Blockchain in Hollywood: Family of director F. F. Coppola uses technology to support independent filmmaking
Blockchain in Hollywood: Family of director F. F. Coppola uses technology to support independent filmmaking By Hannah Perez

Director Francis Ford Coppola’s family of filmmakers is launching a democratic, blockchain-based film curation platform that aims to open new doors for independent productions. Blockchain that seeks to open new doors for independent productions.

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Blockchain

technology is becoming

Hollywood’

s latest star thanks to an initiative led by the family of acclaimed film director Francis Ford Coppola.

Renowned screenwriter and film producer Roman Coppola, son of the award-winning director of ‘The Godfather‘ to name one of his most iconic films, is driving an initiative that leverages blockchain

technology to support independent filmmaking.

Co-founded by Roman Coppola, Decentralized Pictures is a non-profit organization that this year will launch a Blockchain-based platform aimed at discovering and supporting underrepresented film artists. Tech and entertainment veteran Leo Matchett and American Zoetrope executive Michael Musante, are also among the project’s co-founders.

The initiative is also led by a board that includes successful director Sofia Coppola, daughter of the veteran director and known for such productions as Lostin Translation

, and her niece, young director Gia Coppola, granddaughter of Francis Ford Coppola.

The Coppolas bring Blockchain

to film According

to the project’s official website, Decentralized Pictures

is set to revolutionize the traditional financing scheme that has been used for years within the film industry.

Based on the technology behind cryptocurrencies, the platform will work through the consensus

of a community of filmmakers, producers and fans of the seventh art to decide which projects deserve funding. The organization’s mission is to be able to support independent, marginalized and underprivileged filmmakers.

The project will also have its own native cryptocurrency: FILMCredits, which will facilitate the operation of a transparent curation platform and an autonomous rewards system. The digital token will be used to reward contributors, who will be in charge of reviewing scripts, films and even talk to filmmakers to vote for their pref content.

erence. Thus, it will be the community that chooses which films are produced and released.

This is a democratically selected film pool,” Musante explained in an interview with IndieWire. The co-founder added that the platform will offer a new key to the industry, which has historically been “in the hands of Hollywood gatekeepers,” and will help empower a new generation of artists.

Instead of a boardroom of executives, it’s our community deciding, giving feedback and telling people what they like.

The community votes and chooses the films

As reported by IndieWire, filmmakers will be able to submit their projects to the platform to compete for funding. Financial deals may include a network of partners, including production companies, agencies and management firms.

But in addition, creators will also be able to take advantage of the platform to compete for awards from other organizations, as well as non-monetary prizes such as mentorship or representation.

Along these lines, Matchett explained to the media outlet that anyone will be able to join the community and vote on film projects, but a reputation system will weigh the opinions of those with a track record of success in the industry more than others. Other members will also have the opportunity to improve their scores by setting a pattern of voting on projects that become successful.

The co-founder also detailed some of the benefits of using Blockchain as the underlying technology. “Having all the voting data on (the blockchain) with signatures validated by every single person who has contributed their opinion is very important, it’s auditable and immutable,” Matchett said.

According to the report, the platform is currently in the testing phase, with members from the Ghetto Film School and USC’s School of Cinematic Arts. Meanwhile, initial funding for early-stage development is coming from selling tokens to friends, family and other investors. Decentralized Pictures then plans to hold a public sale of the tokens; and they expect the platform to launch before December of this 2021.

Revolutionizing Hollywood

Descentralized Pictures ‘ vision is inspired by that of the American Zoetrope (AZ) film studio, which Francis Ford Coppola himself founded in 1969 with a mission to create a space where the creative minds of young filmmakers could flourish.

In this regard, the organization has something unique and valuable within the industry that distinguishes it from other similar projects: the vote of confidence from one of Hollywood’s most influential family groups.

The Coppola’s are now paving the way for the technology’s entrance Blockchain to Hollywood, a route whose horizon appears to hold a major transformation for the entertainment industry.or as we know it. Though the founders of Decentralized Pictures believe that, rather than disrupting, the technology is a new and complementary tool for filmmaking.

Let’s just say that talent discovery systems, agencies and status quo managers are all sharing a highway,” Matchett said, adding, “We’re trying to get to the same place, but we’re building a new highway:

We’re trying to get to the same place, but we’re building a new highway next to it and we’re telling those guys, ‘Don’t worry, we’re not trying to disrupt your system, but maybe the people we discover will end up working with you in the future.

The announcement about the Coppola’s upcoming release comes as other Hollywood notables, including actors Anthony Hopkins and Mila Kunis, are promoting their own projects based on Blockchain.

Recommended Reading

Sources: IndieWire, Decentralized Pictures, archive

Article by Hannah Estefania Perez / DiarioBitcoin

Image from Unsplash