Hi All! It’s Friday, September 2, and we’re watching this jaw-dropper unfold:
Cryptocurrency trading platform Crypto.com accidentally transferred $10.5m to an Australian woman when processing a $100 refund and failed to notice the error for seven months. So now they’re out there chasing the money, already transferred to several bank accounts. Plus, $1.35m of it has been used to buy a four-bedroom home in Craigieburn in Melbourne’s north.
I don’t know about you, but I need my mocha to digest all this. Now let’s get to more awesome stuff. ??
[THE BLOCK ABOUT WEB 3 & FILM AND HOW YOU CAN PROFIT FROM IT]
Adios, goodbye, and au revoir summer! Welcome, howdy, and bonjour cozy movie nights!
With the arrival of the fall, it’s time to get ready for those cozy movie nights under the blanket with some hot chocolate. And this deep dive into Web 3 and film might be just as hot as your chocolate.
Web 3 will inevitably shake up every stage of film production, from financing to distribution, and we think it will change the whole entertainment industry at large.
Truth be told: it’s just a matter of time.
Some independent projects are already offering a glimpse into Web3 filmmaking, while others are providing a window into distribution.
Many creators are making use of Web 3 to fix long-standing problems within the industry, and a significant number of films have already been funded with NFTs, to name a few: “Zero Contact,” “Lockdown,” “Killroy Was Here,” and “Calladita.”
As you can see: the Web 3 film ecosystem is about to evolve. Let’s see how exactly!
1. NFTs: A unique way to finance films & for you to invest in and earn profits from movies.
As always, crypto is here to disrupt traditional systems and question the old ways. In this context, NFTs have come their way to help finance films and empower creators to maintain authority over their projects.
If you’d like to fund or invest in films, here are some platforms that help you do that:
Kino is financing films differently so anyone can invest in and experience Hollywood movies while protecting the rights of the creators.
First-Flights is a tokenized, community-driven funding platform for films, which helps raise money by allocating tokens and NFT rewards in exchange for crypto.
Moviecoin is for investing and earning profits from a movie. When you invest in a film on Moviecoin.com, you receive a portion of its earnings forever. You can sell your NFT and therefore sell your share of the profits at any time on the secondary marketplace.
2. Web 3 takes movie merch to the next level.
Many people love to collect something from their favorite movies (guilty!).
Now, we don’t only have posters, clothing, hats, etc., but also NFTs. And these are way cooler than Harry Potter mugs.
Movie NFTs can give the satisfaction of owning a part of the film that no one can replicate.
See it yourself: ?? Netflix Candy Shop.
3. Web 3 offers film buffs a unique fan experience & frees moviemakers from the censorship of the networks and big studios.
Having shared ownership of the movie is a unique experience. Could you imagine saying that you own a piece of Rambo or The Terminator?
A great example is actress Mila Kunis’ latest project at the intersection of Hollywood and blockchain – an adult animated short series called “Stoner Cats,” accessed exclusively by owning a collectible Stoner Cat NFT. This short series has not only an a-list Hollywood cast, including Ashton Kutcher and Chris Rock but also Ethereum creator Vitalik Buterin himself.
To watch the first episode, viewers must purchase an NFT – a digital artwork of a randomly selected character from the show – and a ticket to unlock all “Stoner Cats” episodes as they are made. The NFT sales directly fund the mini-pilot and all future content. The decision to use NFTs to fund the production arose from concerns over censorship of the show’s drug content and a desire to keep creative control out of the hands of the networks.
If you’d ask us, this would be our Stoner Cat of choice – coffee in both hands and Ethereum collar around the neck.
4. Web 3 allows you to partake in the movie-making process.
Web 3 will allow token or NFT holders to be part of the movie-making process. Community members can participate in all pre-production, production, and post-production elements.
Calladita token holders can go behind the scenes and participate in casting interviews, location scouting, and costume design.
MadRealities is the world’s first interactive dating show where the community decides what happens. It’s like Love Island, but you can choose the plot twists.
Film.io transfers the entertainment industry’s power to fans and creators, allowing them to collaborate in the creative process free from the industry’s long-held centralized control.
But wait, where can I watch a Web 3 film?
Decentralized streaming demonstrates what community-based film development and exhibition might look like in the not-so-distant future.
Don’t worry. We’ve got you covered.
There are a handful of online, Web3 streaming and distribution models:
Gala is a pioneer in the blockchain entertainment and music industries, which just a couple of weeks ago started growing in a new direction – film. Last week, they dropped Gala Film Nodes, allowing users to “watch-and-earn,” so anyone can purchase a Node to grant access to movies and content while earning. As Gala itself says: “By owning and operating a Film Node license, you can support the hosting of content across Gala Film and receive rewards for your contribution!”
Token.Script is a 24/7 live television, living on a blockchain. You can earn a $MOVIE token while watching through gameFi and socialFi elements.
