XP.NETWORK enables interoperability on 3 chains for Decentralized Pictures
XP.NETWORK enables interoperability on 3 chains for Decentralized Pictures
PROJECT OVERVIEW
PROJECT OVERVIEW
We’ve teamed up with a non-profit startup that aims to decentralize the way movies are made. Thanks to Decentralized Pictures, film directors can raise funding for content upvoted by users. With XP.NETWORK, the company’s FILMCrew NFTs are now available on Polygon, Ethereum and their own Tezos sidechain.
decentralized.pictures
About Decentralized Pictures
Decentralized Pictures (DCP) is a non-profit film funds that matches filmmakers, companies that provide funding, and the audience that decides which movies should be produced.
DCP was co-founded by the famous independent film company American Zoetrope, which, in turn, was started by George Lucas and Francis Ford Coppola in 1969. Among Zoetrope’s productions include The Godfather, Apocalypse Now, Lost in Translation and many others. Thanks to this illustrious pedigree, Decentralized Pictures has a great network of partners – something that’s necessary if you want a Web3 film fund.
Decentralized Pictures provides independent filmmakers with a platform to present their ideas and find support – even if they aren’t well-connected in the space. In the traditional movie industry, it’s almost impossible to get your idea noticed, because studios don’t accept unsolicited scripts. You need an agent to set up a meeting, etc. - and as a result, many films that the audience would love never get made.
DCP solves this by accepting unsolicited content and putting it to the vote of the community. The authors don’t even need to provide their personal data. If an idea garners a lot of support, DCP helps the author to obtain financing through partners like Fox and Sony. Founder Leo Matchett believes that this is a promising way to find the next generation of filmmakers. Decentralized Pictures had recently created award programs financed together with celebrities like Steven Soderbergh and Kevin Smith!
In exchange for this opportunity, filmmakers deposit a modest fee into the smart contract, and that fee is later distributed to the members of the community who provide opinions on the idea. Those users who become ‘trend setters’ on the platform earn a larger share of the bounty, so it pays to be active on the platform.
Bridging the FILMCrew to Polygon and Ethereum
Decentralized Pictures originally created its own Tezos fork – a sidechain called T4L3NT Network, which is optimized for its use case. It’s an art and culture-focused blockchain with very low fees. The chain has tokens called film credits, which can be staked to launch a node, to pay for submitting content, to vote on upgrades, etc.
The team also created a collection of NFTs to celebrate all those people without whom a movie cannot get made – and even some objects, like a director’s chair. The money from the mint will ultimately go to artists.
The FILMCrew NFTs will acquire more utility with time. For example, DCP is building a cafe in Hollywood, called The Cinema Cafe, and you’ll need to be an NFT holder in order to attend the events there.
An NFT collection issued on a purpose-built chain like T4L3NT Network can definitely benefit from interoperability. That’s why DCP initially approached XP.NETWORK: to make their FILMCrew collection available on Polygon and Ethereum. This means being able to sell them on OpenSea, the biggest NFT marketplace in the world, in addition to Rarible.
At XP.NETWORK, we see this often: an NFT project running on a fast and efficient chain that wants to expand to a chain like Polygon, BNB, or Ethereum to attract additional liquidity and build up the community. With our powerful NFT bridge, you can have the best of both worlds – access to the largest markets and the technological advantages of smaller chains.
On the other hand, collectors can discover new unique art and unusual use cases for NFTs. They get acquainted with NFT ecosystems on other chains and with the latest technology – which doesn’t always live on Ethereum or Polygon. In this case, users can learn about decentralized film financing and perhaps get involved in it themselves. That’s why we say that XP.NETWORK opens up possibilities for both projects and collectors.
XP.NETWORK recently hosted an AMA with the CEO of Decentralized Pictures Leo Matchett and our CEO Nir Blumberger. We do recommend that you watch it in full on YouTube: you’ll learn much more about how Web3 can make the filmmaking industry more fair and decentralized.
The podcast also has tons of interesting stuff on film credit tokens on T4L3NT Network, or on how creatives can use the platform to learn more about the target demographic, and the possibilities for other startups that want to build on T4L3NT Network.
Telegram
Twitter
PREV
CASE STUDY
