A huge transition is taking place in Hollywood, and the studio executives are well aware that their rule is coming to an end. It’s just a matter of time before they lose their capacity to feed audiences only the productions they want them to watch. The balance of power has altered, and the people now wield it. It will soon become routine for spectators to select what they want to see produced, ensuring the success of the films themselves. Blockchain technology and firms like Mogul Productions, a decentralised film finance (DeFiFi) and movie-based NFT platform that connects movie viewers, producers, and financiers, make this possible.
Mogul sponsored a one-of-a-kind movie voting on its platform as part of its ambition to have its own STARS token become the de facto cryptocurrency used for film-based NFTs and in Hollywood. Mogul received over 500 film submissions for consideration in the showcase; the three films chosen all met the Mogul coverage requirements of having 50 percent of their total financing in place, A-List on-screen talent, experienced directors and producers, distribution deals in the works, and a commercially appealing storyline.
Through a promotional effort to Mogul’s STARS token holders, the top three movies, MR-9, Devilreaux, and Terminal Station, competed to be crowned the second movie to get finance through Mogul’s DeFi platform. Terminal Station won with over 46,406 votes and was produced by Binh Dang, Phillip B. Goldfine, and Keoni Waxman. Terminal Station is described as follows: “A former Mafia hitman is waiting in a train station to leave his life behind when he unwittingly steps in to save a pregnant woman fleeing her husband, an ex-Mafia leader.” The Hitman must now use all of his talents to protect both the woman and himself from the group with which he previously worked.
Mogul’s platform had been in development for two years and had passed multiple audits before combining DeFi and NFTs through this unique, first-of-its-kind movie vote. By utilising blockchain technology, NFTs, and tokenomics, the company itself incentivizes involvement and engagement. Their STARS token enables users to make in-app purchases and vote on critical decisions about green lighting and feature film production. Mogul’s production crew and consultants are comprised of award-winning Hollywood veterans who have written, directed, performed in, and produced several films and television shows.
The excitement around Mogul’s voting event, as well as Terminal Station’s big win, highlighted fans’ and cinephiles’ desire to be placed at the centre of film production. In an era of endless remakes, people want to be able to provide their own input and suggestions to filmmakers on what they actually want to watch. The makers profit from assessing public interest, higher impressions, and the assurance that they are making something that will do well when it is released.