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"With the power that is in the hands of some of the distribution channels these days, it's very important to give folks a way to showcase their work to the world and monetize it in a fair and transparent way," Decentralized Pictures co-founder Leo Matchett told Decrypt.
He explained that the 501(c)(3) non-profit's streaming offering would enable filmmakers to "distribute their content
100% free, on-chain and auditable and immutable."
DCP+ will be integrated into Decentralized Pictures' platform, with users able to rent films using its FILMCredits token—which can either be purchased with fiat or earned through community participation, such as reviewing scripts and trailers.
Creators who upload content to the platform can complete a "cap table" using crypto wallet addresses, which automatically allocates streaming revenue to equity holders according to their profit participation.
The streaming platform will also enable users to receive rewards for reviewing work, with creators able to allocate a percentage of revenues to content reviewers. This, Matchett explained, enables the creation of an "incentivized peer review process" that will help with the process of content discovery.
"Potentially, eventually we would have curated lists," Matchett explained, adding that users would be able to follow "tastemakers" to see what they've watched and reviewed.
The peer review process also enables users to conduct "test screenings," with filmmakers contributing to a rewards pool in order to "incentivize engagement and review of their material."
Uploaders will also pay a moderation fee, which is allocated to volunteer community members who review content for copyright violations, illegal material, and compliance with community guidelines. "Our rule of thumb is that it should generally fit within the MPAA rating system," Matchett said.
He explained that Decentralized Pictures doesn't see DCP+ as competing with other Web3 streaming media platforms. "We are trying to make it more of a public service," he said, emphasizing Decentralized Pictures' 501(c)(3) non-profit status. "That's why we're putting 100% of the revenue back into into the smart contract to be distributed to the rights holder," he added.
Co-founded by filmmaker Roman Coppola, Decentralized Pictures is a film funding DAO built on a fork of the Tezos blockchain dubbed T4L3NT Net. Users can buy or earn FILMcredits tokens through community participation and stake them to compete for funding awards. A portion of profits from funded films goes back to the non-profit, where it's used to fund future awards.
To date, Decentralized Pictures has handed out hundreds of thousands of dollars in funding to filmmakers, through awards sponsored by filmmakers including Steven Soderbergh and Kevin Smith.
Edited by Andrew Hayward