Web3 Wonders: Top 5 Tools Every Filmmaker Needs to Stay Ahead
Web3 is all the rage right now due to several exciting applications including crowdfunding, decentralized communities, and NFTs. It’s not a complicated space to break into and with the right skills, it’s a piece of chocolate cake. But first, there are certain Web3 tools that filmmakers need to successfully transition. Not everyone needs them but they could certainly make film projects easier and a lot more interesting. But first, let’s talk about web3.
What is Web3?
In a less textbook-styled definition, Web3 is simply the stage of the Internet that comes after Web2 (which is the Internet as we know it today). It is the next stage in the natural evolution of the Internet, and it focuses more on individualization than central authorities (it is decentralized).
How Can Filmmakers Stay Ahead in Web3?
The online space is growing fast, so filmmakers need to grow just as fast. Upskilling and adopting certain tools could be the difference between those who are always one step ahead and those who get left behind.
Top 5 Skills and Web3 Tools That Filmmakers Need
1. NFT Creation
Is it really a discussion about Web3 if NFTs don’t pop up? NFTs are non-fungible tokens that represent digital asset authentication, ownership, and transfer. The non-fungibility ensures that each NFT is unique even when identical to another.
Due to their versatile nature, they can be applied to filmmaking in many exciting ways. They are a proven alternative to traditional film funding, movie memorabilia distribution, and community building.
Filmmaker Miguel Faus is funding his project Calladita using profit made through the sale of NFTs. The collection contained 2400 NFTs, all of which were stills and videos from his short film of the same name. In the same way that people collect and treasure physical memorabilia, they could collect these NFTs.
These tokens can also help filmmakers protect their copyrights and, in return, their profit. The film industry still uses a rather traditional model, a ladder structure, if you will. From the moment a movie is first proposed, big studio executives decide everything from greenlit approval to everything after its release. They are at the top of the metaphorical profit ladder, and the people actually involved in the filmmaking process end up near the bottom and may not profit much.
NFTs can help filmmakers take their power back since even when sold, the copyright of the token is owned by the creator.
2. Cryptocurrency Wallets
Cryptocurrency wallets are essential tools for filmmakers looking to break into web3 because they store proceeds from NFT sales and crowdfunding. The web3 space operates on decentralized principles so instead of centralized bank accounts, financial transactions are carried out with wallets. There are several types of wallets including:
- Hot wallets
- Cold wallets
Hot wallets are connected to the Internet or a connected device and can be in the form of mobile wallets, desktop wallets, and web wallets. Cold wallets, on the other hand, are usually in the form of an object not connected to the Internet such as hardware wallets like the Ledger Nano, and paper wallets. Some popular wallets for NFTs are Metamask and Trustwallet.
The most important thing to know about wallets is that they have two keys: a public key and a private key. A public key is like a bank account number which you can give to someone if they need to transfer some cryptocurrency to you. Private keys are like a secret password that can be used to log into your wallet.
3. Smart Contracts
Smart contacts interact with other Web3 tools. They are the key to the reality of a decentralized Internet, and the reason why Web3 automation can exist. Smart contracts create fairness in web3 transactions since they are not subject to bias. They ensure that ownership is really transferred from the creator to the buyer. They can be used to carry out auctions where ownership of the NFT is automatically transferred to the highest bidder at the end of the auction.
For example, two people looking to complete an offline NFT sale could create a smart contract that deducts cryptocurrency from a buyer’s wallet, credits the seller’s wallet and transfers the NFT without each party having to trust the other. They simply enforce the terms of the contract, monitor the finances, and automatically implement any decisions in the case of community voting.
4. Augmented Reality Applications
AR film creation apps like Zappar are becoming more popular. Of all the Web3 tools for filmmakers mentioned so far, they may have the most potential, and here’s why:
Augmented reality has become a lot more popular due to talks about the ‘Metaverse’ and Meta’s plans for it. The metaverse is a virtual space where people can interact with one another in real time, and it is changing the reality of what “immersion” is. Being able to interact with objects in the virtual world has been touted as the next step for Hollywood.
The interactive nature of virtual reality and augmented reality technologies allows filmmakers to experiment. Imagine a recreation of your favorite movie where you get to experience the movie up close, alongside your favorite character, of course. Maybe even make choices that can impact the movie’s outcome? What says ‘immersive cinema’ more than a choose-your-own-adventure storyline? Seem/Ceiling, a horror AR film by Kiyotaka Watanabe is a cool example.
AR can also be used for marketing and advertisements, to generate hype around the movie. While some things may be a bit out of reach for small teams, there are other ways to implement augmented reality, such as merchandise and collectables.
5. Decentralized Streaming Platforms
These allow filmmakers to relay their films directly to an audience without the need for an intermediary (like Netflix). Removing an intermediary from the equation also means that the money that would’ve been put into these middlemen can be used elsewhere.
Decentralized streaming platforms are still a very new concept, and because of that, only a few of them currently exist. But those that exist, like Flixxo, are creating ways for filmmakers to have control over who sees their work and how.
Flixxo uses a cryptocurrency called Flixx that users pay with in order to watch something. The amount of tokens that users need to pay is determined by the creator. These tokens can be made in different ways, including by watching short ads that play before the actual video.
Final Thoughts
For filmmakers who play their cards right, web3 could unlock new layers of autonomy, fulfillment, and profit. With new Web3 tools like NFTs and decentralized streaming platforms, there are new ways for creators to protect themselves while experimenting with new and exciting concepts.
Featured image by Shubham Dhage on Unsplash
