The beauty of art is that there are no limitations. There is freedom in expression. But the booming film industry is about the profits. All that the producers and black-suit executives care about is the bottom line. To an artist, creation within the bounds of the numbers game is frustrating, and at times, unfairly so.
Web3, the Internet’s new version, holds the promise of playing a pivotal role in changing that and artists globally are welcoming the refreshing news. Metaworld, an institution that advocates for autonomy in the entertainment industry, celebrates this new future of filmmaking. We recently got Metaworld’s exclusive take on how Web3 would change the entertainment industry for the better.
Web3 is a decentralised platform that is built on blockchain technology. That means no one person, corporation, or government calls the shots. Working on a ledger system that is maintained on multiple servers accessible to all, is empowering the people themselves. That is where non-fungible tokens (NFTs) come in. NFTs, are a revolutionary concept. These are different from cryptocurrency, wherein, NFTs are unique digital assets. That means, unlike cryptocurrency, one NFT cannot be traded for a different one of the same value.
For instance, your favourite player dunks an iconic shot and 10 NFTs are created for that 7-second video. These 10 NFTs are limited in number, cannot be duplicated, and the only way to have access to it is by buying the NFT. Buyers of the NFT can later resell it for actual money, thereby turning a simple video into a profit-making asset.
"Based on demand and supply, their limited work, if appreciated, will automatically fetch drool-worthy prices, with capital going to the copyrighters – who in this case are the artists and filmmakers themselves. Democratising the industry by placing the power of movie funding directly in the hands of ardent fans of your work, frees creators from the clutches of uncaring producers," explains Metaworld.
Metaworld strives to democratise storytelling, hoping that NFTs will give the audience a voice in the art being created for them. From movies to video games, Metaworld wishes that NFTs and community governance will help create a world that enjoys a limitless potential of storytelling – the way it is appreciated by fans and creators alike.