As more people begin to integrate Web3 technologies into entertainment and production, the use case of decentralized autonomous organizations (DAOs) in filmmaking has been highlighted in a Cointelegraph interview with Jake Fraserthe head of business development at film-focused blockchain project Mogul Productions.
When it comes to the use of DAOs in movies, Fraser highlighted a deeper level of engagement with fans. As an example, the executive pointed to the involvement of fans in the production process, such as creating the script, choosing the stories and choosing the location. He explained it this way:
“DAOs come into play within the film industry by allowing fans to become more involved in decision-making throughout the entire process of making a movie from script to screen.”
Aside from this, fan participation can even extend to nominating a lead actor for the role or deciding on the movie poster, according to Fraser. “The opportunities are endless,” she said.
In addition to DAOs, Fraser also discussed the role of other Web3 technologies, such as cryptocurrency wallets, decentralized applications (DApps), and non-fungible tokens (NFTs). Fraser explained that people can use wallets to connect with DApps, allowing them to participate in the production process. Additionally, NFTs can be used as tickets to a movie premiere or as a way to gain ownership of a movie.
The executive also believes that the organizational structure of the film industry will flatten as Web3 becomes more integrated.. He explained that creative and financial power will be shared more evenly between filmmakers and movie fans. This will make it less dependent on the big Hollywood studios. Fraser added that:
“Web3 technology will be used as an innovative way to solve old problems such as funding, governance, transparency in production budgets and revenue streams, content consumption, voting and privacy.”
The executive also highlighted that, through his film-focused project, Mogul Productions, new avenues of fundraising have been opened up for independent filmmakers through Web3. “We believe great stories need to be told and we’re excited to leverage this technology to immerse entertainment fans in the world of Web3,” he said.
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