Demand Film, an Australian cinema distributor, revealed that it will be rewarding its fans with its own cryptocurrency for watching trailers and promoting new releases, according to The Hollywood Reporter on August 17.
Credit Where Due
The cryptocurrency, appropriately named Screencreds, can be used to avail movie tickets to Demand Films’ screenings as well as to get passes for VIP events like exclusive meet-and-greets with film talent and directors.
The cryptocurrency will be implemented right before the said film distributor expands into Germany on Tuesday, together with its availability in other countries like New Zealand, the UK, the US, Canada, and Italy.
David Doepel, CEO and Managing Director of Demand Film explained in an interview with The Hollywood Reporter how the crypto incentive system will occur.
“Users will be getting paid for what they are doing already—watching trailers, sharing them, promoting our movies to their friends. [Also], payment will be based on influence. The more people see the shared trailer, and the more people that then buy tickets to our screenings, the more Screencreds users earn.”
Screencreds To Bitcoin?
This is only the tip of the iceberg. Doepel added that Screencreds will be made available to be traded on NCX, Australia’s cryptocurrency exchange. In other words, the said cryptocurrency will then be traded to other chief cryptos like Bitcoin and even to the Australian dollar through the said exchange.
Furthermore, Demand Film will be piloting the use of the said cryptocurrency to pay royalties to filmmakers. This will be trialed in the creation of MAMIL: Middle Aged Men in Lycra, wherein the movie distributor will pay Nickolas Bird and Eleanor Sharpe, who are the filmmakers of the said documentary.
Doepel said that they are updating the filmmakers with the royalties every quarter and compensating them accordingly. This benefits both parties since the payment can be made instantly and the filmmakers would be able to receive their due right away. On the distributor’s end, the system will get rid of exchange rates and banking fees.
Fighting Piracy, Streamlining Rendering
Blockchain can also be used for a couple of other ways to improve the film industry.
Verdictum, a blockchain startup in Australia, created a blockchain-based platform which can combat piracy by storing the films’ files on the startup’s blockchain servers, which are rendered immutable.
Also, a couple of blockchain-based rendering software are available like Leonardo Render. The software taps power from GPU mining facilities around the world to render a specific movie or image in real time. This solves the daunting problem of post-production processes, as every filmmaker knows how much time it consumes for a full-length film to finish rendering.
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