How can DAOs engage fans in filmmaking? Expert Answers
- Susan G. Hall
- on Aug 18, 2022
As more people begin to integrate Web3 technologies into entertainment and production, the use case for Decentralized Autonomous Organizations (DAOs) in film was highlighted in a Cointelegraph interview with Jake Fraser, Head of commercial development of the movie-focused blockchain project Mogul Productions.
When it comes to the use of DAO in movies, a deeper level of fan engagement was highlighted by Fraser. As an example, the exec highlighted fan involvement in the production process, such as creating the script, choosing the stories, and choosing the location. He explained that:
“DAOs come into play in the film industry by allowing fans to be more involved in decision-making throughout the script to on-screen filmmaking process.”
Other than that, fan involvement can even be extended to nominating a lead actor for the role or deciding the movie poster according to Fraser. “The opportunities are endless,” he said.
In addition to DAOs, Fraser also discussed the role of other Web3 technologies such as crypto wallets, decentralized applications (DApps) and non-fungible tokens (NFTs). Fraser explained that people can use wallets to log into DApps, allowing them to be involved in the production process. Additionally, NFTs can be used as tickets to a movie premiere or as a way to acquire ownership of a movie.
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The executive also believes that the organizational structure of the film industry will become flat as Web3 becomes more integrated. He explained that creative and financial power will be distributed more evenly between filmmakers and moviegoers. This leads to less dependence on major Hollywood studios. Fraser added that:
“Web3 technology will be used as an innovative way to solve old problems such as funding, governance, transparency of production budgets and revenue streams, content consumption, voting and privacy.”
The exec also pointed out that through their film-focused project Mogul Productions, new fundraising avenues have opened up for independent filmmakers via Web3. “We believe great stories should be told and are excited to leverage this technology to bring mainstream entertainment fans into the world of Web3,” he said.