Roman Coppola, a member of one of Hollywood’s most important and influential families, has co-founded a decentralised film financing platform, based on blockchain technology.
Roman, and his illustrious sisters, Gia and Sophia, who are on the company board, aim to use the blockchain-powered platform to decentralise the film financing process, which they hope will lead to the discovery and support of many underrepresented filmmakers.
How Will the Platform Work?
In many ways the platform is similar to other crowdfunding websites like Kickstarter and Indiegogo, however, Decentralized Pictures (DCP) has the advantage of being purpose-built for discovering and creating film projects, offering not just finance but development support and guidance.
DCP is built to democratize film financing and development. Anyone can upload their project proposal — anyone can vote. Our platform community decides which projects are the most deserving of financing, support, and/or white glove mentoring throughout the life cycle of the film. Runners-up are rewarded with studio and agency introductions. The ethos of this decision-making process is to democratize support for the arts in a collaborative fashion.
Decentralized Pictures Medium Article
At the heart of the platform will be DCP’s own cryptocurrency token. Creators will pay a submission fee using this token, which, through the use of smart contracts, will be used to pay other members of the community for giving feedback on projects. Initially, Decentralized Pictures will select the winners of each round from the projects that receive the most votes, but eventually this selection process will be made entirely by the community.
The blockchain-powered web platform is currently in beta testing through the USC School of Cinematic Arts and the Ghetto Film School. DCP is hoping to make the platform available to everyone by the end of the year.
Learn more by watching the Fireside Chat with Roman Coppola and Leo Matchett.
Exciting Implications For All Artists
The idea of a platform that democratises financing and development could have huge, exciting implications for all artists. The current systems in place for most artistic industries are hugely centralised.
The majority of all art and entertainment comes from movie studios, game studios, television stations, publishing houses, and record labels. The content produced is largely based on what these companies believe will profit the most.
Many novelists, filmmakers, game designers, and musicians could benefit from this new type of platform that gives the power back to the people to decide for themselves what they want to see, play, read, and listen to.
The entertainment industry, especially Hollywood is definitely taking notice of crypto, with several studios setting up their own NFT platforms, and the release of the first NFT blockbuster, Zero Contact, starring Anthony Hopkins.
The Ethereum documentary, Ethereum: The Infinite Garden, recently raised $US 2.3 million in ETH through crowdfunding and NFTs.
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