MoviePass is a startup that marks its cinema subscription service and is known for constantly shaking things, and the latest ventures are no exception.
On Thursday, the company announced the beta launch of Mogul, a new daily fantasy entertainment platform specially designed for the Hollywood industry.
To understand what a big name is, it is important to first understand the concepts of fantasy sports. This subcategory of fantasy sports allows players to compete in a short period of time rather than in the entire season. Players assume the role of team manager and create their own dream team made up of real athletes, earning points based on the athlete's performance in the real game.
Mogul takes this idea by allowing users who are film enthusiasts interested in this kind of thing to act as studio heads in the film industry. Players will be provided with a budget and “studio credits” (in-game currency) that will be spent on selecting actors in the league.
Users can update their film actor lineup daily. They then take part in one-on-one competitions and solo challenges, in addition to fantasy-style tournaments that last around a week. Participants will call on the outcome of a variety of things, including box office revenue, audience turnout, critical reviews, and potential winners.
As users level up, they earn digital collectibles (that will help you climb the leaderboard, thinking of signed posters and memorabilia).
Mogul is built on top of the Layer 1 blockchain and SUI, a smart contract platform developed by Mysten Labs. Beta testers will receive a digital wallet to securely store in-game cryptocurrency, rewards and collectibles.
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Image credit: MoviePass/Mogul
MoviePass is making a bold leap with the introduction of Mogul. But Spikes believes it is a huge market waiting to be tapped. He said, “People can name more actors than they could possibly name sports athletes. So I think there's really a big market opportunity there.”
When I first learned about the big names, I didn't expect it to leave, at least in the early stages. We thought there were a lot of movie fans willing to compete with others in box office revenue and ratings.
But we may underestimate its appeal. The company claims that over 400,000 people have already signed up for the early access waitlist. It is still unclear whether this level of interest will be maintained leading up to its official launch, but it could potentially increase popularity among followers in the niche film industry.
Image credit: MoviePass/Mogul
During his initial conversation with Spike, he positioned the mogul as a predictive market platform. Later, it was said that a more appropriate explanation would be to classify Mogul as a daily fantasy sports platform, but it may evolve to include this feature in the future. However, for now, the big names are operated solely on virtual currency.
This distinction is important, taking into account the regulated nature of daily fantasy sports, particularly in contrast to the forecast market platforms currently present in the legal gray area. Karshi, for example, has been in a continuing legal battle with state gambling regulators.
“It's vague to see that you need to approve. There are different types of clearance depending on the market you want in the US, and depending on what you have to go to each state. It's literally like a Chinese puzzle of things here and there,” says Spikes.
The bigwig represents the early stages of MoviePass' long-term Web3 strategy. The company has previously made its intention to provide on-chain rewards for attending the film. It also supports Animoca Brands, a venture capital firm specializing in blockchain technology.
Last year, MoviePass partnered with SUI to allow subscribers to make payments using USD coins.