Non-fungible tokens (NFTs) have exploded in popularity and grown to about $41 billion in 2021, up from $82.5 million in 2020. Amidst this NFT traction, Mogul Productions turned heads when it launched its own global NFT marketplace and decentralized finance (DeFi) platform for film, music, art, and entertainment. With its NFT marketplace, Mogul Productions is bringing movies and blockchain together.
Revolutionizing Film Production & Distribution
Established in 2019, Mogul is now all set to surprise its fans with an extensive product line covering DeFi, NFT, and Metaverse that will bridge the gap between fans and the big screen. Mogul basically aims to revolutionize film production and distribution through blockchain technology.
All that Mogul does is for its community, and in this new chapter, actors, directors, screenwriters, and moviegoers all get to contribute to the next great blockbuster. For their participation, these community members get rewarded in STARS, the native utility token.
As for the success of its NFT marketplace, the numbers speak for themselves. In just the first three months of its launch, the NFT marketplace amassed 50k active users, sold $10 million of NFTs, and earned $50 million in sales.
Mogul’s first drop was the film The Reboot Camp. A collection featuring 11 one-of-a-kind NFTs was created in collaboration with Reboot Camp’s production team.
STARS: The Native Token of Mogul
STARS is both the governance & utility token within the Mogul ecosystem. Besides being used for in-app payment, users can also use STARS to vote and participate in crucial production decision-making aspects. Holding STARS comes with multiple benefits. For instance, in its community-oriented model, token holders can further stake their STARS to earn fees generated by the platform.
Movie fans would especially be delighted with the benefits they get for holding Mogul’s native tokens. After all, they not only get to engage with their favorite projects and filmmakers, but they also get to vote for films they want to watch. Then, there are other exciting rewards such as redeemable engagement points for prizes like speaking roles, unique film posters, red carpet tickets, and invitations to exclusive events.
Mogul also has an impressive list of partners like Polygon, ChainLink, ApeSwap, AnySwap, NFTY Labs, Ceek, and others. It has also partnered with top media outlets like Variety, CNN, NASDAQ, and Forbes, as well as a diverse range of talented artists and performers, including Jessica Belkin (American Horror Story), David Koechner (The Office), Ja Rule (Rapper/Actor), Chaz Bono (American Horror Story), David Lipper (Full House), and Nicole Aniston (adult film star). Interestingly, the company also appeared in the first-ever NFT TV commercial that aired at the recent Oscars.
NFT drops can only be minted on either the Ethereum or BSC networks, but not on both networks simultaneously. As for the type of NFTs it supports, it includes all forms of media, including pictures, video clips, and audio.
Initially, the project was launched on the popular smart contract blockchain Ethereum. But in line with the crypto world moving to multi-chain, Mogul is also token bridged to BSC (Binance Smart Chain) through AnySwap. Hence, on the BSC network, its tokens follow the BEP20 token standard. The great thing about using the BEP20 STARS token to buy and sell NFTs is that it will help you save time and cost. Besides this, there are two more aspects that need to be discussed here.
First, as Mogul is available on Ethereum & BSC chains, users must keep in mind that searching for NFT collections on the Ethereum network will result in ETH-based NFTs. Similarly, BSC Searches will show you only those NFT collections on the BSC network, and they will appear with the BSC symbol located inside the description. However, Mogul is working on its new universal NFT collection display that will show ETH and BSC together. That said, they will still be either part of one network or another.
Second, this distinction further extends to the STARS you bought, so if you own your STARS on the ETH network, it doesn’t automatically mean you own STARS on the BSC network and vice versa. And if bought only on one network, your STARS won’t be usable on both the networks either, not without being transferred first.
Exclusive NFT Collections
The Mogul NFT marketplace focuses on curating exclusive NFT collections with top talent in the entertainment industry and through partnerships with movies they finance or those who want to work with them to execute a NFT campaign.
The issuance is made through fixed price drops or absolute auctions, while secondary buying and selling happen at fixed prices, absolute auctions or Dutch auctions. Besides, it has also integrated with other popular NFT marketplaces like OpenSea and Rarible to pool liquidity.
Buying NFTs on Mogul Marketplace
A NFT is a digital asset representing real-world objects like collectibles, art, music, videos, and in-game items. It uses blockchain technology to store a unique and non-interchangeable unit of data on a digital ledger to establish proof of ownership. Unlike fungible cryptocurrencies like Bitcoin and Ethereum, each NFT is unique and can’t be exchanged for another one.
Blockchain technology and NFTs provide artists and content creators with a unique opportunity to monetize their content. Everyone, from celebrities to brands, has also jumped on the NFT bandwagon, releasing their unique memories, artwork, and moments as NFTs.
NFTs create digital scarcity. Some of the most popular NFTs have been sold for millions of dollars.
So, how do you get yourself a NFT on Mogul Marketplace?
If you want to buy a NFT on the BSC network, you need to have STARS tokens on that network. Your STARS on the Ethereum network can’t be used to purchase the NFT on BSC and vice versa. You would have to swap your token from ETH to BSC in such a case.
To do this, you can use a Mogul Marketplace compatible wallet, such as MetaMask. On the Mogul NFT Marketplace, select the network you wish to transfer STARS from, which may prompt your wallet to confirm that you are switching over to another network.
If you are using AnySwap to make this swap, go to that cross-chain protocol, connect your wallet and click on the “Bridge” tab on the Anyswap platform. Then change ETH or whatever the default cryptocurrency is to STARS. As you see the amount of STARS you have, make sure that it has the minimum cross-chain amount required when swapping. Now click “Swap” then “Confirm.” That’s it, and your swap is complete.
Now, go back to the Mogul NFT Marketplace and select the other network you were swapping STARS to, which will prompt Metamask, or any other Mogul compatible wallet being used, to switch to the same network. Here, you will see that your STARS are now swapped on your other network. You can then select the NFT you wish to buy, click on Purchase NFT, select “Approve,” and confirm the transaction.
But remember, every transaction on the blockchain requires gas. It depends on the network you are transacting on and its activity at the time. On the Ethereum network, you pay gas in ETH, and on BSC, in BNB. If you don’t have either of the tokens, you would have to buy them first.