Beem is a Web 3 video live streaming & distribution interface. You can upload videos, create events and create your own branded streaming platform. It’s essentially an end-to-end toolkit that allows creators, distributors, or any content company to become their own platform. So go check it out yourself! Although Beem still works with Web 2 technologies, filmmakers and other creators can use the tools to stream their Web 3 content in full HD. In addition, creators can upload their films and do live events and screenings. For example, Beem co-sponsored and live-streamed many Web 3 panels at Cannes.
Vabble is a multi-channel streaming entertainment platform for viewers, investors & studios. Also, you can get digitally social by co-watching films with friends. Introverts heaven?
The impact of Web 3 on the film industry?
Security: Another way Web 3 will change the film industry is by making it more secure. Films are often distributed through a single server, which can be insecure. With Web 3, films can be distributed through a network of computers, making distribution more secure. In addition, Web 3 will also allow for new types of dApps that could potentially disrupt the current business model of the film industry.
Ownership: Web 3 is all about controlling intellectual property and giving creative control to the creators. Web 2 filmmakers might find themselves in circumstances where they lose custody of their IP. With that, they will not only lose rights to the film but also access to its potential profits.
What will the future hold?
Web 3 could very well be the thing that finally decentralizes the film industry and takes control away from Hollywood.
It is interesting to watch how Web3 develops and grows and how it will impact film and other industries such as transportation, education, and healthcare, to name a few.
Forbes report from 2020 says that baseline Web 3 technologies, such as digital IDs, will become the norm for the most prominent entertainment providers. For example, Netflix, which loses over $12 billion per year due to password sharing, could benefit significantly from digital IDs.
Unfortunately, that means we probably can’t share our Netflix password with you anymore.
Ready to step into the world of Web 3 film?
[THE BLOCK WITH 5 AWESOME CRYPTO TOOLS]
Want to find the next best crypto investment opportunity?
A couple of weeks ago, we published a blog post dissecting how to recognize a high-quality crypto investment opportunity. If you read that, you probably know what it takes to invest successfully in crypto and how to DYOR (do your own research) before investing! Now we’re here to help you make that even more straightforward.
We usually bring you one helpful tool at a time, but today is special.
Today, we bring you 5 super-useful crypto tools that few know exist. They are designed to help you find the next alpha in crypto or just help you in general. Enjoy!
Web3 Alerts will help you find the new Web 3 projects before anyone else. That might be the determining factor in whether your investment makes 10X or 100X or ??. Although it’s a paid platform, they also share 20% of their findings on Twitter. So turn on Web3 Alerts notifications and see their demo to learn more.
LunarCrush is a tool that can help you discover the latest cryptocurrency and NFT insights. There’s more to markets than just trading off of price.
Here’s a really great compilation of crypto links created by Sov. It covers everything, from DAO tools to jobs to education to analytics.
TokenTax is for anyone that doesn’t want to end up in a situation like Michael Saylor. Of course, we don’t know how it will go down yet, but still, know your taxes! TokenTax will remove the stress of doing crypto taxes, and you can spend the extra time researching. Sounds great, doesn’t it?
Scope Protocol offers one of the best FREE VC wallet tracker services, aggregating VC’s different wallets into a single view.
Is there any tools you would add? Let us know on Twitter!
[THE BLOCK WITH ALL THE CRYPTO NEWS YOU DON’T WANT TO MISS]
A beer with Bill Murray?
? An NFT ticket was sold for almost 120 ETH (US$185,000) to have a beer with actor Bill Murray at a charity auction. It’s part of the “Bill Murray 1000” NFT collection created by The Shack in partnership with Coinbase’s NFT marketplace. Currently, 82 NFTs have been released from the collection, and only one comes with the 1/1 utility. The auction drew up a bidding war involving six different JPEG collectors. Finally, Brant Boersma came out on top. I hope he will enjoy his beer!
? Crypto.com has pulled out of its $495 million UEFA Champions League sponsorship deal. It seems they pulled a plug because of regulatory concerns in the U.K., France, and Italy, with legal issues surrounding the scope of its licenses to trade and operate.
? Compound III launched on Ethereum on Wednesday. Unfortunately, the Compound €800M ETH market also froze due to an upgrade bug. Oops! Withdrawals and liquidations in cETH will remain frozen for about a week, while the proposed solution to undo the problematic upgrade will make its way through.
? Michael Saylor and MicroStrategy got sued for income tax evasion. Officials have said that the total amount of funds they seek to recover could exceed $100 million. This is the first lawsuit brought under a new law that allows whistleblowers who report tax fraud to collect up to 30% of any retrieved funds. Hmmm, don’t really know what to think of it.
? Reddit Is Airdropping Free Polygon NFT Avatars to its most hardcore users. If you consider yourself a hardcore user, congratz!
? This week in crypto adoption: Sotheby’s hires an NFT specialist to join the digital art team, and Formula One applies for metaverse and NFT trademarks.
This is it for today. Thank you for reading and see you next Friday!
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Not financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or make other financial decisions. Always do your own research.