Film Festivals Go Decentralized: Web3’s Role In The Red Carpet Revolution

September 26, 2023 by Mimi Phan

Film festivals like Cannes and Sundance are a big deal in cinema. While they seem to be all about buzz and awards, there’s a lot more at stake. They involve new film screenings especially by indie filmmakers, panel discussions, networking, and more. It’s important to understand why they’re necessary—and how decentralization in the form of web3 film festivals can impact them.

Why Film Festivals Exist: A Dive Into Cannes

The Cannes Film Festival, formerly known as the International Film Festival, is an invite-only annual event held in Cannes, France. It’s one of the big three European film festivals held annually. It started back in 1946 and was initially an answer to some unfair political leanings in film award decisions.

Fast forward to today and it’s become the gold standard in film festivals. Here’s why…

Spotlight On Hidden Gems

Ever wonder how certain movies—particularly ones without big Hollywood names involved—suddenly become talk of the town? That’s what festivals like Cannes do: give these lesser-known indie films a platform. A film that might have been made on a shoestring budget, with actors we’ve never heard of, can suddenly get global attention, all thanks to the recognition at such events.

Where Film Magic Happens

Imagine a place where the best filmmakers, eager distributors, and visionary producers all meet. That’s Cannes for you! It’s not just about showcasing films, but a place ripe with discussions, potential collaborations, and yes, lots of deal-making.

More Than Just Awards

While winning an award is great, many filmmakers have another goal at Cannes: getting their movies to watchers like you and me. How? Distributors are always on the lookout for the next big thing. At Cannes, they find these indie projects, snap them up, and voilà, that movie lands on our screens.

In a nutshell? Festivals like Cannes are where the movie magic—behind the scenes and on screen—truly happens. And that’s why Cannes is not just a festival, but a phenomenon… One that can be improved even further by decentralization.

How Decentralization Could ChangeFilm Festivals

You know how film festivals have always been these grand events where selected juries decide everything? Well, things are changing. Imagine going to a film festival and having a say in which movie gets the spotlight. No more leaving it up to a select few. With decentralized voting, it’s like giving every movie-goer a piece of the decision-making pie, or turning the audience into the festival jury.

A Global Film Fiesta

Here’s a fun thought: a filmmaker from the UK can have their work enjoyed by someone in New York, all without boarding a plane. Decentralized virtual festivals are tearing down geographical barriers, making the world of cinema truly global.

The Birth Of MetaCannes

At the splashy 76th Cannes Film Festival, not all the action was on the red carpet. Indie film maestros gathered in the villa gardens to unveil the very first MetaCannes Festival. Designed to spotlight the vibrant and emerging Film3 scene, this virtual fest is a brainchild of the Web3 crowdfunding hub FF3 and the cutting-edge Web3 studio, The Squad.

From May 16 to 29 2023, MetaCannes showcased several web3 and NFT films, including Calladita, a soulful short film by Miguel Faus, and Harmony in Gold, a thriller centered on Hollywood. They didn’t just showcase movies; they curated vibrant dialogues with the film industry’s future-forward thinkers in Film3.

Remember the iconic shift to New Wave in French cinema during the ’60s? Some say that thanks to Web3, Hollywood is on the brink of another cinematic revolution with Film3.

How is Web3 revolutionizing the film industry with Film3?

First off, let’s talk non-fungible tokens or NFTs. Sounds fancy, right? But think of them like this: owning a one-of-a-kind digital collectible from your favorite film. It’s like having a unique, digital-only snippet from Star Wars that’s yours and only yours, a special scene from Pulp Fiction that nobody else has, or even a special edition DVD, but way cooler and way more 21st century.

Looking at Hollywood, there are a couple of areas that could use this tech. For example, what if you could pitch in to make a movie? You could have a say in the plot, maybe vote on your favorite actor for a role, or share in profits. Web3 can make that happen, turning every fan into a mini movie producer and lowering the barrier to entry.

Another example is being able to collect digital memorabilia unique to your favorite movies. Even film festivals could take on a whole new decentralized structure, allowing for more variety and fairness in movie selection.

And here’s the cherry on top. That distant, unreachable aura around Hollywood? It’s shrinking. You could get a say, a stake, and a voice that influences the movies being made. Thanks to decentralized platforms, fans don’t have to be passive viewers anymore.

How Decentralization Could Spice Things Up In Hollywood

Hollywood instantly brings images of grandeur, fame, and big-budget blockbusters to mind. But guess what? Even that star-studded world could use a bit of a shakeup. Enter: decentralization.

Hollywood has been ruled by a few big studios for ages, but the concept of decentralization puts some of that power back in the hands of smaller Indie filmmakers. Here’s how:

1. Smaller filmmakers don’t have to wait in line for big studio nods. Instead, they can directly reach out to their fans, create digital tokens around their project, and most importantly, make movies.
2. Using the decentralized approach also helps these filmmakers to get their unique stories the limelight they deserve by creating a community around their project instead of getting into less-profitable distribution deals with producers.
3. There’s a lot more transparency with NFT films because every cent is accounted for. This means artists can get every dollar they’ve earned with no shady business.
4. Decentralization ensures that there are fewer intermediaries, and that leads to a faster and less complicated production.
5. There are no location barriers to collaboration. Think of a director in Tokyo collaborating effortlessly with an actor in LA. No fuss, no stacks upon stacks of paperwork, just pure cinematic magic. Hollywood could become a true global melting pot of talents!

Who Holds The Reins?

This shift is nudging the big shots—major studios and distributors—to rethink their roles. When creators and audiences have more say, these traditional powerhouses might just have to learn some new dance steps.

To wrap it up in a neat little bow: while the essence of film—the storytelling, the emotion, the art —remains unchanged, the way we experience festivals is evolving. Decentralization is not just changing the game; it’s setting up an entirely new board. So, the next time you’re watching a film or attending a festival, remember, you’re witnessing (and maybe even participating in) a cinematic revolution!

Featured image by Jovan Vasiljević on Unsplash