Film.io announced today that it will create a DAO (Decentralized Autonomous Organization). The project, which claims the title of the first filmmaker DAO, aims to bring Hollywood to the blockchain. Essentially, the DAO aims to take the power from Hollywood to create feature films and put them in the hands of fans and creators.
Film.io is trying to flip the script for Hollywood through its DAO
The Film.io team has a wealth of experience in the crypto, entertainment and technology industries. So they take that knowledge base and use it to develop this new DAO.
In summary, its mission is to use the blockchain to remove them Hollywood’s infamous barriers to entry for creators. They also hope that this model can make the film industry more transparent and fair. To that end, Film.io is dedicated to creating an inclusive DAO open to fans, filmmakers, and investors from around the world.
As it will take some time to fully form the DAO, initially there will be a board that will manage Film.io. That entity is the Global Creativity Foundation – an ownerless charity. Over time, the Film.io DAO will assume more governance responsibilities as it progresses towards full operation of Film.io.
Additionally, Film.io will be free for developers, giving them a platform to build an audience and fund their films. For the same reason, Film.io will offer filmmakers access to an AI-driven engine. This allows them to connect with film funding agencies, studios and networks.
How FAN and FILM tokens work
Another important point about Film.io is the dual token system. First, there are FAN tokens, which are governance tokens that people use to join and trade as part of the DAO. In fact, FAN tokens play an important role in how the Global Creativity Foundation grants funds to filmmakers.
As Bryan Hertz, co-creator of Film.io, NFTevening says:
“The DAO will have 100% influence over the funds used by the Foundation for grants to filmmakers. The foundation will award grants based on the highest Go score, which is determined almost entirely by DAO votes (via FAN token stakes).”
Second are the FILM tokens that the platform will be launching soon. FILM tokens are what people will actually use to support projects. For example, DAO members can use FILM tokens for crowdfunding, DeFi loans, NFT campaignsand other funding options from Film.io.
All in all, Film.io is a great example of Web3’s promise to be a cross-industry leveller.
“Just as bitcoin has democratized money, we are at the forefront of a massive shift in entertainment industry governance away from centralized power and decision-making,” says Hertz.
Creators and fans can now sign up for a reservation to enter the platform. Anyone interested in reserving a seat to enter the Film.io platform can register here. This allows users to add their own projects, access exclusive NFTs, and participate in giveaways. Not to mention they can get 100 FAN tokens for free. In other words, they can start supporting their favorite content right away.