Mogul Productions to Conduct the First Ever Blockchain-based Voting for Film Financing
July 22 2021 - 12:00PM
NEWSBTC
Decentralized film financing platform Mogul Productions recently
announced its next big step towards decentralizing the world of
entertainment. Mogul Productions is an Ethereum based film
financing and movie NFT platform that has taken great strides
towards creating transparency in the film industry. By merging
blockchain technology with the film industry, Mogul Productions is
aiming for a future where the power of decision-making lies in the
hands of fans who are the foundational element of the industry. In
what could be the biggest step towards this goal, Mogul Productions
has recently unveiled the first-ever slate of films that will go
through the decentralized voting process. The project selected
these three films from a pool of 500 submissions based on the
platform’s core selection criteria. As for the criteria, the films
must have 50% of their total financing in place, A-List on-screen
talent, experienced directors and producers, distribution deals
imminent, and a commercially appealing storyline to qualify for
voting. Holders of Mogul Productions’ native token STARS will, for
the first time, exercise their power to vote on the three selected
films and finalize the one that must receive the funding. Each of
the shortlisted films is represented as an NFT on the Mogul
Productions platform. Through a Mogul-led voting campaign, each
project will present itself to the STARS holders and announce
additional details, such as key cast members, confirmed
distribution, to help them choose the best among different options.
This is the first-ever time in the history of the entertainment
industry that fans will get to govern the financing of Hollywood
films. The best part is that voters will get 50% of the profits the
chosen film makes, incentivizing them to make the best possible
decision. The voting is expected to occur from August 5 to August
19, 2021, on the three chosen films — Terminal Station (Philip B.
Goldfine, Keoni Waxman): an unofficial follow up to the Top 10
Netflix hit “The Hard Way” where “John Wick” meets “Reservoir
Dogs”, MR-9 (Asif Akbar, Binh Dang): based on a series of
Bangladeshian books akin to James Bond, MR-9 projects to be the
next franchise of spy thrillers, Devilreaux (Thomas Churchill): a
horror film showing strong production experience and distribution
and legacy potential. Although this is the first-ever voting on the
platform, it is the second time that Mogul Productions is financing
a film. As a proof-of-concept for their platform, Mogul previously
financed a film called Bonded that is now in post-production. To
avoid a situation where whales on the platform manipulate voting
decisions, Mogul follows a quadratic voting style. Here, the more
tokens a person holds, the lesser will be their voting credits.
This means that small-scale holders actually have larger voting
power, eliminating any risk of monopoly. Shifting the Film
Industry’s Power Dynamics We’re all aware of the fact that the film
industry is quite opaque. All of its operations from scripting,
casting, production, and distribution are done behind closed doors.
We fans who play a key role in the success of the industry have
little to no say in its operations. The power of making crucial
decisions lies with the top few production houses and we have no
choice but to watch the films they churn out. This results in
talented actors getting ignored, interesting scripts going to
waste, and promising artists never flourishing. This is where Mogul
Productions can create a twist and straighten things up. By
leveraging blockchain technology and letting fans vote on projects,
the platform shifts the power dynamics of the industry from the top
players to the fans. Fans choose the scripts they find promising
and Mogul Productions funds them. Mogul Productions claims that a
decentralized way of selecting and financing films can open new
doors and dimensions in the world of entertainment. Creators will
be able to leverage the power of the platform, create an audience
base and bring their stories to life. Financiers will be able to
benefit from blockchain transparency. Fans above all will be able
to choose scripts of their choice and become an active part of the
filmmaking process. Is the Future of Films Decentralized? With
platforms like Mogul Productions bringing fans into the
decision-making process, we could very well be headed towards a
future where the media and entertainment industry is fully
decentralized. Every player in the industry from writers and
producers to fans will come onto a level playing platform where
they can share ideas as well as profits. This first-ever
blockchain-based voting by Mogul Productions could be a crucial
turning point and a way to assess how decentralization resonates
with the masses.
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024