SNEAK PEEK
- Introducing soulbound tokens can instruct the movie business on defining a new age of filmmaking.
- The movie industry may benefit from the services of NFTs, says director Stephen Fung.
- Web3 technologies and developments are infiltrating key businesses all around the world.
As more mainstream businesses use Web3 capabilities, the field of filmmaking may learn from the offerings of NFTs and the recently emerged soulbound tokens to define a new era of moviemaking.
Some directors have previously mentioned DAOs as a mechanism for increasing community participation in film productions. Web3 technologies and developments are making their way into various mainstream sectors worldwide. Some industries, such as sports and music, have made significant strides toward adoption. However, the world of movies has not been as vociferous about its embrace.
Disney, for example, has recently made more active forays into the subject, hiring Web-related lawyers and incorporating the Polygon public blockchain into its expansion plan.
Director Stephen Fung, who is now working on the Web3 movie project Departed Apes, to learn more about how web3 features like non-fungible tokens and now soulbound tokens, shared they might benefit filmmaking. Furthermore, Fung helped define what constitutes a Web3 film and if it is a distinct genre in its own right.
The filmmaker noted that the entire area is still in creation, so people in the cinema should allow “some level of being adventurous” when they enter the room and investigate. Blockchain technologies require initiatives and apps focusing on communities and social identities to remain at the core of collaborative and magical ecosystems.
“Souls” are the wallets to which soulbound coins or non-transferrable tokens are firmly connected in soulbound NFTs. When soulbound tokens earned by a soul can be given by other souls who are correspondents to such connections, the system’s true power is revealed.
