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Filmio Uses Blockchain Tech To Democratize the Entertainment Industry

Filmio Uses Blockchain Tech To Democratize the Entertainment Industry
  • Filmio announced the launch of its platform.
  • The firm said it will democratize the entertainment industry and include fans.

Filmio brings blockchain to film creation with its platform set to empower film, television, and VR creators. Leveraging distributed ledger technology, Filmio aims to include fans in the project-greenlighting process and democratize film the same way blockchain is opening access to financial markets.

Of note, Filmio is a blockchain development for entertainment. Its platform leverages third-generation blockchain technology to empower creators and fans throughout the filmmaking process.

As boundaries between creators and fans are blurring across the entertainment industry, Filmio noted that it tackles that challenge by bringing the democratizing properties of blockchain to film.

Following this, the Filmio team said,

“Filmio’s platform will incubate, validate, and enable new projects to launch, opening film creation to the masses, who are marginalized by a closed-off entertainment industry.”

More so, the Filmio team added that Hollywood misses original storylines with great potential for success from aspiring creators, whose ideas are ignored to make way for big names. Therefore, the firm will use EOS’s blockchain software to allow both fans and creators to work together throughout the project creation and validation processes.

As per Filmio, the process happens in three phases, including incubation, validation, and distribution. These phases firstly enable creators to post and promote their projects with the correct fans. Secondly, they let creators receive behavioral markers from fans. This leads to a democratized greenlighting of projects.

Last and not least, these points also allow connecting fan-validated creators to investors, networks, and studios while reducing the risk of financially failed production.

In addition, the Filmio team noted that the platform incentivizes the participation of fans through FAN. FAN is a utility token that is used to reward fans for their participation. However, the token only has utility on the Filmio platform.

The team also added that accredited investors can opt to invest in the platform. They can invest via security tokens—FILM tokens. These tokens offer passive income as profits from the platform’s revenue.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.