In the entertainment industry, NFTs are the new arrival. Non-fungible tokens are becoming increasingly popular among businesses and artists who recognize their lucrative potential. NFT in entertainment industry is buzzing helping several businesses entertainment businesses The NFL collaborated with Dapper Labs to create NFTs of the season’s top highlights, TikTok launched its first NFT collection with its best creators, and Christie’s shook the fashion world with its first NFT-auction and the sale of Beeple’s artwork’s token for a whopping $69 million. There are several more such examples that are creating the importance of NFT in the entertainment industry.
NFTs alone contributed $2.5 billion in sales in the first half of 2021. As the NFT market grows, new types of virtual tokens will enter the fray. Upgradable NFTs, pioneered by Wakatta, an NFT-focused blockchain created by Sensorium Galaxy metaverse developers, is the latest concept to catch the attention of the NFT in entertainment industry.
Upgradable NFTs, as the name implies, evolve over time, allowing different creators to own evolving versions of the same token and its corresponding content. The question is whether it can facilitate collaboration in the digital space.
Consider the specific use cases in art, film, music, fashion, and gaming. Upgradable NFTs in visual art allows creators to legally use other artworks as the foundation for their own new pieces. Consider Beeple modifying the Mona Lisa to convey climate change messages.
NFT In Entertainment Industry Is A Hot Topic: Know in detail!
NFTs, or Non-Fungible Tokens, are a hot topic in the blockchain and cryptocurrency worlds. NFTs are a brand-new type of digital asset that has never existed before. Let me give you an example: NFTs can be use to create one-of-a-kind assets in music like Cryptokitties and Etheremon. You can own NFT versions of popular movie characters such as Pokemon’s Pikachu. With the addition of Agent and Item Cards, NFTs have also been integrate into Niantic’s augmented reality game. These Niantic-designed cards will allow players to customize their agents with different outfits and weapons while playing the game for rewards.
In the film industry, NFTs are also used. Fans can buy NFT tokens that represent movie tickets for films like Avengers: Endgame and Aladdin through a platform called Fan blocks, which will be tradable on a secondary NFT marketplace later this year.
The possibilities for NFTs are limitless, and it is clear that they will play a significant role in the future of blockchain and cryptocurrency. I’m excited to see what else is in store!
Hollywood Embracing NFT: An Overview About Its Popularity
- Productions by Kevin Smith, Jennifer Esposito, and Anthony Hopkins are among those considering the use of non-fungible tokens. Kevin Smith, the director of Clerks, participated in the NFT experiment in April 2021, announcing that he would auction off his upcoming horror feature film Killroy Was Here as an NFT.
- NFTs with previously unseen “secrets” from Quentin Tarantino’s hit 1994 film Pulp Fiction are being auctioned off. In fact, each NFT will be linked to pages from Tarantino’s original handwritten script of the film, revealing new information about the story’s development process.
- The animated series “Stoner Cats” raised USD 8.4 million in a sale of NFTs (which grant holders the exclusive right to watch episodes) at the end of July 2021, selling out in only 35 minutes.
These are just a few of the ways stakeholders in the film industry are thinking about using NFTs. - One of the most exciting possibilities is that NFTs will not only provide a new source of merchandise but will also help raise funds. Smaller indie production companies can secure funding by allowing viewers to vote on plots, cast members, and other details via NFTs. Furthermore, NFTs will give production companies greater control over their financing while bringing them closer to their target audience. Production companies can choose how many NFTs of their film to distribute, as well as whether to package them with exclusive artwork, behind-the-scenes footage, or other limited content.
- Production companies can use this technology to fund a project while also building a fan base that will watch the film once it is release. According to reports, an NFT strategy can provide 5 to 10% of the financing, which could be enough to bring previously overlooked projects to completion.
Times NFT Shown Its Importance Within Different Entertainment Industries
The concept of NFTs has piqued my interest far more than Bitcoin and cryptocurrency. Here are a few other applications of NFTs to show how they can be a disruptive presence in the entertainment industry:
Music
The blockchain and the rapid development of technology that powers the network have enabled musicians to tokenize and publish their work as non-fungible tokens. Artists and touring musicians used NFTs to make up for lost income due to the 2020 COVID-19 pandemic.
The gold rush is cause by the fact that when there is scarcity, people want it even more. But it is the tokens, not the art, that are valuable. Humans give hours a day on sites like eBay looking for rare collectibles, and this concept is now being applied to music. The rock band Kings of Leon were the first to announce the release of a new album— When You See Yourself in the form of an NFT, which reportedly sold $2 million.
Film
Here are some examples of NFTs in use in the film industry:
Jennifer Esposito intends to fund her directorial debut film Fresh Kills with a combination of NFTs and a first-of-its-kind public offering of film shares.
Joe Dante, the director of Gremlins, has released digital assets for “Trailers From Hell” on NFT. They can be available on OpenSea and other GFT exchanges.
Zero Contact was also available as an NFT.
As the first NFT for a feature film score, an NFT associate with the score of the film Triumph, compose by Gregg Leonard, was mint.
Quentin Tarantino, the director of Pulp Fiction, released seven NFTs based on uncut scenes from the film.
Computer and video games
NFT-based games are typically available for free download. However, in order to begin playing, you must first purchase NFTs. These may take the form of weapons, ammunition, or clothing.
Axie Infinity is a Pokémon-style game in which players collect, raise, breed, battle, and trade digital creatures. Players can earn around $400 per month, and because it’s an online game, it doesn’t require any special skills to play, making it a viable way for many to earn a living.
Navination is another NFT video game that pays users to play. Its Season 1 NAVI Cup sold for $100,000 of cryptocurrency.
Hyperion is a digital card that can be use in the online trading card game God’s Unchained. The card sell was the only card of its kind created by the game’s developers. The card sold for 137 Ethereum, ($60,000).
Digital Art
In early March, a group of NFTs by digital artist Beeple was sell for over $69 million. The sale set a record for the most expensive pieces of digital art sell.The artwork was a collage comprised of Beeple’s first 5,000 days of work.
Curio Cards, a digital set of 30 unique cards considered the first NFT art collectibles on the Ethereum blockchain, sold for $1.2 million at Christie’s Post-War to Present auction.
The black sneaker was a struggling digital artist. After discovering NFTs and selling his artwork as them, he has made $60,000 in 6 months.
In November 2021, collectors and speculators have spent more than $200 million on an array of NFT-based artwork, memes, and GIFs according to nonfungible.com.
GameStop created a stir when they created meme stocks and an internet-feeding frenzy which drove their stock price by 90 times.
Over To You!
NFTs in entertainment industry transform a bottlenecked industry into a full-fledged free-market of entertainment apps like discord, promising a more diverse investor base with varying risk appetites.
A more favorable approach for lesser-known and independent filmmakers that will ultimately usher in better entertainment for everyone.