Story DAO looks to blockchain creators
Summary
Two brothers with backgrounds in Hollywood development and crypto investing are launching Story DAO, a new production studio that exists entirely on the Ethereum blockchain.Why it matters: Story DAO could prove that blockchain has the ability to reshape how Hollywood develops and finances content, as well as provide a new pathway for the development of franchise IP.Details: Story DAOs co-founders are brothers J.P. and Justin Alanis. The companys backers include a mix of VC and crypto investors and Hollywood writers, including Packy McCormick, Cooper Turley, GMoney, Collab+Currency, Floodgate, Narwhal Ventures and writers Kyle Hunter and Ariel Shaffir.The big picture: The streaming wars have made established IP the most valuable commodity in Hollywood. But despite hefty content budgets, J.P. argues this has made distributors even more risk averse over fear of sinking millions of dollars into a lemon. You have studios and distributors that control all the rails of the system," he tells Axios. Story DAO will launch NFTs for each sub-DAO, which will act as part of the governance structure of each sub-DAO, helping to determine project funding and facilitate voting on creative decisions.