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Mogul’s new NFT contest winner to get a role in a movie and $1.25 million

The NFT will then be issued to Mogul Access Pass holders to own the NFT of this painting by Prior.

mogul nft giveaway

Blockchain-enabled film financing platform Mogul, a.k.a Mogul Productions, recently revealed its plan to host an NFT-based contest. During the contest, members with the Access Pass of Mogul will get the privilege to suggest ideas for an artwork that will be painted live by the popular DC Comics and Marvel artist Rob Prior.

Upon completion, the unique Rob Prior painting will be pegged to a blockchain-based non-fungible token, or NFT, to make its authenticity and uniqueness provable. The NFT will then be issued to Mogul Access Pass holders to own the NFT of this painting by Prior.

The interesting part of the contest is that any user who collects 50% or more of the copies of Prior’s NFT artwork will win a role in an upcoming movie produced by Mogul. But that’s not it. Any member from across the crypto community, whether or not an Access Pass holder, who collects 95% or more of the NFT’s pieces will win 25 million STARS tokens, which is over $1.25 million at the time of writing.

Mogul’s NFT contest comes at a time when NFTs are having a remarkable impact on the arts, sports, and entertainment industries. The community-wide acceptance of NFTs is growing by the day as more famous digital artists, sports players, actors, and singers endorse and create their exclusive NFTs.

However, Mogul’s move seems unique for two reasons. Firstly, it will be rare for many people to see a popular artist like Rob Prior painting live an idea sourced from the community. Secondly, it will mark the first time that a production house uses an NFT contest to choose an actor for their upcoming movie. This simply shows a glimpse of how far blockchain technology and NFTs have penetrated into the arts and entertainment space.

Mogul’s Vision of Decentralizing Film Financing

Mogul’s move into NFTs may seem obvious given the rising popularity of NFTs in the entertainment industry. But what’s not obvious and clearly more significant is the way this production house aims to change film financing.

Led by the Emmy-nominated producer David Cormican and the Oscar-winning producer Cindy Cowan, Mogul Productions aims to offer fans a more dynamic role in the Hollywood film industry. As of now, even though movie fans are the most important pillar of the film industry, they have little insight into the film production process and its financing. That’s because the entire industry functions opaquely.

Mogul has taken the initiative of placing fans at the center of the film financing process so they can collectively decide what films should be funded and produced. The idea is to use blockchain, smart contracts, and Mogul’s native crypto token STARS to allow fans to vote on movie projects that they want to be produced. 

Furthermore, Mogul will utilize blockchain’s transparency to offer a clear perception of the financial transactions to all parties involved. As all transactions will be recorded on the blockchain, movie financiers will be able to clearly see how the funds are used while fans will know the exact details of the profits earned by the movie.

Reimagining the Future of Films

The global film industry raked in almost $12 billion despite the ongoing pandemic last year. The year before that, the number was $42.2 billion. In the coming years, the size and the revenue of the industry are only expected to grow. As that happens, it is now more critical than ever to give fans the importance they deserve and lay the foundation for a more fan-centric film industry.

Mogul Productions’ vision seems to align with that initiative, and it may offer fans a more immersive experience. It has the potential to not only benefit the fans but also the industry as movies will have a better chance of making it big at the box office if the fans themselves choose what movies must be produced.

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