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Web3 film funding platform Decentralized Pictures has announced the launch of a blockchain-based application to sponsor film projects.
The service is set to launch May 20, during the Cannes Film Festival, company officials said. The app is to be launched at the same time as the documentary film competition, which Decentralized is going to sponsor together with the Gotham Film & Media Institute.
The platform works on the same principle as Decentralized Autonomous Organizations (DAOs). Filmmakers will be able to post their projects by paying a small commission in their own FILMCredits tokens. If users like the finished product, they will be able to earn tokens – the community will be able to vote for the project 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 portion 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 around the world to submit their work to 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 blockchain will play an important role in every stage of the production process. This studio, according to the developers, should become a set of applications that support both independent and under-sponsored filmmakers.
As a reminder, Hollywood director Steven Soderbergh previously established the Andrews/Bernard Award on the Decentralized Pictures platform and donated $300,000 to launch a grant for young filmmakers.
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