Mogul Productions is an Ethereum-based film funding and non-fungible token (NFT) platform that has made significant progress in bringing transparency to the film industry.
Mogul Productions is aiming for a future where the power of decision-making belongs in the hands of fans, who are the industry’s core ingredient, by combining blockchain technology with the film business.
Mogul Productions just revealed the first-ever slate of films that will go through the decentralized voting process, which could be the most significant step toward this aim.
Based on the platform’s main selection criteria, the team chose these three films from a pool of 500 applications.
To be eligible for voting, the films must have 50 percent of their total funding secured, A-List on-screen stars, experienced directors and producers, forthcoming distribution arrangements, and a commercially enticing storyline.
For the first time, holders of Mogul Productions’ native token STARS will be able to vote on the three selected films and determine which one will receive funding.
On the Mogul Productions platform, each of the shortlisted films is represented as an NFT. Each project will promote itself to STARS holders and release further specifics, such as important cast members and confirmed distribution, through a Mogul-led vote process, to enable people to choose the best option among multiple options.
This is the first time in the history of the entertainment industry that fans will have a say in how Hollywood movies are funded.
The best part is that voters will receive 50% of the earnings generated by the picked film, motivating them to make the best decision possible.
Voting on the three selected films is expected to take place between August 5 and August 19, 2021
Terminal Station (Philip B. Goldfine, Keoni Waxman): an unofficial follow up to the Top 10 Netflix hit “The Hard Way” where “John Wick” meets “Reservoir Dogs”, MR-9 (Asif Akbar, Binh Dang): based on a series of Bangladeshian books akin to James Bond, MR-9 projects to be the next franchise of spy thrillers, Devilreaux (Thomas Churchill): a horror film showing strong production experience and distribution and legacy potential.
Despite the fact that this is the platform’s first voting, Mogul Productions is funding a film for the second time. Mogul previously financed a film called Bonded, which is currently in post-production as a proof-of-concept for their platform.
Mogul uses a quadratic voting system to avoid situations where whales on the site manipulate vote decisions. The more tokens a person has, the lower their voting credits will be.
This means that small-scale owners have more voting power, removing any potential for monopoly.
We’re all aware that the film industry is notoriously opaque. All of its operations are conducted behind closed doors, including authoring, casting, production, and distribution.
We, the fans, who play such an important role in the industry’s success, have little to no influence on how it operates.
The top few production houses hold the authority to make critical decisions, and we have little choice but to watch the films they produce.
As a result, excellent actors are overlooked, intriguing scripts are squandered, and prospective talents are never realized. This is where Mogul Productions can add a twist to things while also straightening them out.
The platform moves the power dynamics of the industry from the top players to the fans by utilizing blockchain technology and allowing followers to vote on initiatives.
Fans vote on the scripts they think have potential, and Mogul Productions sponsors them.
Mogul Productions claims that a decentralized way of selecting and financing films can open new doors and dimensions in the world of entertainment.
Creators will be able to leverage the power of the platform, create an audience base and bring their stories to life. Transparency on the blockchain will benefit financiers.
Fans above all will be able to choose scripts of their choice and become an active part of the filmmaking process.
With platforms like Mogul Productions bringing fans into the decision-making process, we could very well be headed towards a future where the media and entertainment industry is fully decentralized.
Every player in the industry from writers and producers to fans will come onto a level playing platform where they can share ideas as well as profits.
This first-ever blockchain-based voting by Mogul Productions could be a crucial turning point and a way to assess how decentralization resonates with the masses.
