The first-ever decentralized film financing platform, Mogul Productions, is launching a non-fungible token-based competition for the holders of Access Pass. In addition to scoring a role in the upcoming movie, the winner also takes away over $1 million worth of STARS tokens.
Mogul Production is a DeFi and NFT platform connecting movie fans, film producers, and creators. The goal is to create the best films and movies by giving voice to everyone involved in the production. The platform leverages blockchain technology and a tokenized system to incentivize engagement and reward participants. At the center of the Mogul ecosystem lies a utility token called STARS.
To further engage its community, the platform is hosting an NFT-based contest, which is the first in its category to be seen by the blockchain world. Anyone in the cryptosphere can participate in the competition, however the holders of Access Pass NFTs- which were available for sale on the Mogul platform – will get all of the original pieces. Digital art collectors can then buy those artworks from the original holders in order to win the contest. The prizes include a movie role and around a million in STARS tokens.
The Most Unique Artwork Ever Created
Mogul enlists a comic book artist, Rob Prior, to create the NFT art. Rob has worked with Marvel, D.C., Todd McFarlane, Image Comics, to name a few, with his most notable creditors on Evil Ernie and Heavy Metal. He is also well known for creating artwork for Spawn, Terminator, and Buffy the Vampire Slayer. Moreover, Rob is an advisor at Mogul Productions, and also possesses a rare ability to paint with both hands simultaneously.
As per the contest organized by Mogul, Prior will live-paint an original piece of art using different ideas passed on by the participants. The goal is to use the power of community to decide on what Rob paints as a homage to Mogul’s mission of creating a truly decentralized film financing network.
Lisa Sun, Mogul Productions’ Founder & President, says:
“To Mogul, NFTs are more than just digital art. We’re excited to be partnering with one of the top artists in the world to use NFTs functionally while giving more utility to our Access Pass holders.”
Shortly, Mogul will ask pass holders about the input on what they want Rob to paint. The team will categorize the answers into the top 3 suggestions, and participants can vote on their favorite. After finalizing the ideas, Rob Prior will create the painting on a live stream. While Rob paints, anyone can catch this once-in-the-blue-moon live-action.
Mogul plans to peg the completed painting to a blockchain-based non-fungible token (NFT) to immutably record its authenticity and uniqueness. The NFT will then be issued to Mogul Access Pass holders to own the NFT of this painting by Prior.
How to Decide the Winner?
Anyone can collect the NFTs. Users who can collect more than 50% of the total number of digital artworks created by Rob are eligible for the prize of a movie role in the upcoming movie produced by Mogul Productions. On the other hand, if a pass holder can collect 95% of the NFTs, the individual is eligible for a handsome reward of 25 million STARS tokens, which roughly equates to $1 million.
The First-Ever NFT-Based Contest of Its Kind
The blockchain world understands NFTs as a way to solve the authenticity problem that plagues digital art. However, Mogul is the first in its realm to enable validating the digital authenticity of a contest using non-fungible tokens. Since everything is available on a transparent distributed ledger, participants can be assured of the authenticity of the competition.
Nonetheless, the Mogul team has challenged the traditional ways of scoring a role in the movie by introducing an NFT-based challenge. This advent of such new use cases of blockchain technology makes it more appealing for millennials and plays a prominent role in the mass adoption of cryptocurrencies.