Remember when season 8 of “Game of Thrones” ended, and all you could think about was how badly you wanted to rewrite the ending? This was the moment when over 1.8 million fans petitioned the producers to alter the final episode, or the fiasco it had become. HBO replied that it was unlikely that the final season of this legendary series would be ever remade.

Well, what if we told you that with the blockchain, redoing it wouldn’t have been necessary in the first place? Web 3.0 technology, crypto, and other digital currencies are aiming to shake up the film industry. They also empower filmmakers and audiences to take part in creating movies via decentralized communities.

Who pays for movies?

It’s easy to enjoy popcorn or movies at the cinema. After the lights go down, in the midst of the film and the action, no one thinks about the experience of its creators in the cut-throat film industry and the hell’s kitchen that most likely went into making the movie.

First of all, and most importantly, finding someone to pay for the movie is never an easy task—maybe it would even be easier to just sell a kidney to fund your next film! The film industry has some of the most bizarre stories about how films get funded.

In 1958, the creators of sci-fi horror movie “Plan 9 From Outer Space,” after multiple unsuccessful attempts to impress the film industry, had to convince the Baptist church to fund their film. A movie was sponsored by the Baptist church, who agreed to sponsor it with the condition of baptizing cast and crew.

Robert Rodriguez, director of legendary movie “Desperado,” featuring Antonio Banderas, could only film the first part about Mexican gangster “El Mariachi” (1992) after selling his body into medical testing for new cholesterol treatments. Even one of the most acclaimed British independent filmmakers, Peter Strickland, was only able to fund “Katalin Varga” after receiving an inheritance from his uncle.

An even more bizarre funding story lies behind the making of “The Cotton Club” (1984). Robert Evans, a producer fresh from his guilty plea in cocaine trafficking case was part of much of the funding. It was funded by many bizarre characters, such as Adnan Khashoggi (a Saudi arms dealer).

Movies are usually funded by movie studios. Hollywood has had this model since the beginning. In essence, the studio offers funding in exchange of distribution rights. Studio and producer have become the mainstays of the film industry and are often the ones who discover and support independent filmmakers. The box office generates millions in revenue for film production firms and has the ability to limit the creative potential of filmmakers, in favour of maximising their profits.

In contrast to Hollywood’s high-budget productions, independent movies have to manage the intricacies involved in funding a movie by their own resources. This includes crowdfunding, applying to grants and pitching ideas to private investors.

Blockchain technology and Web 3.0 have the potential to transform the film industry. It allows creators, audiences, and producers, to work together in co-production and funding.

Crypto is the new decentralization

It is possible to produce and co-fund movies. DAOs are the answer. DAOs are a decentralized autonomous organisation that can cause disruption in the way movies are made. In simple terms, decentralized autonomous organizations (DAOs) are members-owned communities that lack a central leadership. A computer algorithm that uses cryptocurrency transactions automates decision making, thus removing biases and human errors.

For the film industry, This would mean that the approval of a project, the selection of actors, or even decisions about a movie’s plot could be voted on by DAO users. Indeed, all of these decisions would be carried out automatically via digital smart contracts—without the need for human intervention. A DAO could be used to allow the community fund the movie, much like crowdfunding. This is a difference because the community will not only receive minor perks but they also become shareholders in the movie.

According to the old film industry model the primary shareholders are the producers, investors and, in certain cases, big stars. Most of the people contributing to the movie’s physical creation are merely employees who get a salary, but no actual ownership of the final product. Consider this though: If the entire creation process was put onto the blockchain via a DAO it would be more transparent and collaborative. Also, creators could have a stake in the project and a chance to share the revenues.

Empowering The Audience to Be Shareholders

While all the power is in the hands of the film industry’s behemoths, the classical movie business model leaves the audience outside of the periphery of active participation in a movie’s creation. Fans are limited to reviewing the movie and purchasing tickets.

What would blockchain enable film co-creation? Imagine that filmmakers decided to run using a DAO – directors, cinematographers, editors, sound technicians, and actors; anyone interested in participating could join in and create a decentralized community to back the movie.

Participants of the DAO can vote to choose who and how they should work together. Creators will present their movie visions. In the final phase of production, the community may vote for important cuts, especially when it comes to the end and the beginning. To fund further productions, you can also sell the film as an NFT.

Blockchain can even be used to create scripts. Imagine an idea for the script in written form is minted as an NFT—the user could be rewarded with a stake in the DAO. NFTs that are minted by more people can be reworked and added to to the story. These NFTs may then be staked once again. Anyone can make a new branch by repeating the process and earning rewards. This process can be repeated until all the story elements are completed.

The finished screenplay could then be minted as an NFT and auctioned off to raise funds for the movie’s production. The NFTs could then be bought and sold by both buyers and sellers, giving them an ownership stake in the final product.

The Film is Crypto-Basedndustry’s Eye

Producers have begun to take notice of the potential of cryptocurrency in the film industry. This year, at Cannes Film Festival, Web3.0 technologies were in the limelight. Tech start-ups flooded in to support panels, parties and other events.

Indeed, the DAO behind the ‘Nouns‘ NFT collection has already funded an indie film titled “Calladita“. The movie is about female empowerment, and follows the story of a young, Colombian domestic worker in a wealthy family’s Spanish holiday home. The Nouns DAO raised 6.9ETH (about $21,000) and became the second largest backer. It is believed to have been the first DAO that funded a feature movie.

Decentralized studios, based on DAO principles are starting to appear. Roman Coppola (producer and director) announced the creation of Decentralized Pictures’ blockchain-based film financing program. A documentary film award and mentorship soon followed the launch, in partnership with The Gotham Film & Media Institute. The platform allows filmmakers to post proposals and lets the community vote on which projects to be funded.

The future of film is bright—and decentralized. If you could have had your voice and vote, what would you have made the ending of the final season of “Game of Thrones“?

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