Mogul Productions: One of the diverse Startups conveying NFTs to Film Industry

In April, the popular film and a humorous book legend Frank Miller partnered with a gaming art maker known as Concept Art House and also a blockchain game company Gala Games to create nonfungible token (NFT) collectibles which are set up on his uber-popular Sin City series.

Within the same month, writer-director Kevin Smith also said that he was positioning a brand-new film called “Killroy was Here” on the market as an NFT. He’s putting it on auction sale, with all the digital files inclusive without any intentions of holding on to any copies or backups.

Then as of February, came Mogul Productions, which main aim is to lead the way to bring DeFi and NFTs to the film industry, and making involvement in film effortlessly accessible to the everyday cryptocurrency consumer through blockchain, NFTs, and a colony of committed film fans.

All this begs a question summarized nicely by an article written in Forbes magazine in June: Are Movies And Streaming The Next Frontier For NFTs? It’s quite early for the article to give a conclusive reply to that question, but it’s definitely possible that in a few years the finance business may look at 2021 as the year of DeFi and NFTs. Also, another article in Forbes, the future of DeFi, or decentralized finance, will primarily be about making it “more accessible to everyday users while building even greater trust through better protocol and product transparency that clearly identifies risks to its users.”

However, there are still a few hurdles to defeat before that can be made possible. For example, presently, there is a storage issue, making it burdensome to offer long videos as NFTs, but a startup known as VideoCoin has its aims as removing those limitations. Also, the company is trying to bring into existence a “proof of ownership” system for NFTs. If the issuer of an NFT goes bankrupt, then the worth of the NFT decreases. However, VideoCoin’s system will make use of an encryption key so that the NFT retains its worth notwithstanding if the issuer is bankrupt or not.

Also, another company, Theta, is setting up a blockchain-based video platform. Sony and Samsung have put up some investments in the company to assist in developing its peer-to-peer video distribution network. By the establishment of its own network of distribution and storage, its target is to host all the video content on its network.

Then here comes Mogul Productions, successfully launched in February after devoting a period of two years plus incoming about with an app that supports Defi and NFTs churn out indie films outside the regular big-studio Hollywood model of financing.

Hence, the company recently made an announcement of beginning post-production on a movie that is funded using blockchain technology. This was an important milestone reached by the company. The name of the film, “Bonded,” was written and directed by Mohit Ramchandani. It is a movie inspired by the authentic story of a Mexican teenager who has visions of becoming a soccer star, but instead, he is sneaked past the border and being sold to a Los Angeles sweatshop.