Today Film.io announced that it will launch a DAO (Decentralized Autonomous Organization). The project, which claims the title of the first filmmaking DAO, aims to bring Hollywood to the blockchain. In essence, the DAO aims to take the power of Hollywood to create feature films and put it in the hands of fans and creators.
Film.io looks to flip the script on Hollywood through its DAO
The Film.io team has a wealth of experience in the crypto, entertainment, and tech industries. Thus, they are taking that knowledge base and using it to develop this new DAO.
To sum up, its mission is to use the blockchain to remove Hollywood’s notorious barriers to entry for creators. In addition, they hope that this model can make the film industry more transparent and fair. To that end, Film.io is dedicated to creating an inclusive DAO, open to fans, filmmakers, and investors from across the world.
Given that it will take a bit of time to fully form the DAO, there will be a body governing Film.io at the beginning. This body is the Global Creativity Foundation – an ownerless charitable organization. As time goes on, the Film.io DAO will take on more governance responsibilities on its way to fully running Film.io.
What’s more, Film.io will be free to creators, giving them a platform to build an audience, as well as fund their films. By the same token, Film.io will provide filmmakers access to an AI-driven engine. Thus they’ll be able to connect with film funds, studios, and networks.
How FAN and FILM tokens work
Another key point about Film.io is its dual token system. Firstly are FAN tokens, which are governance tokens that people use to join and act as part of the DAO. As a matter of fact, FAN tokens play a major role in how the Global Creativity Foundation will grant funds to filmmakers.
As Bryan Hertz, Co-creator of Film.io tells NFTevening,
“The DAO will have 100% influence over the funds that are deployed by the Foundation as grants to filmmakers. The Foundation will issue grants based on the highest Go Score, which is driven almost entirely by DAO votes (via stakes of FAN Tokens).”
Secondly are the FILM tokens which the platform will soon launch. FILM tokens are what people will actually use to back projects. For example, DAO members can use FILM tokens for crowdfunding, DeFi loans, NFT campaigns, and other funding options from Film.io.
All in all, Film.io is a great example of the promise of Web3 to be an equalizer across industries.
“Just as Bitcoin democratized money, we’re at the forefront of a massive shift in the governance of the entertainment industry away from centralized power and decision-making,” says Hertz.
Creators and fans can sign up for a reservation now to enter the platform Anyone interested in reserving a spot to enter the Film.io platform can sign up here. This enables people to add their own projects, access exclusive NFTs, and take part in giveaways. Not to mention that they can get 100 FAN tokens for free. In other words, they can start supporting their favorite content right away.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
