Is Hollywood ready for Web3? How online currency is changing entertainment
By Movieguide® employees
NFTs, AI-generated art, cryptocurrency and blockchains and the Metaverse now have a name: Web3.
Digital, internet-enabled currency, content creation and community have exploded during the 2020 pandemic, and the market’s most prominent players in entertainment, finance and law are not looking back.
Web3 offers competition to the world’s largest technology companies such as Facebook, Amazon, Google and Twitter, and according to Paul Sweeting, founder of Washington, DC-based consulting firm Concurrent Media Strategies, “A shortcut for creating an overlap and intersection is a set of ideas and Technologies that their proponents hope will define the next iteration of the internet.”
“At the heart of this Venn diagram is the notion of a World Wide Web built on decentralized protocols like blockchain, rather than the massive, centralized platforms and walled gardens running on the proprietary servers that dominate today’s Web2 build” , he wrote.
This prospect is particularly exciting for the creative community, who can now rely on a blockchain system to monetize their content, rather than relying on third-party production and distribution teams.
“This is the last mile of direct-to-consumer,” said Chris Jacquemin, WME partner and head of digital strategy for the agency. “The data and relationships that artists and sellers have with the consumer are very different in a blockchain environment.”
This, of course, has implications for the entertainment industry as a whole, which begs the question: what’s the next stop for Hollywood?
At the same time, there’s no doubt that Web3 has applications that Hollywood needs to understand, if only to understand how the next generation of consumers wants to be entertained and engaged. NFTs, or non-fungible tokens, are digital identifiers recorded on a blockchain. They certify an owner’s authenticity and rights to a specific piece of digital content, such as an image or a video, or a specific animated character in a franchise like Stoner Cats or CryptoPunks. NFT owners receive fan club-like perks that can include broader access, early screenings, and in many cases the right to create their own iterations of the character or asset they own. That ethos is, unsurprisingly, in direct conflict with the tight control Hollywood studios have long had over content.
Those with the mental computing power to study crypto and blockchain say the market is deeply confusing because it is still in its nascent form. Cryptocurrencies in general were a result of the 2008-09 global financial crisis, when trust in big-name banks was torpedoed by ample evidence of greed and unethical activity surrounding home mortgage lending.
Understanding what the entertainment audience wants and how content creators are paid to stay ahead of the 8-ball in Web3’s growing online landscape will be of paramount importance for Hollywood.
“As streamers became an alternative to traditional networks, [Web3] is another iteration of a platform,” said Jacquemin. “In some of these projects, the economics are quite high. That doesn’t spend $5,000 to create a YouTube video. These are companies that want to work with traditional filmmakers and writers.”
To accommodate Web3, major theater chains like AMC have already experimented with adding the ability to pay for in-theater blockbusters with cryptocurrency.
Movieguide® previously reported:
During a quarterly earnings call, AMC Entertainment chairman and CEO Adam Aron announced that the theater chain would make two significant changes in late 2021 and 2022.
First, Aron revealed that by the end of the year, AMC theaters would be able to accept cryptocurrency payments like bitcoin to buy US movie tickets and concessions online.
You can also support Movieguide® with cryptocurrency:
Although the pandemic has negatively impacted the economy, small businesses, nonprofits and everyday consumers, cryptocurrency is a new way to donate to your favorite charities like Movieguide®!
First launched in 2008, the cryptocurrency has grown into a thriving market with over 100 million users worldwide. Well-known technology leaders like Elon Musk and other companies are touting the legitimacy of Bitcoin and other digital currencies. PayPal and Visa have also added cryptocurrency to their payment networks.
As its popularity increases, more and more investors are using Bitcoin, Ethereum and Ripple to donate and invest in charities like Movieguide®. But what are the benefits for you?
As the price of bitcoin rises, holders are faced with a choice: cash out or risk a “value appreciation” that “results in investors being more exposed to bitcoin.”
Read more: Why you should use Bitcoin to support Movieguide®
Now more than ever we are being bombarded by darkness in media, movies and television. Movieguide® has fought back and worked in Hollywood to spread uplifting and positive content for almost 40 years. We’re proud to say we’ve partnered with some of the industry’s leading players to impact and redeem entertainment for Jesus. Still, you are the most influential person in Hollywood. The Observer.
What you hear, see and read has power. Movieguide® would like to give you the resources to strengthen the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It only takes a moment. If you can, consider supporting our ministry with a monthly donation. Many Thanks.