We’ll be thanking Web3 for Hollywood’s revival
In my own journey through Hollywood, I’ve seen firsthand the gaps and disparities that plague the space
Kirk Wester/Shutterstock modified by Blockworks
As Hollywood emerges from the recent SAG-AFTRA strike, a pivotal moment is unfolding, signaling the resolution of conflict and the dawn of a significant transformation in the entertainment industry.
In my own journey through Hollywood, I’ve seen firsthand the gaps and disparities that plague the space, specifically in the streaming wars and content distribution to consumers.
The recent SAG-AFTRA strike is a stark reminder of these ongoing challenges. Issues such as fair compensation, transparent transactions or reporting aren’t just theoretical concepts but real, everyday struggles for creators.
And the recent dispute — which centered on the rights and earnings of those who breathe life into the stories we cherish — highlighted a significant disconnect in the industry. At its core, the conflict revolved around the need for a more equitable and transparent system that respects the contributions of all creators, be they in front of the camera or behind the scenes.
This is where the transformative power of NFTs and Web3 becomes apparent. They offer tangible solutions to deeply rooted problems in the creative world, allowing traditionally fragmented systems and relationships to become cohesive, fluent and efficient.
An imperfect world
I find myself continually fascinated by the potential of NFTs and Web3. Their complexity and technological value are certainly captivating, but what truly resonates with me is their fundamental purpose.
These technologies are essential tools crafted to address the inherent imperfections of our current systems and workflows.
If you are already delving into this discussion, you likely understand the transformative power of NFTs and Web3. The benefits of fundamentally altering how creators are rewarded and how they connect and incentivize with their audiences are a familiar concept to you. But their impact on creative industries like Hollywood is more than just technological.
Web3 and NFTs are responses to the flaws and imperfections of our current systems and experiences with media and entertainment. They are born out of a necessity to address the gaps and shortcomings in how we manage and recognize creativity, ownership and consumer behavior.
Read more from our opinion section: Swipe right? SBF’s ‘Love is Blind’ approach to politics was never real
Beyond the hype and the headlines, NFTs represent a fundamental shift in how we value creativity. The essence of NFTs lies in their ability to encapsulate and safeguard creative output in a previously impossible way. They represent a beacon of hope for creators, a digital promise that their work will be recognized, cherished, and protected for future generations.
Meanwhile, Web3 dismantles entrenched hierarchies, democratizing the creative landscape. This technology empowers creators with a newfound autonomy, enabling them to directly engage with their audience and gain control over their work.
In the sprawling universe of Hollywood, where creators often find themselves at the mercy of larger entities, Web3 and NFTs can level the playing field. They offer a platform where every voice can be heard, and every creation can find its rightful place in the spotlight.
In the near future, I believe that we will see every script, every song, and every frame of a movie existing as a unique digital asset, each traceable and tradable on the blockchain. As consumers, we will likely not notice, but we will benefit from the structure as it allows our behavior to be incentivized and rewarded.
Many studios and independent filmmakers will harness these technologies to gain direct access to funding, distribute their work more widely, and engage with audiences in interactive and innovative ways. This technology is a solution that solves problems while creating more opportunities for all, a solution where everyone can win.
The resolution of the Hollywood strike — which concluded with an increase in salary and a streaming participation bonus for high-performing original streaming series and films — is merely the opening act of a profound transformation.
In positioning Web3 and NFTs at the vanguard of change, we are adopting a new ethos for valuing creativity in the entertainment industry. One that promises a future of equity, transparency, and a celebration of diverse voices. This vision aligns seamlessly with the spirit that fueled the recent strike, offering a more creator-centric Hollywood, ready to thrive in the digital age.
Don’t miss the next big story – join our free daily newsletter.