NFT
On Tuesday, Theta Network and The Squad announced MetaCannes, a Web3 film festival. But why do we need one? And can it hope to compete with the world’s most famous annual film festival?
The traditional film industry is known for its lavish awards shows and festivals. Now Web3 has its own version, MetaCannes. A film festival that will take place at the same time as the Cannes Film Festival, from May 16 to May 29, 2023. The project is a collaboration between the Theta Network blockchain and Web3 studio, The Squad.
The idea behind MetaCannes
Why a Web3 film festival? Well, the event is part of the nascent but growing Film3 movement.
The Film3 movement is a relatively new concept that unites Web3 principles with the film industry. It aims to build a decentralized and community-driven film industry that is more transparent, fair and accessible.
How it does that is often quite complex. But essentially the concept is to leverage the benefits of blockchain for a more democratic industry. Including enabling more directly funded movies without old studio gatekeepers.
A fairer film industry?
According to Stephen Murray, founder and co-chief executive at BINGEABLE, one of the tenets of the Film3 movement is to put creators first.
“Traditionally, the entertainment industry has prioritized the ability to market and distribute over the ability to create,” Murray said in an interview with BeInCrypto. “Film3, on the other hand, values creators and the communities they build more than the pipes that supply their art.”
“Film3 is all about empowering creators and dismantling the longstanding power imbalance that has limited the potential of independent filmmakers for far too long,” Andrea Berry, Head of Business Development at Theta Labs, told BeInCrypto.
“By incorporating Web3 technology and NFTs into the filmmaking process, we can enable a more direct connection between creators and their audiences, enabling more sustainable revenue streams and greater creative control.”
The festival will also feature top leaders from the Film3 media and entertainment industry, including Oscar winners Phil McKenzie and Nick Sadler, as well as leading actors and directors. The latter include Jonathan Keltz, Miguel Faus and Julie Pacino, who made the first feature film funded entirely by NFTs.
Participants have access to 25 hours of Q&As, panels, films and short films from the Film3 movement.
