Web3 in Hollywood could pave the way for the blockbuster IP of the future

First there was Matt Damon's ill-timed announcement, then the crypto winter, then the FTX crash.

Last year was not good for the crypto market. But the promise of blockchain technology has never been about get-rich-quick schemes, and investor fraud has never been the result of blockchain technology. If there's a silver lining to this latest implosion, it's that we should finally decouple these events from the potential of Web3 technology to transform Hollywood for creators, fan communities, and the development and production processes of Hollywood. 'industry. Because nowhere are the opportunities for Web3 more necessary and more possible than in the entertainment industry.

Web3 in Hollywood has the potential to bring together more diverse creators, deliver more projects, deepen audience engagement and retention, and lift us out of the era of prequels, sequels and reboots. While fortune did not favor those who followed Damon's advice, Web3 favors creators and entertainment fans.

That's why investments in Web3 projects in Hollywood continue to increase. Andreessen Horowitz recently opened an office in Santa Monica to oversee many of its Web3 investments, UTA recently partnered with Investcorp to increase its investments in Web3 startups, and Warner Brothers just launched an NFT account on Twitter, reporting a public commitment to the category.

But it takes more than dropping an NFT to succeed on Web3 in Hollywood. There are benchmarks of Web3 pioneers paving the way to success in the space, and everyone from small startups to large studios would be wise to consider these elements.

Authenticity: messages and actions must match

Most importantly, don't call a project "Web3" just because you drop an NFT. Web3's promise is about creator and community ownership and community involvement. Success requires the support of the early Web3 community, and the incongruous nature of turning Web3 projects into cash grabs will be immediately detected.

A major studio found out the hard way with their Web3 project when they listed their NFTs for $500 with a story about fan accessibility. Sales naturally failed and they had to retool. The messaging and the business model must match. Build it the right way, and they will come. Label it Web3 without the benefits of Web3, and they won't. This brings me to…

Courtesy and customers (a.k.a., don't move furniture until you're resident)

This may seem like simple advice, but it's important: pay attention and honor the progress of those who have brought Web3 to this point. Progress is being made every day in this rapidly changing space.

Stoner Cats and Dead Heads, two of the earliest examples of shows that paved the way for a show to be created on the blockchain, created huge communities of early evangelists. These communities understand authenticity and care about respecting the pioneers of the Web3 community. New projects would be wise to be a student of space and to understand, honor and integrate progress. In addition to getting your project on the right track, it will help you build goodwill within your community.

One of the most exciting aspects of Web3 in Hollywood is its ability to create deeply engaged communities by giving them a role in content development. At a time when streaming platforms are fighting for survival and major studios are slashing departments, early Web3 communities look very promising in reversing that trend.

Our first Web3 show, The Gimmicks, gave NFT holders a chance to give away character stories and plot arcs each week. An audience of just 5,000 NFT holders produced over 70,000 on-chain engagements each week (which are actually Web3 transactions) and spent 15-20 hours per week watching this...