The Film.io DAO—the film industry’s first—has launched.
What is a DAO?
DAO stands for decentralized autonomous organization, which is a fancy term for a group of people who agree to abide by certain rules for a common purpose. Those rules are written into the code of the organization via smart contracts—algorithms that run when certain criteria are met.
What will the Film.io DAO do?
Our mission is to replace the film industry’s centralized control with decentralized, inclusive decision-making by the fan and creator communities. FAN Tokens are used to join and participate in the Film.io DAO, allowing creators (as DAO members) to submit their projects as “proposals,” while asking fans to show their support for the projects they believe in by staking their tokens.
At Film.io we value people’s participation and voice more than how big their bank account is, and we won’t let this be about whoever has the biggest wallet as having the largest control, which is why anyone who participates earns more FAN Tokens and governance power. The more you participate, the more you earn!
Who can participate in the Film.io DAO?
The Film.io DAO is accessible to everyone across the globe. Everyone who has FAN Tokens and has signed the constitution is a DAO member, and users can get FAN Tokens for free by participating in the ecosystem.
Why is the Film.io DAO significant?
For too long, Hollywood decisions have been placed in the hands of a small group. Under the age-old centralized Hollywood process, individuals and businesses are subject to regulation by those who hold the purse strings. The decision-making process for greenlighting movies was based on potential commercial success and not necessarily the best content. Fans are only involved when asked to go to the theater and watch the movie. The Film.io DAO is set to disrupt this entire process.
What are the member benefits of the Film.io DAO?
Members of the DAO get to participate in the decision-making process of what content is created. Members help greenlight movies and TV shows, propose and vote on community initiatives, stake FAN tokens to earn increased in-platform reputation and plenty more benefits to follow.
What are the future plans for the Film.io DAO?
We will continue to enhance membership rewards for DAO members and look forward to sharing more updates along the way. You can join the Film.io DAO here. You can read the official release here.