The project Hollywood DAO is bringing Web 3.0 to filmmaking by developing the decentralized governance community-funded production of movies.
The fast growth of the NFT market gave new opportunities to artists and creators. Every day we understand much more about where the industry is going with art, metaverses, avatars, etc. But what about filmmaking? Enter Hollywood DAO – a community of passionate filmmakers, creatives, investors, and web3 builders.
How does it work?
The team is working on two main components:
- Hollywood DAO serves as a decentralized movie studio and community treasury that will purchase IP for token-holders to use.
- A suite of tools to help filmmakers and TV producers produce & finance prestige-level content with new abilities for fan engagement + community building.
The main idea of Hollywood DAO is to help creators find investments for their projects. This organization will invest in movies that will then be on their platform. And community members can decide what movie will be released next. The platform allows filmmakers to build a closer relationship with their audience by building tooling that allows communities to participate more directly in the filmmaking process.
Why DAO and what are the benefits?
DAOs are preferable to traditional venture capital and Hollywood studios in countless ways: Faster decisions, instantaneous payment, and rights verification minimized bias and abuse, less posturing, reduced bureaucracy, audience feedback early and often in the development process, and – most importantly – liberated creatives, free to put their best ideas forward without fear of aggressive oversight.
A community treasury that includes both fans and creators ensures two key things: One, gatekeeping power is decentralized to an undeniably diverse group with a passion for the content being made, and two, it engages audience members in ways that would turn social media stars green with envy, as these fans-turned-owners are now activated as that asset’s greatest form of marketing and distribution.
The Hollywood DAO will capitalize on the lack of efficiency in the marketplace, successfully harnessing the best creative minds in the world through a clean design that protects creatives and provides an irresistible opportunity for fans to be heard and support the content and creators that they love.