It was only a matter of time before cryptocurrency started to penetrate the different established industries. This is the case with technology, it affects everything.
Disruption can happen in two ways. Either something comes from outside the industry to completely take over or we see some within it embrace something that revolutionizes the way things are done.
Source
For Hollywood, at least in these early stages, the impact of cryptocurrency is going to be done by the later.
Changing Movie Financing
The Coppola family is one of the best known in Hollywood. Here is where we see the charge into cryptocurrency taking place.
It is starting with the idea of decentralizing the financing of films. This is something that should give a lot of smaller film makers a leg up while also bringing more people into that end of the business.
Presently, we see a situation which is dominated by major production houses that have the resources to throw large sums of money at a project. This is what creates major blockbusters since most ideas are barred from emerging. Simply, they do not get funded, hence die a rapid death.
The idea is to get more projects funded, expanding the offering that Hollywood puts out. Some of the best films come from the indie circuit yet they are still rather limited in number.
It also stands to reason that people will fund those projects they want to see. Hence, the investors are built in viewers. This is the social aspect of cryptocurrency we see emerging.
To be launch during the fall, 2021, the project has the objective of supporting independent filmmaking. Thus, it will be structured as a “democratic” film fund with an online community composed of fans, industry professionals, and others.
The project will leverage one of the crypto industry’s most valuable uses, the possibility of incentivizing a community to participate in a model to decide which films will receive funding. In that way, Roman Coppola and his partners seek to mitigate “one of Hollywood’s biggest problems”.
The fact that they are turning to cryptocurrency to solve one of Hollywood's biggest problems is showing the power of what is taking place. Many still feel cryptocurrency is a solution looking for a problem. The reality is that people just are not thinking hard enough about how to apply it.
That is all changing.
Decentralized Pictures’ ultimate goal is to cause a ripple effect across the film industry by supporting “underrepresented projects”. In turn, this will benefit and production companies, and others within this industry.
Thus, the interest for the organization is to have a transparent and auditable process to grant the funds. About using the underlying technology behind crypto, Matchett said:
You can read more about this project here and here.
Creating Money Out Of Thin Air
It is amazing what happens when people discover they can create money out of thin air. This is a premise that got a lot of attacks when central banks do it yet is rather overlooked in cryptocurrency.
The bottom lime is money is needed for expansion. What is being described here epitomizes how it is required. The difference is we are seeing a better distribution. Instead of the resources being locked up in the banking or financial sector, a project like this creates the money for an intended purpose.
Thus, it is logical to believe, if successful, the money will be directed at the problem it is looking to solve.
This is an example of how more money, properly directed, leads to an increase. Of course, the major studios are going to keep churning out their high cost films each year. However, through a project such as this, we will see the number of indie films increase in number.
We also could see new stars emerging. They will develop a following making for a nice community. As we are aware, communities have great power and are transitioning into economic models themselves. Therefore, the total growth in economic activity from just one successful indie film could be enormous.
This is how the Age of Abundance is emerging.
Ultimately, anything that people are interested in can be funded. In other words, cryptocurrency is the solution to most problems that exist out there. It is not looking for a problem to solve. Instead, it solves all of them, at least from a financial perspective.
Wherever a group of people see an issue, one that usually requires some form of financing, then the supporters of whatever the movement is have the ability to fund it.
The Coppola family connected the dots very well. Here is something that is a major problem in Hollywood and cryptocurrency is the solution.
Cryptocurrency Is Not A New Asset Class
Many claim that cryptocurrency is a new asset class. They view it as another investment vehicle, similar to stocks and bonds. This is logical since most approach it like the Wall Street casino. We see this evidenced by the talk of "mooning" and "Lambos".
However, this is much bigger. The reality is that everything will become cryptocurrency. The Tokenization of Everything is about to kick off. This one project seeks to decentralize film financing. Others will address other areas.
Cryptocurrency is going to replace stocks, bonds, partnership shares and a host of other financing mechanisms. It will also be, however, the foundation for the Metaverse. Whatever reason for people to collaborate, that will end up being tokenized.
We are seeing a replacement for the entire global economic system. It will take years for the transformation to occur yet we are seeing the beginning stages.
Cryptocurrency is a tool through which people can approach their different problems. Hence, the solution in comes in what people apply it to, not in its inherent existence.
The reality is that cryptocurrency is not only going to take over Hollywood. Instead, it will take over everything.
Quotes above from article linked
If you found this article informative, please give an upvote and rehive.
gif by @doze
logo by @st8z