The Rise of Film3: Blockchain's Role in Reimagining Entertainment
Blockchain is transforming the film industry, breaking away from traditional paradigms and uplifting creatives to usher in a new Film3 era characterized by equity, inclusivity, and innovation.
UETH recently sat down with Atrium founder and CEO Supriyo and co-director Billy Dao to discuss the Equitable & Global Employment Opportunities they’re creating in the long-form film production. The industry veterans unpacked their insights on:
How production of the first DAO-funded, NFT-inspired animated film differs from anything in traditional film production
The restrictive nature of current filmmaking and why it is ripe for change
How Atrium’s pro-creator business model positively impacts talent and fosters a more empowered and community-driven creation process
Atrium and The Rise of Blus: Dual Narratives of Disrupting Conventions
In 'The Rise of Blus: A Nouns Movie,' we meet 13-year-old Gi, who stands at the crossroads of tradition and ambition. Unlike his father, a dedicated ‘recycler’ bound by societal roles, Gi yearns for a life of discovery and adventure as a 'rover.' His quest for exploration and defiance against predetermined paths mirrors the pioneering spirit of Atrium, the crypto-native collective behind the film. Atrium challenges the traditional film production model, championing a more flexible, cost-efficient, and inclusive approach that reshapes the filmmaking landscape.
In an unprecedented move in March 2023, the Nouns DAO, a community founded on principles of shared ownership and collective decision-making, endorsed a proposal to fund 'The Rise of Blus' through Atrium. This collaboration marks a significant shift towards a democratized production process, encompassing funding, writing, production, and animation.
As of now, funding has been secured for five out of the movie's eight chapters. Over the next months, viewers can anticipate the release of the subsequent episodes, each spanning approximately 10 to 11 minutes. Upon completion, the full-length feature is expected to run approximately 80 minutes.
Operating as an entirely decentralized team, Atrium traditional production timelines that would typically span months. Billy, co-director of the Nouns Movie, estimates the speed of decision-making and production for Blus is ten times faster than the legacy model. This efficiency, enabled by a fully remote operation, not only expedites the project but also slashes production costs.
'The Rise of Blus' is brought to life by a talented crew of 45 on a budget of $3M, financed by the Nouns DAO, starkly contrasting the hefty $70M budget of 2023's animated Teenage Mutant Ninja Turtles film, highlighting the efficiency and innovation at the heart of Atrium's approach.
How the Traditional Film Industry Sidelines Small Players and Newcomers
Millions of dollars and months of production are poured into filmmaking in the hopes of creating a box office success. The average cost on a lower end animated production can cost upwards of $20-$30M, employ hundreds of people and average 18-24 months according to Supriyo.
In the current industry, distribution, access and funding is heavily gatekept by major studios and agencies, similar to the dynamics found in the traditional art and music scene. The capital-intensive upfront costs needed to pay for hundreds of workers make a very unequal playing field for small players, industry outsiders or newcomers.
Studio contracts often restrict access to essential talent like animators, voice actors, and production crews. Even when producers navigate these barriers in the traditional model, they face additional challenges due to being location-bound. Geographic constraints, influenced by labor laws, union regulations, and varying labor costs—especially in places like Hollywood—further limit creative collaboration.
Blockchain technology is revolutionizing creative collaboration, serving as the backbone for platforms like Atrium to coordinate talent across the globe. Atrium brings together diverse creative professionals to reimagine long-form production, setting a new standard for how creative projects are realized.
With Atrium's marketplace, creatives upload their profiles and set their service terms directly onto the blockchain. Producers then engage in a transparent auction process, competing to secure a contract—an NFT—that grants them collaboration rights with the artist. This open bidding environment allows the free market to naturally dictate the supply, demand, and value of an artist's skills, introducing a level of fairness and transparency previously unseen in traditional systems.
Producers also gain access to a worldwide pool of talent, breaking free from geographical constraints. Filmmakers can explore diverse artistic styles from across the globe, bypassing traditional gatekeepers and intermediaries.
Blockchain Enhances Creator Recognition and Compensation
As exemplified by Atrium, blockchain technology enables artists to transcends traditional boundaries by facilitating a dynamic environment where artists gain recognition and fair compensation through an open-market system. Artists build a verifiable work history on the blockchain, accumulating an on-chain reputation that reflects their growing portfolio and prior compensations, thus streamlining the negotiation process.
Consider the transformation of a former Pixar artist who, before Atrium, struggled to market his talents and consistently undervalued his services. The adoption of blockchain enabled him to build a transparent, on-chain reputation, making his value visible to a global audience and ensuring fair compensation for his work. This shift from traditional, opaque negotiation methods to a transparent marketplace highlights how blockchain technology is revolutionizing the way artists are recognized and rewarded.
On-chain Production Introduces Innovative Funding and Production Models
Blockchain also offers producers innovative funding and production models, challenging the prohibitive upfront costs associated with traditional film production. The story of Blus exemplifies a pioneering approach to project financing, leveraging community interest and DAO involvement to support ventures deemed valuable by the collective.
Billy remarks on the revolutionary aspect of Web3 financing, pointing out the implausibility within the traditional film industry for any DAO member to propose a project like the Nouns Movie, secure approval through a DAO vote, and then proceed to execute on the proposal, should the community find it worthwhile. This shift underscores the significant impact of Web3 on funding mechanisms, spotlighting the efficacy of community-centric decision-making. Funding through DAOs or NFT-based crowdfunding represents novel, democratized approach to financing production, marking a departure from conventional methods.
Moreover, the practice of distributing funds in stages aligned with project milestones fosters accountability and facilitates concept validation. The ethos of transparency and engagement with the community empowers projects to build in public, creating continuous feedback loops that enhance project development through collective insight.
The Future Of Entertainment is Film3
The introduction of blockchain technology to the film industry is offering a groundbreaking shift similar to its impact on art and music, challenging long-standing Web2 paradigms. By leveraging decentralization, blockchain empowers filmmakers and artists with unparalleled autonomy, enabling them to fully realize their creative and professional aspirations.
A prime example of this evolution is Atrium, which not only uplifts individual creators but also actively challenges the centralized, legacy frameworks dominating the film industry. It exemplifies how blockchain can create a more equitable, vibrant, and open environment for creative endeavors, signaling a new era of innovation, inclusivity, and opportunities within entertainment.
With the entertainment sector's shift towards Web3, it is moving towards a future where equitable ecosystems thrive. These ecosystems are characterized by transformative incentives, ownership frameworks, and monetization methods that ensure mutual success for creators and their initial backers, encapsulating the spirit of Film3.
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📚Want to learn more about Atrium, Rise of Blus or how Web3 is transforming the film industry? Check out our curated reading list!