Decentralized Pictures announced the launch of a blockchain application for film financing – Bits Media

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Decentralized Pictures объявила о запуске блокчейн-приложения для финансирования фильмов - Bits Media

Web3 film financing platform Decentralized Pictures has announced the launch of a blockchain-based application for sponsoring film projects.

The service is about to be launched 20 May, during the Cannes Film Festival, stated company representatives. The application must be launched simultaneously with the documentary competition, which Decentralized is going to co-sponsor with Gotham Film & Media Institute.

The platform works on the same principle, the same as decentralized autonomous organizations (DAO). Filmmakers will be able to post their projects, by paying a small commission in FILMCredits' own tokens. If users like the finished product, they will be able to earn tokens - the community will be able to vote for the project, which the, in their opinion, worthy of funding.

Фонд Decentralized Pictures Foundation (DCP) was founded by director and producer Roman Coppola, as well as members of Francis Ford Coppola's American Zoetrope production company. The foundation is a non-profit organization and receives only a portion of the profits from successful films, platform-funded, which distributes grants.

“After years of hard work, we are finally opening our doors to the community and inviting independent filmmakers from around the world to submit their work on our platform, to get a chance to bring your ideas to life", – Coppola said.

The ultimate goal of the project is to become a self-sustaining film fund. The creators of the platform want, so that the project becomes a “virtual studio”, in which blockchain will play an important role at every stage of the production process. This studio, According to the developers, should become a set of applications, supporting as independent, there are still not enough sponsored directors.

Recall, Previously, Hollywood director Steven Soderbergh established the Andrews/Bernard Award on the Decentralized Pictures platform and donated $300,000, to launch a grant for young directors.