The new project has received backing from Clwstwr and will begin later this summer.
Over the next year, 73 Degree Films will undertake research and development to create a new platform that seeks to empower creators. The project will investigate the use of blockchain smart contract technology to create a transformative application.
For many people right now, blockchain means Bitcoin, but that's just the tip of the iceberg. This technology has the potential to completely transform how content creators and the general public both access content and make money from it. - Robert Corcoran, 73 Degree Films.
One example of this emerging technology is NFTs (or non-fungible tokens), which have been disrupting the digital art and collectibles market recently. NFTs help to provide authenticity of ownership for digital items. This makes it possible to sell and verify tweets, website links and other digital assets. Earlier this year, a piece of digital art was sold as an NFT at Christies for $69 million.
73 Degree Films believe that the rise in popularity of mobile content platforms such as TikTok, combined with the advancements in blockchain technology mean that this is a perfect time to move into the space.
TikTok has introduced millions more people to the concept of mobile content creation, but the current funding model for creators isn't accessible to the vast majority.
Currently, surpassing 10,000 followers on TikTok allows access to its 'Creator Fund' which some estimate to pay around 1-2 pence per 1,000 views. To make £100 would therefore require around 5-10 million views. This is a difficult number to maintain, meaning that many creators will be forced to supplement their income with brand deals and accounts on platforms such as Patreon [it is important to note that these figures are estimates and the fund is constantly evolving].
Simply put, we want to transform access and funding for creators and the general public. What we are attempting is incredibly ambitious and we're grateful to Clwstwr for their early support.
Clwstwr is an ambitious five-year programme to create new products, services and experiences for screen. Clwstwr is led by Cardiff University in partnership with University of South Wales and Cardiff Metropolitan University.
73 Degree Films will be concentrating on 2 key areas for the platform: news and entertainment. The project will begin in August and the first step will be finding programmers, developers and others to work with.
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If you are interested in finding out more about the project and possibly working with us, please send an email to contact@73degreefilms.com We are particularly looking for developers and programmers with blockchain experience. We are also seeking artists and content creators to help review our progress and provide feedback.