Decentralizing Hollywood: MetaCannes Explores Web3’s Impact on Film Industry Future

Mood: Revolutionary, Artistic setting: Cannes Film Festival, Light setting: Lively evening, Intricate scene: Web3-driven future of film industry; Filmmakers & financiers exploring Film3 movement, MetaCannes, NFT-funded projects, Decentralized blockchain-supported studios, Inspirational fireside chat with Spanish director Miguel Faus, Embracing technology for decentralized, democratic filmmaking.

The vision of Web3’s decentralization has the potential to revolutionize various traditional industries, and now, the focus is on Hollywood. With its restricted accessibility, gatekeepers, and middlemen capturing profits, the film industry is an ideal candidate for disruption through decentralized solutions. Spearheading this mission is MetaCannes, which aims to spread the message of decentralization at one of the film industry’s most renowned events, the Cannes Film Festival.

As the event unfolds, First Flights and Web3-native studio The Squad are partnering to host MetaCannes, an exploration of how the Web3-driven Film3 movement is transforming the creation, marketing, and distribution of films. Taking place from May 16th till May 29th, this virtual festival endeavors to familiarize industry leaders and financiers with the Film3 movement via livestream. Theta Network, a video and entertainment blockchain, will be handling the event’s online aspect.

With the Cannes’ Marché du Film announcing Spain as its Country of Honor for the 2023 edition, MetaCannes will welcome Spanish director Miguel Faus for a fireside chat during an exclusive cocktail party on May 21st. Faus’ upcoming feature film, “Calladita,” received funding from an NFT crowdraise, with supporters such as NounsDAO, and completion funding provided by Web3 film fund Decentralized Pictures.

According to MetaCannes co-founder Jordan Bayne, the Film3 movement is a game-changing force. She believes that creator-driven communities can function as mini-studios and that Film3 serves as an innovative means of advancing a better future for all filmmakers. First Flights, the co-producer of the event, is not only launching the crypto-backed crowdfunding platform FF3 but also has a history of identifying and nurturing emerging talent. They were executive producers of “An Irish Goodbye,” directed by Tom Berkeley and Ross White, which won both a BAFTA and an Academy Award for live-action short film.

Phil McKenzie, First Flights co-founder, highlights that Film3 presents an opportunity to harness technology for a more decentralized, democratic, and empowering method of content creation and distribution. The objective is to showcase these forward-thinking projects and organizations.

While the promise of Web3 has the potential to bring about significant change, the transition to a decentralized format may face resistance from established industry players who benefit from the current centralized structure. As the film industry aims to balance the benefits of decentralization with the interests of various stakeholders, the outcome of MetaCannes and the Film3 movement remains to be seen. Innovators and enthusiasts alike will be watching closely to determine if this new approach can truly revolutionize film production and distribution.

Source: Decrypt

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