- Cardano-based video-streaming platform Nucast is decentralizing its film festival.
- The community will vote for their favorite movie by purchasing a festival ticket.
- The price of ADA is reflecting concerning data, with 0% of holders in profit.
Nucast is a decentralized video-streaming platform based on the Cardano (ADA) blockchain. The platform is transforming the traditional content distribution model by empowering creators with true digital ownership and providing a transparent and equitable system.
Now, Nucast is pioneering the first on-chain film festival, allowing participants to watch 10 competing short films on the blockchain-compatible streaming service and vote for their favorite films via NFTs.
The Nucast Web 3.0 Film Festival will be taking place from March 12th to March 18th, 2023, with Nucast enabling filmmakers to showcase their creative works to a global audience and engage with them in real time.
True to Cardano’s spirit of decentralization, the project has built an on-chain voting portal where attendees can watch and vote for their favorite films using Film Festival NFT tickets.
Decentralized Voting to Determine a Winner
Nucast is introducing a “revolutionary era” in digital media ownership where members can buy, watch and sell videos and films using NFTs as proof of ownership; creating a decentralized, fair, and sustainable era in content distribution.
The festival is aimed at promoting the ownership of movies by people, as the platform believes in giving the power of ownership to the users.
The Nucast Film Festival (NFF) is open for all to enter, and there are no entry fees to participate. The winner will be selected through a decentralized voting system, where the Cardano community will vote for their favorite movie by purchasing a festival ticket. The movie with the highest votes will be awarded a cash prize of $1000 USD or 3000 ADA.
According to the official website, Nucast’s platform has a large and active community of over 100,000 daily users on the Cardano blockchain, which is expected to contribute to the success of the festival.
By participating in the festival, filmmakers agree to showcase their movies on the nucast.io platform to a global audience.
A Horror Show for ADA Holders
As the community displays yet another innovation, the price of Cardano’s native ADA cryptocurrency is looking more like a horror film, and is currently trading at $0.30 USD and continuing on a downward trajectory. ADA is recording a 22.28% decrease over the past thirty days, and is only 25% above its cycle low of $0.24 on January 7th, 2023.
One-month Price Chart for Cardano. Source: CoinMarketCap
Adding to the woes of ADA holders, data from IntoTheBlock confirms that a shocking 0% of holders are currently in the green with the investments at the time of writing, influencing market sentiment around not only the price of ADA but the evolution of the ecosystem by proxy.
On the Flipside
- Cardano (ADA) is currently still claiming the #7 rank by market capitalization.
- The broader Cardano ecosystem continues to build amidst the current bearish trend in the price of ADA.
Why You Should Care
Nucast is exhibiting a real-world use case for Cardano’s blockchain technology. Community sentiment for Cardano-based projects is influenced as the network’s native cryptocurrency is taking a dive, placing virtually all holders at a loss.
Read more about the Cardano blockchain network:
Cardano (ADA): What Is It, and How Does It Work?
Read more about the recent ups and downs of Cardano:
Cardano (ADA) Mostly Bearish: 12% of Holders in Profit
Sourced from dailycoin.com.
Written by on 2023-03-10 13:15:00.
