The traditional movie business is centralized and has been around for a long time. Few big movie companies and streaming services run the movie business around the world.
Nonfungible tokens (NFTs) and filmmakers who focus on cryptocurrencies could change the industry.
Some independent projects show how Web3 films are made, while others show how they are shared. Decentralized streaming shows how future community-based filmmaking and screening might work. Thanks to NFTs, the Film3 ecosystem will soon be ready for prime time. Even though the crypto industry is still new and has a lot of problems to work out, it should be regulated.
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Miguel Faus used the NFTs from his short film Calladita to pay for a feature film with the same name that cost $1 million. Faus used fiat to raise money for his 2019 short film. Today, he is trying to sell NFT bundles to help pay for the movie. “$950,000 is on the agenda. So far, sales of NFTs have brought in $650,000. Faus says that all money should come from NFTs.
Mark O’Connor, who was on a panel at Cannes, showed his first idea for Web3 distribution, the Stalker Movie Pack, during the film competition.
Stalker was made by O’Connor, who also directed it (2012). In 2014, the winner was put out on DVD in Ireland. O’Connor wanted the movie to be unbiased, so she didn’t put it out everywhere. After eight years and a thriving NFT ecosystem, O’Connor still owns the intellectual property and thinks this crowdfunded movie “will be the future of movie distribution.”
O’Connor says that controlling mental property is important. IP is often lost by Web2 filmmakers. Losing the rights to a movie means losing the money from it. O’Connor believes that the business uses a “waterfall system.”
When a movie comes out the old way, the theater gets 70% of the money and the distributor gets 15%. O’Connor also points out that there are sales agent fees and other costs. If a movie does well, the director may not get any of the money.
Faus told Magazine that filmmakers make their own intellectual property (IP) and do the hard work, and then they get hired as staff on their own projects. “Writers and directors like me start with an idea, come up with a concept, write a screenplay, make a movie, and direct it. However, we do all of this work for a corporation, producer, or funder who owns the movie, which isn’t always a great system.”
Faus thinks that Web3 filmmakers might benefit from community funding that is not centralized. When a group of people who agree with the movie backs it, it’s given the “green light.” Faus doesn’t have any studio executives or rich gatekeepers:
Filmmakers and their communities can decide together how to make money and use IP and film ownership in a strategic way.
Web3 theaters for movies?
Filmmakers who want full control over their intellectual property need a decentralized place to stream their projects, as well as a neutral technological solution that doesn’t try to make as much money as possible. CEO Mihai Crasneanu says that’s what Beem does. “You’ve got IP. “You have the keys, so you don’t need us,” Crasneanu tells Magazine.
There aren’t many ways to stream and distribute Web3 online. Crasneanu said that Beem was neither a platform nor a place to go on vacation. It’s a full set of tools that lets companies, content creators, and distributors build their own platforms. He said, “We’re not a platform because we’re not a place.” Beem still uses Web2 technologies, but Web3 content can be broadcast in HD. Creators can upload their films and show them live. Beem broadcast Web3 sessions from Cannes in real time.
Creators on platforms like Beem can use the tools to build online communities, charge followers in fiat or crypto to watch videos, and let group members with certain NFTs pass through a token gate. Beem’s clients are filmmakers, not moviegoers. In Web3 regions, a filmmaker and their team should be in charge of all sources of money. This is different from the “waterfall method,” in which they are paid last.
O’Connor believes that the business uses a “waterfall system.”
When a movie comes out the old way, the theater gets 70% of the money and the distributor gets 15%. O’Connor also points out that there are sales agent fees and other costs. If a movie does well, the director may not get any of the money.
Faus tells Magazine that filmmakers create their own intellectual property (IP) and do the hard work. After that, they become contract workers on their own projects. “Writers and directors like me start with an idea, come up with a concept, write a screenplay, make a movie, and direct it. However, we do all of this work for a corporation, producer, or funder who owns the movie, which isn’t always a great system.”
Faus thinks that Web3 filmmakers might benefit from community funding that is not centralized. When a group of people who agree with the movie backs it, it’s given the “green light.” Faus doesn’t have any studio executives or rich gatekeepers: Filmmakers and their communities can decide together how to make money and use IP and film ownership in a strategic way.
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