Blockchain-based film financing platform Decentralized Pictures is gearing up to launch its own in-app streaming service, DCP+, with a beta release “in the next month or so.”
“With the power in the hands of some distribution channels today, it is very important to give people a way to showcase their work to the world and monetize it in a fair and transparent way,” said Leo, co-founder from Decentralized Pictures. Matchett told Declutter.
He explained that the nonprofit 501(c)(3) streaming offering would allow filmmakers to “distribute their content
100% free, on-chain and auditable and immutable.”
DCP+ will be integrated into Decentralized Pictures’ platform, allowing users to rent movies using the FILMCredits token, which can be purchased with fiat or earned through community participation such as rating scripts and trailers.
Creators who upload content to the platform can fill out a ‘cap table’ using crypto wallet addresses, which automatically allocates streaming revenue to shareholders based on their profit share.
The streaming platform also allows users to receive rewards for reviewing work, with creators able to allocate a percentage of revenue to content reviewers. This, Matchett explained, allows for the creation of an “incentivized peer review process” that will aid in content discovery.
“Potentially, we would have curated lists eventually,” Matchett explains, adding that users could follow “tastemakers” to see what they watched and rated.
The peer review process also allows users to conduct “test screenings,” where filmmakers contribute to a rewards pool to “encourage engagement and review of their material.”
Uploaders also pay a moderation fee, which is allocated to volunteer community members who review content for copyright violations, illegal material, and compliance with community guidelines. “Our rule of thumb is that it should generally fit within the MPAA rating system,” Matchett said.
He explained that Decentralized Pictures does not view DCP+ as a competitor to other Web3 streaming media platforms. “We’re trying to make it more of a public service,” he said, highlighting Decentralized Pictures’ 501(c)(3) nonprofit status. “That’s why we put 100% of the revenue back into the smart contract to be distributed to the rights holder,” he added.
Co-founded by filmmaker Roman Coppola, Decentralized Pictures is a film finance company DAO is built on a fork of the Tezos blockchain called T4L3NT Net. Users can purchase or earn FILMcredits tokens through community participation and stake them to compete for funding prizes. A portion of profits from funded films goes back to the nonprofit, where it is used to fund future awards.
To date, Decentralized Pictures has doled out hundreds of thousands of dollars in funding to filmmakers, through awards sponsored by filmmakers like Steven Soderbergh and Kevin Smith.
Edited by Andrew Hayward