This South Korean film festival will be powered by blockchain technology

An upcoming film festival, hosted by the Gyeonggi Film School, will be held from September 25 to October 4. Recently, the festival announced its partnership with MovieBloc, a Blockchain-based media distribution platform.

According to Fn News, the festival’s audience will be able to rate each film in real time in exchange for various tokens. Attendees will be able contribute in other ways as well, such as by providing foreign-language subtitles for various films, in return for additional token-based rewards.

The online festival, which was developed in response to the COVID-19 pandemic, may be the first of its kind and could set a precedent for future festivals in the post-coronavirus era. Kang Yeon-kyung, MovieBloc’s CEO, said that he hopes this new model “can coexist with domestic and international film festivals and the film industry.”

In July, a piece of collaborative performance art consisting of 15 short films, was hashed and minted into a non-fungible token on the Ethereum blockchain.

That event utilized a mechanism which rewarded the project’s contributors whenever an asset was sold; the Gyeonggi Film School will implement a similar idea in their upcoming event.

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