In a Cointelegraph interview, Jake Fraser, head of business development at Mogul Productions, highlighted the potential use of decentralized autonomous organisations (DAOs), in filmmaking as more people integrate Web3 technology into entertainment and production.
Fraser highlighted a deeper fan engagement when it comes to DAO use in films. Fraser cited the example of fan involvement in film production, including in choosing stories, creating scripts, and selecting the location. He explained that:
“DAOs are a key component of the film industry because they allow fans to be more involved in the decision-making process from script to screen.
Fan involvement can also be extended to nominating an actor or deciding the poster for the movie, according to Fraser. He said, “The possibilities are endless.”
In addition to DAOs, Fraser also talked about the role of other Web3 technologies such as crypto wallets, decentralized applications (DApps) and nonfungible tokens (NFTs). Fraser explained that wallets can be used to connect to DApps. This allows them to participate in the production process. You can also use NFTs to purchase tickets for a film premiere, or to acquire ownership of a movie.
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Executive believes that Web3 will make the organization structure of the film industry more flat. He stated that filmmakers and movie fans will be more equally rewarded for their creative and financial talents. This means that Hollywood’s big studios will be less important. Fraser said that:
Web3 tech will be used to solve problems like financing, governance and transparency in production budgets and revenue streams. It also allows for consumption of content, voting, and privacy.
Executive also pointed out that independent filmmakers have new fundraising opportunities through Web3’s film-focused Mogul Productions. He stated that he believes great stories must be told. “We are excited to use this technology to bring mainstream entertainment fans to the world of Web3,” said he.