Decentralized film financing platform Mogul Productions recently announced its next big step towards decentralizing the entertainment world.
Mogul Productions is an Ethereum based film financing and movie NFT platform that has taken a lot of steps towards creating transparency in the film industry. By merging blockchain technology with the film industry, Mogul Productions is aiming for a future where decision-making power rests in the hands of fans who are fundamental to the industry.
In what could be the biggest step towards this goal, Mogul Productions recently unveiled the first slate of films to undergo a decentralized voting process. The project selected these three films from a pool of 500 submissions based on the stage’s main selection criteria. As per the criteria, films must have 50% of their total funding in place, A-list on-screen talent, experienced directors and producers, impending distribution deals, and a commercially attractive story to qualify for voting.
Holders of Mogul Productions’ native token Stars will, for the first time, exercise their power to vote on three selected films and finalize one that will receive funding. Each shortlisted film is featured as NFT on the Mughal Productions platform. Through a mogul-led voting campaign, each project will present itself to the star holders and announce additional details, such as the lead cast, confirmed distribution, to help them choose the best from a variety of options.
This is the first time in the history of the entertainment industry that fans will get to control the financing of Hollywood movies. The best part is that voters will get 50% of the profits of the chosen film, encouraging them to make the best possible decision.
Voting on the three shortlisted films is expected to be held from August 5 to 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): James On a series of Bond-similar Bangladeshi books, MR-9 projects to become the next franchise of spy thrillers, Devilrex (Thomas Churchill): a horror film that shows strong production experience and distribution and legacy potential.
Although this is the first time voting on the platform, this is the second time Mughal Productions is funding a film. As a proof of concept for his platform, Mughal previously financed a film called Bandhua which is now in post-production.
To avoid a situation where whales on stage manipulate voting decisions, Muggle follows a quadratic voting style. Here, the more tokens a person has, the lower his voting credit. This means that smaller-scale holders actually have larger voting power, eliminating any risk of a monopoly.
Shifting the Power Dynamics of the Film Industry
We all are aware of the fact that the film industry is quite opaque. From scripting, casting, production and distribution, all its operations are done behind closed doors. We fans who play a vital role in the success of the industry have little or no involvement in their operations.
The power to make important decisions lies with the top few production houses and we have no option but to watch the films made by them. The result is that talented actors are neglected, interesting scripts go to waste and promising actors never flourish. This is where Muggle Productions can make a turn and straighten things out.
By leveraging blockchain technology and allowing fans to vote on projects, the platform shifts the power dynamics of the industry from top players to fans. Fans pick scripts they find promising and Mogul Productions funds them.
Mogul Productions claims that a decentralized way of selecting and funding films can open new doors and dimensions in the world of entertainment. Producers will be able to leverage the power of the platform, build an audience base and bring their stories to life. Financiers will be able to benefit from blockchain transparency. Above all the fans will be able to choose the script of their choice and be an active part of the filmmaking process.
Is the future of movies decentralized?
With platforms like Mogul Productions bringing fans into the decision-making process, we could very well be headed for a future where the media and entertainment industry is completely decentralized. Every player in the industry from writers and producers to fans will come on a common platform where they can share ideas as well as profits.
Blockchain-based voting by Mogul Productions for the first time could be a turning point and a way to assess how decentralized resonates with the masses.