Getting to Web 3
Web1 is an era of the internet where people could post content and it could be consumed by others. Web 2.0 is the era of the social internet or the web as a platform, but where large companies owned all of the data being posted on them, combining mobile, social and cloud computing.
Web3 is the ownership and collaboration economy. Web 3.0 are virtual business models, or places parallel to our physical world, built upon the core concepts of decentralization, openness, trustless networks, powered by encrypted, accountable distributed ledgers, where you can own and monetize your own content directly with a community or network. It combines various tech like AR and VR to create centralized virtual spaces where people can meet, work and play.
Film3 is the filmmaking version of Web 3.0.
If Film 1.0 represented the era of making more movies and hoping they get consumed, and Film 2.0 represents the consolidation of the studios and everyone generally having to go through them and their distribution channels to get a movie project greenlighted, then Film3 is where the economy of Web 3.0 melds with filmmaking. It represents ownership and monetization of your own content without needing big studios to get a film produced and distributed through Decentralized Film Financing (DeFiFi) which also includes NFTs.
Film3 infrastructure is taking place online. It is the immersive experience of filmmaking in blockchain and metaverse spaces. The newest layers of the entertainment industry are being built online. Production companies, film companies, streaming platforms, financing, advertising and more aspects of the filmmaking process are on the internet in a more transparent way.
Filmmaking has become very Hollywood-centric and cliquey. Only a few key decision makers act as gatekeepers for content. Studios run the show in terms of determining what content goes out because they’ve become more vertically integrated and have lots of cash.
Film financing structures are expensive, inefficient and restrictive. It enhances the power imbalance between distributors and indie films.
There’s a lack of funding access for indie films. Budget standards exist in silos. There is poor market data for international sales. Even for key decision makers, there is a lack of information regarding support for what types of film the fans actually wish to watch and engage with? Post production is a lengthy process, often occurring without fan participation or even fan awareness.
Film3 solves the power imbalance.
Bottom-up design
Film3 is being developed in full view of everyone, encouraging maximum participation and experimentation.
New ways of financing are igniting new trends for indie filmmaking. Too many great potential films don’t get made, due to the studios powers making it difficult for the little guys, including indie filmmakers and movie fans, to have their voices heard.
That all changes with Film3.
With Film3, movies are made with the fans.
For filmmakers that were struggling to get financing or to launch their story into the market, Film3 fills a gap.
The whole premise of Film3 is to enable filmmakers to get their stories turned into cinematic releases. Film3 pioneers offer movie fans a piece of the action on movies they want to support. Through Film3, the fanbase is part of the film production. They become a force in the decision making process.
A film’s net proceeds can be distributed back to the fanbase community, via a blockchain smart contract. The modern movie fan is part of a collective that lets their voice be heard, both online and off. They mobilize and fight for what they are passionate about, to the point that real changes get made to Hollywood projects.
Film3 is built by innovative groups and partners upon the notion of decentralization, transparency, and greater user utility for fans, collectors and filmmakers.
Arabian Camels is the first NFT community to create a $50M DeFi Hollywood movie which is owned together with everyone via NFTs.
First dropped in 2021, the Arabian Camels collection helped lay the foundation for IP from the upcoming feature film Antara. NFT holders can get acting parts in the film, access to the film’s premiere, and part-ownership of the movie, enabling them to partake in box office and streaming revenues. The community is also eligible to earn a yield on their NFTs during production.
The vision behind Arabian Camels is to create a whole new platform and ecosystem where creators, producers, digital artists, and communities can collaborate to create something special for movie lovers.
The Film3 landscape currently consists of subcategories
Decentralized Production Companies
Crowdfunding
Virtual Cinemas
Film/Series using NFTs
Film related platforms
Film related DAOs
NEARVERSE fits in the Virtual Cinemas subcategory. They partner with Film3 communities to scale metaverse development in virtual cinemas and user engagement. NEARVERSE is a metaverse focused on empowering artists, and provides the ability for every player to earn through exploration, by giving options to create epic lands and interactions thus enabling users to embark on a new journey within a thriving metacommunity.
