The film industry is about to get a major (overdue) overhaul, thanks to the advent of Web3. Web3 is a new web standard that promises to revolutionize the way films are distributed and consumed.
It enables the creation of decentralized applications (dapps), which are programs that run on a network of computers instead of a single server. This will allow for more efficient and secure film distribution, as well as allow for new types of dapps that could potentially disrupt the current business model of the film industry.
Web3 is still in its early stages, but if its promises are realized, it could have a major impact on the film industry.
What is Web3?
Web3 is a new idea for the World Wide Web that incorporates concepts such as decentralization and token-based economics. Some people say it contrasts with web 2.0 , where data/content are centralized in small groups of companies sometimes referred to as “Big Tech” and generally including Amazon, Google, Meta, and Netflix.
The term was coined by Ethereum co-founder Gavin Wood, who started discussions about this concept around 2014 but gained interest from cryptocurrency enthusiasts alongside venture capital firms by 2020.
Disruption on the horizon
Web3 is a decentralized platform that runs on a network of computers instead of a single server. This means that films can be distributed more efficiently and securely, as well as allow for new types of dapps that could potentially disrupt the current business model of the film industry. The rollout of Web3 is still in its early stages, but if its promises are realized, it could have a major impact on the film industry.
NFTs: A unique way to finance a film
Cryptocurrencies are being used to finance films that tell stories of relevance, and it’s not surprising because cryptocurrency has always been about disrupting traditional systems.
For example Camila Russo set up a crypto crowdfunding campaign for her book “The Infinite Machine,” which tells the story behind how Ethereum came into existence!
You can learn more about Russo’s book here: The 5 best Bitcoin and Blockchain Books
Russo chose this form since she wanted people who backed the movie adaptation to be involved in its production as well- so they received NFT drops offering them options such visiting shoots or appearing on screen at special events while also getting invites beforehand when screenings take place.
Decentralized Pictures is a new model for film financing that asks the DAO community to vote on which pitch will receive funds from its pool. If successful, profits are put back into future projects and led by producer Roman Coppola alongside members of Francis Ford Coppola’s production company American Zoetrope who have received $300k in grants so far including one directly approved by ” Ocean’s Eleven” director Steven Soderbergh.
The impact of Web3
One way that the web will revolutionize the film industry is by making it more efficient. Currently, films are often distributed through a single server, which can be inefficient. Web3 will allow for films to be distributed through a network of computers, which will make distribution more efficient. In addition, Web3 will also allow for new types of Dapps that could potentially disrupt the current business model of the film industry.
Another way Web3 will change the film industry is by making it more secure. Currently, films are often distributed through a single server, which can be insecure. With Web3, films can be distributed through a network of computers, which will make distribution more secure. In addition, Web3 will also allow for new types of Dapps that could potentially disrupt the current business model of the film industry.
The Future of Film
So what does this all mean for the future of the film industry? Web3 has the potential to revolutionize the way films are distributed and consumed. It is still in its early stages, but if its promises are realized, it could have a major impact on the film industry, and by extension the entertainment industry writ large.
Final thoughts
Web3 could very well be the thing that finally decentralizes the film industry and takes control away from Hollywood. It will be interesting to see how Web3 develops and grows over the next few years, and how it will impact the film as well as other industries such as transportation, education and healthcare-to name only a few.
One thing is for sure, Web3 has the potential to change everything. Stay tuned!