How Mogul Productions is Combining DeFi & NFT to Advance the Film Industry
There continue to be interesting innovations popping up in the crypto space. Two of these major innovations are Decentralized Finance (DeFi) and Non-Fungible-Token (NFT).
Decentralized Finance (DeFi)
Decentralized Finance is an innovation in the cryptocurrency space aimed at disrupting the interference of financial intermediaries. It is a system that allows financial products to be made accessible on a public decentralized blockchain network free and easy to use by anyone, instead of going through intermediaries such as banks or brokerages.
Unlike bank or brokerage accounts, DeFi does not require a government-issued identity card, Social Security number, proof of address, etc. It is a system in which software developed on blockchains enables buyers, sellers, lenders, and borrowers to engage in peer-to-peer transactions or with a completely software-based intermediary.
Non Fungible Tokens
A non-fungible token (NFT) is a cryptographic asset stored on a digital ledger known as a blockchain, with distinctive identification codes that certifies a digital asset to be unique and hence not interchangeable. NFTs can be used to represent digital files such as images, videos, audio, etc. The buyer of an NFT has unrestricted access to any duplicate of the original data. While copies of these digital objects are freely available to anybody, NFTs are recorded on blockchains to give the owner proof of ownership.
NFTs cannot be traded or swapped at equivalency, unlike cryptocurrency. This is in contrast to fungible tokens, such as cryptocurrencies, which are identical to one another and can be used as a medium for monetary activities.
NFTs offers a high level of interoperability and serve as representations for non-traditional assets.
As a result, NFTs may be employed in a variety of applications such as video games, licensing digital identification, fine arts, certificates, etc.
Fractional ownership of items is possible with non-fungible tokens and this is where DeFi comes into play.
DeFi helps complete the necessity of NFT productions and several projects have adopted both innovations to provide efficient services to the public and Mogul Productions is one such project.
Mogul Productions
Mogul Productions is a protocol designed to decentralize and promote film industry innovation and engagement. It is leveraging blockchain technology in the entertainment sector to give room for the creative process of filmmaking by offering a decentralized film finance platform and a movie-based NFT marketplace.
Since its introduction in February 2021, Mogul Productions has witnessed massive growth. Over 40,000 people have already signed up for the platform and more crowds are expected to troop in with what they have to offer and what they have got planned.
By combining blockchain technology and the film industry, Mogul is promoting transparency and putting decision-making power in the hands of viewers. It allows viewers to select the films they wish to see on the big screen.
Mogul Productions DeFi Involvement
Mogul Productions leverages decentralized film finance (DeFiFi) to assist filmmakers in obtaining funds for their movies when it appears impossible to acquire.
Oftentimes, a lack of funds has prevented moviemakers from producing a very good movie and due to a rise in streaming services such as Netflix, the decline in box-office revenue, film studios stand to lose a lot of money if they release a poor movie. These hindrances have prevented many filmmakers from producing very good movies for the public. Mogul Productions is solving this problem by allowing its platform’s users to participate in the production, funding, and marketing of films. This is accomplished without the help of big film studios or career-defining reviewers. Furthermore, decentralized film finance (DeFiFi) has considerably reduced the hindrances in the film industry, creating an open environment for prospective filmmakers.
Mogul Productions NFT Involvement
Mogul Productions, which is still in the early phases of development, provides an accessible cross-platform “NFT viewer” as a notice board for Access Passes and other Mogul-based NFTs. All you need to do is connect to the platform with your wallet, for instance MetaMask, and then you’ll be able to see all of your Mogul assets in one spot.
Mogul Productions has developed a revolutionary set of non-fungible token (NFT) assets that provide holders with unique experiences. There is an availability of Mogul NFT Access Pass and holders of this Pass can earn the opportunity to appear in roles or receive producing credits in a film at four distinct available tiers. Furthermore, the Mogul NFT Access Pass may offer holders the opportunity to spend a day on set, meet the actors and crew, and attend the red carpet premiere; simply amazing
Conclusion
The Mogul Productions platform has an easy-to-use dashboard. Your user name, wallet address, STARS token balance (the native token of the Mogul Project), and any Mogul-native non-fungible tokens are displayed on the dashboard (NFTs). All you need to do is connect to the platform with MetaMask, and then you’ll be able to see all of your Mogul assets in one spot.
Mogul Productions also provides non-fungible token (NFT) Access Passes to platform users. These are unique and fascinating opportunities to participate in the pre-and post-production stages of a film.
‘Bonded’ is the first film to be financed and released by Mogul Productions using the DeFiFi and NFT platforms. The film is based on a real story about a young Mexican kid who is smuggled into Los Angeles and brought into a sweatshop where they sew party dresses. The movie is directed by Mohit Ramchandani and Mogul is using this means to increase awareness of modern-day slavery.
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