Blockchain and movies make for an exciting combination. Likewise, Mogul, the blockchain-based movie financing startup is causing ripples in the crypto space. Their new feat of having more than 100 Million $STARS (native token) locked in their farming pools is a testament to the growing community.
With more than 50,000 Mogul fans on telegram and Twitter, the 100 Million mark seems only like a start to a massive wave of growth for the startup. Also, nearly 98% of the LP (Liquidity Provider) tokens are further being staked in Mogul Pools which indicates the amount of trust being vested upon the project. And the project achieved all this in less than 100 days, which is a staggering achievement for Mogul.
Hitting the Headlines is a Norm for Mogul
The reaching of 100 Million $STARS in the farming pool is not a one-off event for the Mogul community. In the past few months, Mogul has consistently been in the news with exciting developments and giveaways.
In a never-heard-before announcement, Mogul offered a role in an upcoming movie and a $1.25 Million in $STARS token to the winner of their NFT contest. It was undoubtedly one of the biggest contests in blockchain history.
Alongside, Mogul proposed to finance the first-ever blockchain-based movie, which was to be voted upon by $STARS holders. This announcement made heads turn with numerous celebrities voicing their support for DeFi and blockchain in the film industry.
Also, Mogul conducted several NFT contests and auctions. Meanwhile, their NFT marketplace was audited thoroughly by Hacken, with zero red lights going off. And the Mogul management ensured continuity with several strategic partnerships, leading the way to bring decentralized funding to the movie industry.
Audience and Algorithm to Manage the Movie Industry
Currently, the industry is plagued with private investors and major studios creating a monopoly to fund movies. Furthermore, their transactions are opaque and do not generate trust. Also, since big money is being poured, movie directors and creators are forced to craft a movie that generates revenue over and beyond the investment.
Moreover, Indie creators have scarce opportunities to receive funding for their movies. And even those opportunities are infested by corruption and lack of transparency.
So, Mogul Productions has worked on democratizing the entire movie value chain using blockchain technology. Using a public ledger, each penny flowing into the movie is recorded and made accessible to everyone. With several parties involved in the movie-making process, priorities differ, and keeping a track of monetary transactions is a headache. But with blockchain, this issue is taken care of.
Likewise, audiences in the movie industry have been sidelined for a long time. Mogul aims at placing them in a position of power to vote upon the script and/or other major steps in a movie. Thereby studios do not dictate what content is to be created. This reduces the unnecessary commercialization of movies. Also, funding can be allotted to Indie movies. With the backing of the Mogul community, Indie movies stand a chance to turn mainstream.
To facilitate voting, Mogul has vested power onto its $STARS token. Holders of the token qualify to vote on movie projects and their upcoming processes. This further enhances the value of the token.
Mogul recently announced a film competition in which three movies will pitch their projects to $STARS token holders for the chance to be selected as the second film to receive financing from Mogul. The blockchain-based vote, which takes place from August 5th through the 19th, will signify the first time cryptocurrency holders govern the financing of a Hollywood film.
A Decentralized Future of Movies
Movies are a multi-billion dollar industry. Adding transparency and placing the audience in the driving seat shall revolutionize how the industry works. Retail traders and investors can fund Indie movies and own a proportional fraction of that movie. And on the movie’s revenue, they earn a share.
Remember that there are a whopping 100 Million tokens in the farming pool, enjoying regular rewards. More than 40% of the supply is locked in fully audited smart contracts. In the past 100 days, investors have earned 4% to 65% annually, by staking $STARS.
With an increase in investors, more people shall vote on the movies’ decisions. And this shall lead to mass adoption of blockchain and DeFi in the movie sphere.