- Independent filmmaker Cutter Hodierne used blockchain-based platform Decentralized Pictures to secure funding for his crypto thriller “Cold Wallet,” attracting investment from Steven Soderbergh.
- Film3, the decentralized film industry movement, leverages blockchain technology and community participation to bypass traditional Hollywood gatekeepers and funding models.
- Decentralized film financing (DeFiFi) enables direct viewer-to-creator funding and transparent profit sharing through smart contracts, potentially transforming how independent films are funded and distributed.
Blockchain technology is disrupting Hollywood’s traditional funding model as independent filmmakers turn to decentralized platforms to finance their projects. The recent release of crypto thriller “Cold Wallet,” funded through blockchain-based studio Decentralized Pictures and backed by renowned director Steven Soderbergh, signals a growing shift toward what industry insiders call Film3 – a movement that could democratize film production and distribution.
“Cold Wallet” director Cutter Hodierne bypassed conventional Hollywood channels after facing the typical barriers independent filmmakers encounter. “In Hollywood’s centralized model, breaking in is difficult. You never know if you met the right person, if your script was overlooked, or if your work is truly considered,” Hodierne explained when describing his decision to pursue alternative funding.
Rather than pursuing traditional studio backing, Hodierne submitted a 10-minute clip to the Decentralized Pictures website, where a community of industry professionals and film enthusiasts evaluated his work. Community members earn $FILM tokens for reviewing submissions, which they can stake on projects they believe in or use to fund their own creative endeavors.
The platform’s decentralized review process delivered unexpected results when director Steven Soderbergh viewed Hodierne’s work. “Steven Soderbergh, the king of the heist genre, gave us his blessing,” said Hodierne. This endorsement led to Soderbergh investing in the film, followed by additional funding from Decentralized Pictures.
“Cold Wallet” is now available in select theaters and on digital platforms including Apple and Amazon Prime Video, with the added distinction of being presented by Steven Soderbergh. The film has received positive reviews and notably can be purchased using cryptocurrency—fitting for a film centered on crypto themes.
This release represents significant progress for the Film3 movement, spearheaded by studios like Decentralized Pictures and GALA.com/”>Gala Films, which collectively have more than 60 film and television projects in development.
Roman Coppola, co-founder of Decentralized Pictures and member of the legendary filmmaking family, described the vision: “We’re building the studio of the future. At our company, American Zoetrope, and in my dad’s work, we value community and a cafe culture where people come together, share ideas, and compare notes.”
The blockchain-based funding model, dubbed “DeFiFi” (decentralized film finance), represents a fundamental change in how films are financed. Stacy Spikes, co-founder of MoviePass, explained during an ETH Denver interview with Decrypt: “Distribution companies will still be needed to push films into the marketplace, but until now, back-end participation wasn’t possible. With smart contracts, it is.”
The Film3 movement achieved mainstream recognition in 2024 when actress Mena Suvari received a Primetime Emmy nomination for her role in “RZR,” a sci-fi series created by David Bianchi’s Exertion3 Films in partnership with blockchain streaming platform Gala Film.
Spikes highlighted specific communities that could benefit most from this technological shift: “If you go with the community—particularly black and brown communities or genre films—Web3 is a great place to tap into. I feel that people who were hesitant to invest will now be more likely to do so because they know they’ll get their money back.”
A key advantage of the decentralized model is the elimination of traditional intermediaries. Hodierne noted that without distributors and sales agents taking their cut, proceeds flow directly to filmmakers and the platform, allowing reinvestment in new independent projects.
“As a filmmaker, I’ve seen how centralized and fickle the industry is. This shift is a big deal, especially as streaming platforms pay artists less while struggling themselves,” Hodierne said. “It’s an exciting convergence for films, and for ‘Cold Wallet,’ a crypto thriller, this feels like the perfect first step in opening that door.”
As Film3 continues gaining traction, it may provide a viable alternative to traditional film financing models, particularly for independent creators struggling to navigate Hollywood’s established power structures and funding challenges.
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