Top 5 big Hollywood studios are reportedly in control of 80% of the box office revenue. That’s a considerable “centralized power.” But even Hollywood has not been able to avoid the awe of the Cryptoverse. Reportedly, cryptocurrencies are “empowering filmmakers and audiences outside of the traditional studio system.”
Sharing the news, cryptocurrency exchange Coinbase tweeted:
1/ What does Hollywood have to do with crypto?
— Coinbase 🛡️ (@coinbase) March 10, 2023
Right now, 5 big studios control 80% of box office revenue. That is some serious centralized power. Come along for a quick story about how crypto is empowering filmmakers and audiences outside of the traditional studio system…🧵 pic.twitter.com/QTq0divzBX
Writer, director, and NFT artist Julie Pacino has in recent years embraced the avenues offered for creators and filmmakers by web3, states Coinbase. Exploring “alternative ways of building communities and financially supporting new artistic visions,” per Coinbase, Julie, for her film, “I Live Here Now,” is exploring her NFT passion.
Julie, via web3 and NFTs, is reportedly exploring ways to “fund her movie and involve fans in the filmmaking process.” By doing so, Julie is reportedly marching towards a “world of moviemaking that doesn’t require studio support.”
Turning “early concept photos from her film into NFTs,” Julie incentivized buying the NFTs she created for fans. In that, Julie reportedly offered “special perks” to the fans buying her NFTs, even to the level of offering an “associate producer credit.”
The fans are even reported to have actively participated in shaping the story of the film. Julie says, “several holders have helped me with the creative, sharing their ideas.” Julie’s story and her novel experience with web3 and NFTs as a medium of decentralized funding is echoed across Hollywood.
Julie’s experience is an exemplary testimonial that NFTs are offering empowerment to filmmakers and fans, allowing them to shape their movies as per their vision. In that, empowered fans are able to fund the movies they find promising enough to become a reality.
