Combat Today's Film Industry With Web3
Creatives owning their IP leads to better earnings
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Quick Notes - How Web3 Can Impact Hollywood
Film studios and writers in Hollywood are in the heat of a heavyweight boxing match due to issues with residuals and income distribution.
But there is a solution that could be better for creators in the long term.
Web3 technology offers solutions for writers and creatives to have full ownership while monetizing their content that is more in line with their interests.
The good news is that infrastructure exists and is being perfected to make this possible for creatives
Glass Protocol and Zora are Web3 protocols addressing creator ownership problems in the film industry.
This protocol aims to reduce costs, create a better medium for the creator economy, and value community.
Zora is another protocol that could prove to be very valuable for creatives.
This protocol accepts various mediums, including writing formats, enabling writer ownership and monetization.
Smart contracts and Web3 tech can revolutionize earnings and ownership in the creative industry which is a stark contrast to current streaming models that undermine writers' earnings from consistent viewership.
Creatives should explore Web3 technologies to gain ownership and fair compensation for their work as NFTs enable them to distribute their projects directly and earn more equitable royalties.
Ultimately, Web3 technology offers a way for writers and creatives to gain control and value for their work
The Current Writers Strike - How We Got Here
Consumers love the experiences of Spotify, Netflix, Max, and other streaming services…
But the creatives who spend hours creating the content streamers enjoy aren’t rewarded as they should.
Currently, there is a writer’s strike affecting Hollywood.
One of the most central issues of the strike is residuals. These long-term payments used to be very lucrative but now barely account for a large sum of their income.
The reason for this is the industry shift to streaming platforms.
Like traditional channels, streaming platforms give residuals…
But both unions and their members say the amounts and pay timelines are unsatisfactory for the actors and writers in the industry.
Writers and creatives will benefit from Web3.
Web3 technology enables them to control the distribution of their content, own the rights to their intellectual property, and earn monetary gains.
Streamers benefit from creators using web3 technology as it reduces breaks in content, streamers have a direct impact on creator success, and potential gains from the content they enjoy.
There Are Web3 Protocols Focused on the Film Industry
There are protocols and projects that are aiming to address the creator ownership problems.
Previously, we did a deep dive on Glass Protocol.
For context, Glass is built on Ethereum and Solana. Glass is aiming to solve these issues by reducing costs for developers and creators, while also creating a better medium for the creator economy.
Actors and creators in Hollywood can look to Glass Protocol as a different means of distribution.
The team behind Glass identified the issues that come with a permissioned system and strive to upgrade distribution channels but also means of monetization for the creative community.
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