Web3 tools and innovations are making their way into various major industries around the world. Some industries such as sports and music have made a huge leap in adoption. However, the movie world wasn’t clamoring about its adoption.

Some filmmakers in the past have touched on DAOs as a tool to foster community engagement around cinematic projects.

Recently, big names in movie entertainment like Disney have been making faster moves in the space by hiring Web3-related lawyers and introducing the Polygon blockchain network into their accelerator program.

Cointelegraph sat down with director Stephen Fong, who is currently developing the Web3 film project Departed Apes, to better understand how Web3 tools like Non-Fungible Tokens (NFTs) and now Soul Tokens (SBTs) can be used in cinema. Furthermore, Fung helped determine what makes a Web3 movie, and whether it is a genre of its own.

Although there isn’t much buzz in the cinematic world about Web3 tools, Fung says the two worlds share one inherent feature: visuals.

“Movies are just motion pictures, telling stories. Everything is very visual. In my opinion, besides the technology behind Web3, it is also an [industry] based on a visual level.”
However, where the movie industry may be hesitant about the entire NFT movement is intellectual property (IP) rights.

“Movie companies’ most valuable asset is their intellectual property (IP). Let’s say if you were Marvel, you wouldn’t dive into something that might jeopardize any of your IP addresses,” says Fong. “They tend to be more careful, which is very understandable.”

This can be seen in a recent lawsuit between blockbuster director Quentin Tarantino and movie studio Miramax, over NFTs that were made around the earlier hit movie Pulp Fiction. The main issue in this case was property rights.

Related: Academy Award Winner Anthony Hopkins Sells NFT Collection in Minutes

However, Fong highlighted ways in which these tools can still be useful to communities in the intersection world of Web3 and cinema. He suggested using Discord for NFTs as a “writers’ room” for community inclusion, which is usually a “closed-doors” element in filmmaking.

The director also highlighted who SBTs can help creators distinguish between those in it for NFT resale and those who are passionate about the project.

“We will very much use it as a badge of honor for these early backers.”
Fong went on to say that with regard to Web3 films, there is no definition at the moment, but rather two perspectives: “Either a movie stems from characters that grew out of the Web3 space,” he says, “as if the boring Monkey Yacht Club had to make a movie.”

Or if there is a movie shown within the metaverse. In other words, taking a movie standard and converting it to Web3 through the ways viewers interact with it.

Overall, the director emphasized, this is still a time to develop the entire space, and therefore those in the cinema must allow “a certain level of risk” as they enter and explore the space.

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