Decentralized Pictures CEO Believes Web3 can Change Hollywood

Decentralized Pictures CEO Believes Web3 can Change Hollywood's Future

Decentralization has always been a key component of cryptocurrencies. A film’s life cycle is decided by a large number of gatekeepers in Hollywood, including: Will it be produced? Who is going to back it? How much money will be allocated to it, and how much work will go into its distribution?

In the opinion of Leo Matchett, CEO of Decentralized Pictures and Technical Emmy Award winner, Blockchain voting will assist in opening many more of Hollywood’s long-locked gates to newer and much more varied perspectives. Together with the filmmaker Roman Coppola, he co-founded the nonprofit organization DCP.

Decentralized Pictures uses popular vote to decide on accolades, financial grants, mentorship, or movie finance. The polling is logged on DCP’s blockchain, a fork of the Tezos blockchain, and community members post idea pitches for public viewing. Casting vote is free, and participants are credited with FILMCredits tokens.

During Decrypt’s podcast, the CEO of Decentralized Pictures said that they can use blockchain to curate unique content and aid artists in many ways. The podcast focused on discussing the tools anticipated to be provided by Web 3.0 that can open ways for improving finance in Hollywood. He added they are currently not exactly working on web 3.0 ideas, but definitely building ways to create the way to use advanced technology in the near future.

Matchett stated, “What we’re trying to fix here is what we refer to as the ‘drinking from a firehose’ problem in Hollywood. “The majority of local businesses as well as other studios and production companies don’t accept unsolicited submissions. There are a number of causes behind this, but one of the main ones is that development teams are often quite small, and the volume of new information would be so great that it would be practically difficult to examine it all. Consider it instead as Kickstarter in reverse: crowd curation rather than crowdfunding.”

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