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DeFi for a transparent evaluation & funding in film financing

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  • DeFi provides a transparent platform for the creators, financiers, and the audience to participate and gain profit.
  • DeFi is a much-needed upgrade from the present film finance system, with no ground for error in investments.
  • DeFi can be the new “it” for every aspect of the business industry, including the film industry.

The most widespread and adored entertainment industry, the film industry. Ever since the global pandemic washed the world anew, the film industry’s profits skyrocketed tremendously. We all watch movies and have encountered several movies that leave a massive impact on us, some, if were provided with enough funding, could have been much better, and some don’t seem worth the money spent. This could be due to the lack of information provided at the beginning of the project or a result of bad judgment, but this loss could have been avoided. Introducing DeFi to the film industry can imply the start of a new era, making the investing process more comfortable and transparent. 

Defining DeFiFi

DeFiFi stands for decentralized film financing. Today film financing is a gamble; the financiers or sponsors gamble their money on the production and can do nothing but wait for their release to find whether it was worth it or not. But with DeFiFi, this can be resolved. Blockchain technology allows the creators to present their ideas to the community; as a preview of what they plan to create, the community can then vote for what entices them, and then the project with the most votes can get the funding. Afterward, the finished movie gets distributed to the audience who voted for it, and then the in-app currency paid to watch the film would flow back to the DeFiFi fund and be distributed to all participating parties per the encoded contract. The movie gets the funding, the public gets to vote for and watch a movie they want to watch, and the investors get to make smarter decisions on what films to fund based on the public decision, resulting in an increased chance of profit; it’s a win-win situation for all.

Start of a new era for the film business

Sometimes (more often than we know of), creators don’t get the funding their ideas deserve. They don’t get a neutral, transparent platform to represent their ideas more often than not. DeFi provides a neutral platform for them to put forth their ideas and compete with other creators’ ideas to get sponsors.

Regular people, whom today have no choice but to browse and find something which seems worth watching, get a say in what movies they want to be produced. And in this age of social media, these people can also pose as the promoters of these movies to a great extent.

As for the financiers, the DeFiFi community members ensure funds are being used appropriately during production, and a record of the process being kept in the system open to all will provide them with a transparent knowledge of how and where the funds are being used.

DeFi the way to finance

Decentralized Financing has made an enormous impact on the cryptocurrency market and will continue to do so. As a result of the COVID-19 pandemic, the streaming platforms are still going wilder by the day, and now around $40 billion locked into decentralized finance protocols. DeFi has built doors to a new way of business, not just business, a new way of living. From where we stand today, not just in the film industry but also in fundraising, grant issuance, corporate treasuries, and hedge fund governance, DeFi can play a pivotal role in rebuilding and promoting the ever-growing film industry.

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