are wary of it due to the public’s current lack of enthusiasm.
Way of Operation of Film Finance
Much work needs to be done in the field of crypto finance, as the majority of current projects are premature or non-existent. However, only independent filmmakers have tried crypto financing.
According to James, although Hollywood films are made and entirely funded by large studios, “indie producers fund their films through a combination of private equity investment, distributor investments, pre-sales television rights, and so on.”
Making over Film Industry
The film industry, without a doubt, needs digital makeup and is one of the many industries prepared to embrace decentralization and the technology that enables it. Companies such as Netflix have already altered their narratives by deviating from the long-established financial model of large-scale Hollywood studios.
However, as Netflix continues to grow, they often emulate their predecessors and reintroduce old pain points into the business. James noted, however, that the system can be completely transparent through the use of blockchain and smart contracts, allowing for “completely automatic payments by viewers with a predefined share going directly to producers.”
If blockchain technology and cryptocurrency are considered, they can transform the way films are produced and enjoyed.