Film3: Redefining Cinema in the Age of Web3

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The resounding success of the 2016 movie Deadpool is no secret. It earned $783.1 million at the box office. What's less well known is that Marvel and Fox Studios were reluctant to make the movie. Fortunately, an accidental leak of test footage elicited a staggering response from netizens, forcing studio executives to greenlight the film.

While we'll never know if the leak was truly accidental, it demonstrated the power of the masses and how that power can influence cinema for the better. The advent of Web3 and its underlying technology will help push the bar further and usher in a new era of cinema: Film3.

Right now, the global film industry continues to be the playground of the top few production houses. Everything from casting and funding to distribution is easy for those associated with these production companies. But smaller films, independent filmmakers and up-and-coming actors find it nearly impossible to break through. The result? Audiences only see the movies the studios want them to see, and countless great scripts, ideas, actors, and directors are snubbed before they even hit the big screen.

The new era of cinema powered by Web3 aims to change these power dynamics and create a world of new opportunities for films and filmmakers.

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register here The evolution of movies with the Internet

One might wonder how Web3, the new iteration of the Internet, can usher in a new era in cinema. But if you look closely, each step in the evolution of the Internet has brought about a significant change in content consumption habits.

Between 1990 and the early 2000s, the era of the Web1, the Internet was a one-way publishing medium, where users could post information and wait for it to find their readers. Similarly, Film1 was the time when filmmakers made films and hoped to find their audience. Producers gave a schedule, date and time and those who tuned in at that time could consume the content.

Then came Web2, facilitating two-way interactions between users and content. At the same time, Film2 was the time when studios and filmmakers consolidated to create films and present them to their target audience.

The rise of streaming services during this era made it possible for people to consume movies and other content anytime and anywhere. But the same way tech giants control Web2, major production studios dictate Film2.

Now, with recent advances in blockchain technology, we are on the cusp of a new, decentralized, trustless, and more secure iteration of the internet called Web3. On Web3, for the most part, users hold the ultimate power to manage Internet platforms and their operations. This Internet iteration results in a new era of cinema, Film3, where the public, not the studios, owns and controls the entertainment industry.

Film3: challenging the power dynamics of the film industry

The rationale behind the development of Film3 is simple: audiences need to lead the entertainment industry. Today, studios select scripts, finance films and distribute them. The public then consumes this content and gives their verdict.

But in Film3, audiences will consider script ideas and casting choices and even have the freedom to fund their favorite ideas. The studios will intervene only later to finance and distribute these films. This bottom-up approach ensures that the right content prevails, that real talent is recognized and filmed.