MoviePass Launches Box Office Betting Platform Unfortunately Tied to Crypto

MoviePass, the service best known for the unsustainable plan to let people see unlimited movies in theaters for a monthly fee, is launching a new fantasy sports-style platform for film buffs. Unfortunately, it’s tied to the blockchain as part of the company’s ongoing shift into the Web3 space.

The platform, called Mogul, launched Thursday as part of a collaboration between MoviePass and Mysten Labs. MoviePass describes it as a “competitive entertainment experience” that will let fans participate in fantasy tournaments, head-to-head matchups, and solo challenges based on various metrics of film fandom. That includes scoring based on audience attendance, critic scores, award victories, and other markers of success.

If you’re a listener of The Big Picture Podcast, they play games similar to this on the regular, though it’s just a competition between the hosts. There have also been games that try to tap into a similar energy, like the Hollywood Stock Exchange, which allowed users to buy and sell bets on actors, directors, and films as if they were trading shares in a company.

MoviePass is tapping into that energy, and it seems like they at least have a lot of people interested. The company claims they have 400,000 on the early-access waitlist. Once they’re in and the games launch, users on Mogul will compete to win “digital collectibles,” virtual currency, and rewards. There will also be a leaderboard to compete with friends and other players.

MoviePass CEO Stacy Spikes said in a statement that the goal of Mogul is “activating a new generation of fans who aren’t just watching movies but influencing the culture and economy around them.” Which, sure? I guess? The kids are really doing a number on theaters right now during A Minecraft Movie showings, which probably counts as influencing the culture and economy. They did force Warner Bros. to create “rowdy” versions of screenings so that people can be as loud and rambunctious as they want, so that’s something.

But the Web3 aspect just makes it feel a little flimsy. If you buy into the blockchain as the platform of the future, maybe this is super promising to you. But there seems to be very little done via Web3 for MoviePass that can’t be done elsewhere. The company’s platform currently leans on Web3 for virtual currency, which can be used to purchase monthly plans, and lets people do things like watch ads in exchange for credits that get deposited in their virtual wallets. Again, nothing that hasn’t been done on other platforms. And fantasy sports as a pastime have a lot of infrastructure already on the current web.

The concept here is cool, at least. Maybe it’d be best to not let the blockchain of it all dampen the mood. Anything that gets people more interested and engaged in film should be a win. But any time you get crypto involved, it’s hard not to start looking for where the rug pull is going to happen.