Coppola family leads crypto project to decentralize film funding
The adoption of crypto appears to be spreading rapidly to the general public, and the film and entertainment industries are taking note. By a report by IndieWire, the famous Coppola family of films are leading a project that could change the way film projects receive funding.
Established as a non-profit organization, Decentralized Pictures was co-founded by Roman Coppola, Leo Matchett and Michael Musante. The project’s board is headed by renowned filmmakers Sofia and Gia Coppola.
Launched in the fall of 2021, the project aims to support independent cinema. Thus, it will be structured as a “democratic” film fund with an online community made up of fans, industry professionals and others.
The project will take advantage of one of the crypto industry’s most valuable uses, the ability to get a community to participate in a model to decide which films will receive funding. In this way, Roman Coppola and his partners seek to alleviate “one of Hollywood’s biggest problems”.
Co-founder Michael Musante told IndieWire the following:
In a sense, it is a democratically selected film fund. Instead of an executive boardroom, it’s our community that decides, gives feedback and tells people what they like.
The ultimate goal of Decentralized Pictures is to create a ripple effect in the film industry by supporting “under-represented projects”. In turn, this will benefit production companies and others within this industry.
Thus, the interest for the organization is to have a transparent and auditable process for granting funds. Of the use of the underlying technology behind the crypto, Matchett said:
We are going to give significant amounts of money and support, and we want our community to trust the process. It is therefore very important to have all the voting data (the blockchain) with signatures validated by each person who gave their opinion, it is verifiable and immutable.
How Crypto Could Help Hollywood Underdogs
The co-founder of Decentralized Pictures said anyone will be able to join the project. In order to fully participate, users will need to complete a Know Your Customer (KYC) process.
In addition to meeting their regulatory requirements, this part of the process is necessary to ensure that everyone on the platform is a “real person”.
Decentralized Pictures will have its own native crypto, called FILMCredits. They will be awarded to members of the community for participating in selecting new projects to support, evaluating them, organizing talent, and choosing potential films that will be successful.
FILMCredits allows DCP to make interacting with its platform fun, even lucrative for those who devote the time to it. The more a user participates, the more FILMC credits they can earn. Daily quizzes and games also allow you to playfully test your knowledge of cinema and win!
In this way, the Coppola family and its partners will reduce operational costs for production companies and agencies, and facilitate the entry of new talent into this industry.
According to official media Publish, Decentralized Pictures has deployed its own blockchain in a beta phase, called T4L3NT Network. Users who create an account can start “mining” the crypto and earn FILMCredit. The DCP app will be launched later this year.
At the time of writing this article, Ethereum is trading at $ 49,297 with a 2% profit in the daily chart.