What happened?
Hollywood, known for its traditional film industry model, is facing new challenges as filmmakers struggle with maintaining control over their data, intellectual property rights, and revenue streams. A shift towards streaming has also impacted movie theater attendance and allowed major corporations to dominate data control, affecting creator profits. The potential solution lies in blockchain technology, which can enable movies to be tokenized as NFTs and facilitate a transparent system for managing data.
Who does this affect?
This development primarily affects filmmakers, who are seeking to retain creative control and monetization opportunities that have been diminished by the rise of streaming services. It also impacts fans and audiences, who now have the chance to influence which projects get funded and participate in the financial success of these films through platforms like “Watrfall.” Additionally, the broader film industry and traditional distributors may experience shifts in power dynamics as blockchain adoption grows.
Why does this matter?
The introduction of blockchain into Hollywood could significantly alter the market by decentralizing film production and distribution, potentially empowering creators and disrupting established corporate structures. By using tokens and decentralized protocols, projects can directly secure funding from communities, bypassing traditional financing and distribution models. This could lead to more diverse and innovative content, engage grassroots audiences, and ensure more equitable profit sharing across all parties involved, from creators to fans.