The resources of Hollywood studios are severely limited, which does not allow them to consider most ideas and projects – blockchain can fix this, says the head of Decentralized Pictures.
Decentralized Pictures (DCP) CEO Leo Matchett said blockchain-based voting could open many of Hollywood’s well-guarded doors to new market entrants. Together with film director Roman Coppola, the DCP CEO co-founded the non-profit organization DCP.
“We can use blockchain to empower artists, find new creators, and create great content. Now our company is not trying to replace the system that has developed in the film industry. But we try to go side by side and reach the same heights, only with the help of other tools. Perhaps in the future we will be able to boast similar results,” said Matchett.
Earlier, Decentralized Pictures announced the launch of a blockchain-based application for sponsoring film projects. The platform operates as a decentralized autonomous organization (DAO) where filmmakers can post their work and users can vote on their favorite projects, which can then be funded. All this works on the company’s own tokens.
However, Decentralized Pictures has a board of directors that manages the entire venture and reviews the projects that get voted on.
According to Matchett, Hollywood has an obvious problem: most studios and production companies simply reject a huge amount of material and ideas that are sent to them, because the development departments are relatively small and the influx of content is endless. Therefore, they prefer to take something known and proven. Decentralized Pictures, on the other hand, invites the viewers to choose their favorite projects.
In April, Hollywood director Steven Soderbergh donated $300,000 to Decentralized Pictures (DCP), saying it was one of his experiments and he was interested to see if blockchain film funding would work.
Source: Bits
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