Web3 movie funding platform Decentralized Pictures has announced the launch of a blockchain-based application for funding film projects.
The service is going to be launched on May 20, during the days of the Cannes Film Festival, company representatives said. The app is to be launched at the same time as the documentary competition that Decentralized is going to sponsor with the Gotham Film & Media Institute.
The platform works on the same principle as decentralized autonomous organizations (DAOs). Filmmakers will be able to list their projects by paying a small fee in FILMCredits own tokens. If users like the finished product, they will be able to earn tokens – the community will be able to vote for a project that they think is worthy of funding.
The Decentralized Pictures Foundation (DCP) was founded by director and producer Roman Coppola and members of Francis Ford Coppola’s American Zoetrope production company. The foundation is a non-profit organization and receives only a fraction of the profits from successful films funded by the platform that distributes the grants.
“After years of hard work, we are finally opening our doors to the community and inviting independent filmmakers from all over the world to submit their work on our platform for a chance to bring their ideas to life,” Coppola said.
The ultimate goal of the project is to become a self-sustaining film fund. The creators of the platform want the project to become a “virtual studio” in which the blockchain will play an important role at every stage of the production process. This studio, according to the developers, should become a set of applications that support both independent and under-funded filmmakers.
Earlier, Hollywood director Steven Soderbergh launched the Andrews/Bernard Award on the Decentralized Pictures platform and donated $300,000 to launch a grant for young filmmakers.
