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Token Stars, the new way to finance Hollywood movies through a blockchain

The Hollywood film producer, Mogul Productions, announced on February 18 the launch of a platform of the same name, which will allow filmmakers and film fans to choose which films will obtain financing with the new Stars token. )

The experts behind the production company assure that it is a platform for decentralized financing of films that “will give everyone a voice in the creative process” .

In this sense, Mogul will put into operation a platform where filmmakers and film fans can register to create an account that will allow them to enter the white list and in the future access the token native to the platform called Stars. Then, they will be able to watch movies at a showcase and use the Stars to vote for the film projects to be funded.

Fans bet Stars tokens to vote which movies they want to get funding. Mogul uses a quadratic voting system to make every vote cast by the same user exponentially more expensive to prevent users rich in STARS from having undue influence over the process.

Gagan Grewal, CEO of Mogul Productions.

The Mogul platform will also feature a non-custodial wallet and is designed so that users can manage the Stars tokens , once the main network is operational.

According to Grewal’s statements to the press, in the film industry there is no transparency about the origin of the financing, and it is not often even known how the profits are distributed. For this reason, they chose quadratic voting, which is a voting method that allows people to rate the strength of their opinion about the company’s projects.

If a project is approved, the filmmakers will be supervised by the Mogul team, as well as a fan base that guarantees, According to the production company, the success of the film after its distribution.

Grewal also explained how complex it can be for independent artists to finance film projects.

Token Stars, the new way to finance Hollywood movies through a blockchain
Mogul Productions’ platform, “based on blockchain”, seeks to support independent film projects. Source: bissartig / pixabay.com

Faced with this reality, Grewal and the production company he directs consider that «there is an almost insatiable demand for excellent content, and, without However, it is incredibly difficult for independent creators to get their stories financed and made into movies. ”

The main streaming platforms have experienced peaks in global audience in 2020, generating USD 50 billion and it is a sector that expects a compound annual growth rate of 21% from 2021 to 2028, according to Grand View Research.

On February 11, Mogul Productions announced that it will be integrated into the r Chainlink blockchain ed. The objective of the alliance is “to provide more transparency and accessibility to film production and financing,” says a statement from the production company.

Mogul wants to “bring profitability and budget data for films outside of the chain to the blockchain, which allows the disbursement of a share of the benefits of the fair market, audited with investors in a more efficient, transparent and precise way. ”

Likewise, the producer reported that will make use of a decentralized price feed and the oracles of Chainlink ether / USDC, to ensure that users receive “fair market exchange rates” in all earnings from ether (ETH) derived from budgets calculated in dollars.

It is not the first time that technologies of this type have been applied in the film industry. In fact, CriptoNoticias reported a couple of years ago that actor Johnny Depp signed an agreement with the entertainment startup TaTaTu, with the purpose of developing concepts and producing digital content based on crypto asset technology. However, the Tatatu token has been abandoned since 2019, according to information from CoinMarketCap.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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