Blockchain was initially known for being the underlying technology of Bitcoin but right now it is finding applications much more than just being that, from feeding digital kitties to funding films. Blockchain-based funding can radically change the financing of creative projects, which includes film projects too.
It is now possible to fund projects that might have otherwise been turned away by Hollywood studio executives. We have already seen the democratization of the entertainment industry and the weakening of Hollywood’s control. We’ve seen the rise of independent studios, and smaller platforms like Netflix coming out of nowhere and taking center stage with their original productions, as well as untouchables, such as Harvey Weinstein, finally being held accountable for their actions. All of this spells a huge change in how film and television are being made, and we’re seeing a significant decline in the influence that large, top-down studios have.
Upcoming Cryptocurrency Financed Films
Tribeca is premearing psychological thriller, Briad. The Braid tokens sale on the Ethereum Blockchain raised $1.7 million in two weeks. “BRAID” director Mitzi Peirone is one of the panelists at a special Tribeca Talk on April 23 entitled “Future of Film — Blockchain: Can Blockchain breed blockbusters?” Other panelists include Peter Guglielmino, CTO for IBM’s Media & Entertainment Industry and Daniel Hyman, VP of Entertainment Finance and Development.
Another famous cryptocurrency financed project is HardFork, a television series set in a dystopian future where cryptocurrency and augmented reality rule. They had raised the funding on Steemit.com, a cryptocurrency-backed social media platform where artists earn money for content they post.
There are multiple projects that are exploring the new way of financing, but what does this new paradigm hold for the future of filmmaking industry, is a question which has no right answer at this infancy stage of the technology.