Decentralized film financing platform Mogul Productions recently announced their next big step towards decentralizing the entertainment world.
Mogul Productions is an Ethereum-based NFT film and film financing platform that has made great strides towards creating transparency in the film industry. By merging blockchain technology with the film industry, Mogul Productions aims for a future where the decision-making power is in the hands of the fans who are the backbone of the industry.
In what could be the biggest step towards that goal, Mogul Productions recently unveiled the very first list of films that will go through the decentralized voting process. The project selected these three films from a pool of 500 applicants on the basis of the platform’s main selection criteria. As for the criteria, films must have 50% of their total funding in place, A-List on-screen talent, experienced directors and producers, impending distribution deals, and a commercially attractive screenplay to qualify for. the vote.
The holders of the native STARS token of Mogul Productions will exercise, for the first time, their voting power on the three films selected and will finalize the one to receive the funding. Each of the shortlisted films is represented as NFT on the Mogul Productions platform. Through a Mogul-led voting campaign, each project will present itself to STARS holders and announce additional details, such as key cast members, confirmed cast, to help them choose the best from different options.
This is the very first time in the history of the entertainment industry that fans will be able to manage the financing of Hollywood films. The best part is that voters will receive 50% of the profits of the chosen film, prompting them to make the best decision possible.
The vote is expected to take place from August 5 to August 19, 2021, on the three films chosen –
Terminal Station (Philip B. Goldfine, Keoni Waxman): an unofficial sequel to Netflix’s Top 10 hit “The Hard Way” where “John Wick” meets “Reservoir Dogs”, MR-9 (Asif Akbar, Binh Dang): based on a Bangladeshi book series similar to James Bond, MR-9 is planning to be the next spy thriller franchise, Devilreaux (Thomas Churchill): a horror film showing strong production and distribution experience and potential for ‘heritage.
Although this is the very first vote on the platform, it is the second time that Mogul Productions has funded a film. As a proof of concept for their platform, Mogul previously funded a film called Bonded which is now in post-production.
To avoid a situation where the whales on the platform manipulate voting decisions, Mogul follows a quadratic voting style. Here, the more tokens a person has, the less their voting credits will be. This means that smaller holders actually have more voting power, thus eliminating any risk of monopoly.
Changing the power dynamics of the film industry
We are all aware that the film industry is quite opaque. All of its scripting, casting, production and distribution operations are carried out behind closed doors. We, the fans who play a key role in the success of the industry, have little or no say in its operations.
The power to make crucial decisions rests with the top few production houses and we have no choice but to watch the films they produce. As a result, talented actors are ignored, interesting scripts are wasted, and promising artists never blossom. This is where Mogul Productions can create a twist and straighten things out.
By leveraging blockchain technology and letting fans vote on projects, the platform is shifting the power dynamics of the industry from top players to fans. Fans choose the scripts they find promising and Mogul Productions funds them.
Mogul Productions claims that a decentralized way of selecting and funding films can open new doors and dimensions in the entertainment world. Creators will be able to leverage the power of the platform, build an audience base and bring their stories to life. Financiers will be able to benefit from the transparency of the blockchain. Above all, fans will be able to choose the scripts of their choice and become an active part of the filmmaking process.
Is the future of cinema decentralized?
With platforms like Mogul Productions bringing fans into the decision-making process, we could very well be heading into a future where the media and entertainment industry is fully decentralized. Everyone in the industry, from writers and producers to fans, will gain access to a fair gaming platform where they can share ideas as well as profits.
This very first blockchain-based vote by Mogul Productions could be a crucial turning point and a way to gauge how decentralization resonates with the masses.