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Hollywood director Steven Soderbergh, best known for Ocean’s Eleven, has donated $300,000 to the Decentralized Pictures (DCP) blockchain film funding fund.
Steven Soderbergh has teamed up with the DCP Foundation to launch a $300,000 grant on a blockchain film funding platform. Soderbergh’s production company Extension 765 launched the Andrews/Bernard Award on the Decentralized Pictures platform to support filmmakers and help them finish their feature films in English.
According to Soderbergh, this is one of his experiments in the film industry and he is really interested to know if film financing works on the blockchain. The director decided to invest a large sum to “test” whether this system would work as it should.
Notably, Soderbergh’s 2017 film Logan’s Luck was funded by a pre-sale of foreign distribution rights. With these funds, the entire film was shot. The 2018 thriller Madness had the same funding model.
According to the director himself, this way of financing films provides “total transparency” without any intermediaries. Money doesn’t pass through anyone’s hands, says Soderbergh. He just goes to the Internet and sees how the general account of the picture is regularly replenished. The DCP project promises to provide a similar level of transparency and the speed with which the painting will receive the necessary funds.
DCP was founded by members of Francis Ford Coppola’s American Zoetrope production company. With the help of the fund, filmmakers can apply for films by paying a fee in the project’s native token FILMCredits (FILM). These fees go toward paying members of the DCP community for reviewing projects and performing other tasks to support the community.
Earlier, the startup NFT Studios announced that it planned to shoot the first full-length feature film in the history of Hollywood in 2022, financed entirely by the sale of NFT.
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