Films form a major part of our lives. Whether it is a fun evening with family or a night out with friends, we turn to films as our first choice of entertainment. They have the power to touch, move, entertain, and educate us in many ways. And not just films, more often than not, we also find ourselves idolizing the actors, directors, musicians, and other creative artists involved with films. It is safe to say that the world of entertainment would be almost nothing without films and fans who support them with all their heart.
But, there is a major problem with the film industry of today. The entire industry operates behind closed doors and fans who form such a key part of the industry have almost no involvement in its operations.
Mogul Productions is a decentralized film financing and NFT (non-fungible token) platform that aims to bring transparency to the film industry. To achieve this, it employs the one technology synonymous with transparency — blockchain. By merging blockchain technology with the film industry, Mogul is creating transparency and shifting the power of decision-making into the hands of the fans. It lets fans choose the films they want to see on the silver screen.
All Set to Finance the First Ever Blockchain Voted Film
Mogul recently announced that it will be producing the first-ever fan-voted film. The platform has already started accepting script submissions and will continue to do so till May 31st. Thereafter, the submissions will be reviewed by the Emmy-winner and Oscar-nominated producer Cindy Cowan (Traffic), Emmy-nominated producer David Cormican (The Tall Man), and award-winning actor Lyriq Bent (The Affair, Book of Negroes). They will select the top three films and open them for voting by fans with the winner receiving funding from Mogul.
The review period for fans will start on June 16th and all of Mogul’s native STARS token holders will be able to vote for their favorite project from June 23rd. The Mogul platform employs a quadratic voting system, which is a transparent and highly secured internet-based voting system where each vote cast by individual token holders becomes exponentially more expensive to cast than their previous vote.
After the conclusion of the voting period, the script that bags the most number of votes will be selected and financed by Mogul. Speaking of this major milestone in the film industry, Mogul Advisor, David Cormican said, “This one-two milestone marks the beginning of hopefully many movies to follow where (Mogul) users get to participate in key decision-making aspects of production and we get to marry the blockchain and filmmaking industries.”
Shifting the Power Dynamics of Hollywood
As much as we love and appreciate it, we all can agree with the fact the film industry has some problems. One of them being the fact that we as fans and audience get no say in its operations. Top production houses and studios make all these decisions for us. The entire industry is dictated by a few players and we have no choice but to watch the films they churn out.
This results in talented actors getting ignored, interesting scripts going to waste, and promising artists never flourishing. Even the real profits made by the film can be conveniently hidden, resulting in only a few people benefitting from the process of filmmaking.
Now, there is only one way to solve all these problems and unleash the full potential of the industry. The power has to shift from the hands of central entities to the hands of the fans who actually make up the industry. This is exactly what Mogul aims to achieve in the Hollywood film industry.
The platform brings creators, financiers, and fans onto an even playing field where each of them can make their own contributions to the process of filmmaking. Creators are free to submit scripts to the platform. The fans who hold Mogul’ native STARS tokens can cast their vote in favor of a script, and the project that gets the highest votes is then selected to be financed by the financiers. Mogul also records every single transaction made in the process of filmmaking on the blockchain, allowing everyone to see the revenue it generates.
As of now, the platform already has over 45k active users, showcasing the true demand of fans to become a more active part of the filmmaking and financing process.
Toward a Decentralized Film Industry
Like the several other industries that it has already impacted, blockchain technology also promises to change the course of our film and entertainment industry. With platforms like Mogul emerging, the future of the film industry could be completely decentralized.
In this world, fans choose their films and their stars. Talented actors are brought into the limelight and interesting stories are brought to life. It will finally be an industry where real talent thrives and the interest of the fans is respected and preserved.