As more people begin to integrate Web3 technologies into entertainment and production, the use case for decentralized autonomous organizations (DAOs) in filmmaking has been highlighted in a Cointelegraph interview with Jake Fraser, the head of business development at the film-focused blockchain project Mogul Productions.
When it comes to DAO usage in films, a deeper level of fan engagement was highlighted by Fraser. As an example, the executive pointed out the involvement of fans in the production process such as in creating the script, choosing stories and picking the location. He explained that:
“DAOs come into play within the film industry by enabling the fans to become more involved with decision making through the whole script to screen process of making a film.”
Apart from this, fan involvement can be stretched out to even nominating a lead actor for the role or deciding the movie poster according to Fraser. “The opportunities are endless,” he said.
In addition to DAOs, Fraser also talked about the role of other Web3 technologies such as crypto wallets, decentralized applications (DApps) and nonfungible tokens (NFTs). Fraser explained that people can use wallets to connect with DApps which lets them be involved in the production process. Furthermore, NFTs can be used as tickets to a film premiere or as a way to gain ownership of a film.
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The executive also believes that the organizational structure of the film industry will become flat as Web3 becomes more integrated. He explained that the creative and financial power will become more evenly distributed to filmmakers and film fans. This leads to less reliance on big studios in Hollywood. Fraser added that:
“Web3 tech will be used as an innovative way to solve old problems such as financing, governance, transparency within production budgets and revenue streams, consumption of content, voting and privacy.”
The executive also highlighted that through their film-focused project Mogul Productions, new avenues of fundraising have opened up for independent filmmakers through Web3. “We believe that great stories need to be told and are excited to leverage this technology to onboard mainstream entertainment fans into the world of Web3,” he said.