Mogul Productions is a leader in all Film3 subcategories.
Filmmakers use Mogul as a platform to launch their movie campaigns. Mogul and its partners establish product lines to connect movie-makers with fans to decentralize the filmmaking process and provide better fan engagement opportunities.
Mogul partners with artists, filmmakers, actors, and other entertainers to provide an end-to-end solution for minting and launching their own NFT collections through their marketplace. They are an immersive and inclusive platform transforming how movies and other forms of art and entertainment get funded by allowing members of its expansive community to participate in the production process like never before.
Projects are greenlit through a combination of voter staking, NFT film memorabilia sales, private funding, and film funds.
From script to screen, Film3 has 3 pillars.
- Decentralized Film Financing platform (DeFiFi)
- NFT marketplace
- Metaverse
DeFiFi Platform
Indie filmmakers are able to get their movies financed by incentivizing from their fans. Crypto-based decentralized platforms allow fans to participate in the box office revenues, conduct voting and governance on key film decision aspects, plus reward users through voter staking and other incentives. It brings a whole new level of movie promotions along with the financing.
NFT Marketplace
Utility based NFTs are designed to create incentive structures by bringing fans closer to the action via different forms of experiential utility and behind-the-scenes access. Independent filmmakers can monetize NFTs during the pre-production and production phases of filmmaking as a means of funding their work.
A few examples of utility-based NFTs could be getting producer credits on a film or getting access to behind-the-scenes content. It could be meeting a lead actor for facetime, or one-of-a-kind film memorabilia or invitations to exclusive events like red carpet premieres.
Experience Hollywood in the Metaverse
Social trends are changing. During the Film 2.0 era, going out to the movies was a large social pastime. It still is. Yet, with streaming services and now home movie watching, the pastime has lost a lot of what it once had. The Metaverse has the ability to bring that back
Mogieland is Hollywood in the metaverse. It is a Film3 digital reality that combines aspects of social media, augmented reality (AR), virtual reality (VR) and cryptocurrencies to allow fans and other users to interact virtually. Visual elements are overlaid with sounds, CG, and other inputs to enhance the user experience and enhance fictional realities.
Users from around the world can host and attend digital movie premieres.
They can…
- Go to movie premieres and red carpet events
- Mingle with film and entertainment creators plus get behind-the-scenes looks
- Attend meet and greets with the stars
- Attend first screening viewings of films
- Watch movies with tickets paid for in tokens
- Enjoy hangout areas with other cinema lovers in VR environments to discuss all things entertainment
- Attend concerts
- Attend fashion shows
- Buy NFT’s from virtual stores
- Own, build, rent and use land for Film3 commerce.
- Own iconic pieces of Hollywood transformed in Mogieland
- Show off your virtual style by wearing your own NFT fashions
- Play to earn in Studio City
Introducing the Film3 lifecycle.
Through decentralized applications
- Filmmakers can launch their Intellectual Property (IP) to a dedicated audience via DeFi and NFTs.
- Financing and payment distribution is handled through smart contracts, providing access to global non-dilutive capital.
- Incentivized engagement is used to build a fanbase, and de-risk distribution. Exclusive film content is issued to fans through NFT smart contracts.
- Smarter data using built-in fanbases drive decisions across entire slates.
To summarize, Film3 is the next generation of media, disrupting legacy models by utilizing blockchain technology and the power of digital communities. By eliminating the many layers of middlemen between artist and audience, revenue can be distributed across a flat organizational structure.
Film3 gives independent filmmakers unprecedented access to financing; offers them greater creative control over their projects; allows them to leverage their audience and industry connections in new, revolutionary ways; and creates a more equitable financial model that benefits creators before creditors.
