The introduction of NFT in the past 24 months has captivated many sectors of society. From a very new concept that few people outside the blockchain community had heard of, NFTs became globally recognized and began to be used more widely.
Perhaps one of the most interesting things about NFTs is the fact that they can be applied in virtually any industry. In the art world, they are used to sell artwork, with artists like Beeple selling their NFTs for millions. In sports, associations like the NBA have released NFTs to commemorate current seasons. Even games have had NFT fever, with big companies like Ubisoft infusing their recent releases with NFTs.
It seems that if an industry deals with content of any kind, NFTs will find their way there. Now that projects have been launched in the areas of art, games, sports and entertainment, the concept will plateau or will it just find its rhythm.
NFT in cinema
If there is one place where NFTs can be applied, it is the entertainment industry. After all, Hollywood is synonymous with content, and NFTs have proven to be a medium for delivering content.
This already seems to be happening, especially for movies. Actor Kevin Smith, for example, released his latest film, Killroy Was Here, as NFT. Those who buy the NFTs have access to the film and will also be able to influence the outcome of its sequel.
Director Quentin Tarantino also released his cult classic movie Pulp Fiction as NFT and the trend of NFT related movies is on a massive increase. In addition to publishing the content, NFTs also seem to be a way to boost audience participation.
In the Smith movie, fans can influence the events of the film’s sequel, which is virtually unheard of for a major Hollywood production. It just shows how NFTs can change the status quo of the entertainment industry. Fans can not only financially support the art they love, but can also feel part of the large-scale creative process.
Take the latest Coachella music festival which saw participants from all over the world. Performances from the event have been live-streamed millions of times around the world, showing that there is demand even from those who were unable to attend in person. Imagine then if those millions of people could buy a virtual ticket and attend the festival in the metaverse. The potential is unlimited.
When it comes to creating merchandise, which has always been a big part of the entertainment industry, NFTs also see applications. For example, the most recent Batman movie had an NFT link that featured digital renderings of the superhero’s iconic cowl. This, as we’ve seen, is just another way for moviegoers to get a piece of their favorite franchise, like buying an action figure or a t-shirt.
NFT-based companies have understood this and are addressing the market. MetaFactory, for example, allows users to create “digi-physical” assets. These items can be used in the Metaverse, where NFTs thrive as commodities and as interactive avatars themselves. As such, MetaFactory can be used to create merchandise that can easily be tied into entertainment projects.
One of its main selling points is that its assets can be used in different metaverses. If an NFT t-shirt was created for a franchise, it can be used on virtually any metaverse. This is especially important considering that so many of them appear and are based on different blockchains.
Given its ease of asset creation, MetaFactory certainly makes sure that fan merchandise easily ends up in the NFT and metaverse spaces.
Then there are the NFT projects which take many of the classic Hollywood media tropes and bring them to reality. Take GAMA, an NFT-based metaverse that’s based on the idea of space exploration.
Using its NFT and the project’s native token, users can explore the GAMA space station and launch into “space” to harness energy. NFTs are limited, however, with only 10,000 in existence, but owning them can come with other benefits.
In addition to letting users enjoy the magic of the virtual space, GAMA also offers them merchandise, as well as in-person events.
Imagine the possibilities that could be opened up by leveraging this kind of large-scale platform, especially given Hollywood’s obsession with space adventure. Could we soon enter the Star Trek universe? It’s a possibility.
Then there are projects whose goal is to facilitate this transition to the metaverse. Take the SIMBA channel, whose mission is to help existing businesses, especially in the entertainment space, make the leap to the metaverse. For example, the company’s recent collaboration with Bureau of Magic’s Emmy-winning animated series Lost in Oz will spawn blockchain-based products and experiences for fans of the series.
Another of his latest projects has been the development of an NFT Marketplace for Club Brugge, Belgium’s most accomplished football club, which will go live this month.
Speaking about the announcement, Rob van Es, Chief Revenue Officer of SIMBA Chain, explained that “as the primary interface for Web3 NFT solutions, SIMBA’s partnership with Bruges signals a major shift in the way whose sporting activities will be practiced. A whole digital world, filled with interactive fan moments, will now be available to Club Brugge fans.”
This has been a recurring theme among projects in the NFT space interacting with entertainment companies. The same way most companies don’t want to set up an in-house coding team to launch a new website, they don’t want to have to build their NFT tools from scratch.
To meet this need, several projects have been launched that address the NFT needs of existing businesses, even down to specific industries.
With all this, there are still fundamental issues to be resolved, mainly NFT verification. After all, if they are to be used on a large scale in entertainment, NFT buyers and sellers must be verified.
A solution to this exists via Ottó Blockchain by PLUGnet, a smart KYC-compliant financial blockchain that works to verify NFTs. It is multi-chain, which means it works with different blockchains. As such, it can be widely applied to verify the identity of NFT buyers and sellers on the platforms they use, which will surely be much more in demand in the future. All of this is also done while remaining cost-effective for businesses that use Ottó.
“Ottó does this while maintaining user privacy without costing gas to do so,” says Jeff McDonald, CEO of PLUGnet and founder of Ottó Blockchain.
A New Hollywood
The entertainment world is currently in a period of transition and NFTs seem to be at the heart of this transformation, and for good reason. They allow their holders access to a more interactive fan experience and also signal a new era where fans are in the driving seat of entertainment operations.
These efforts extend not just to the metaverse and the big screen, but to real life as well. After all, the world of entertainment also involves in-person experiences. The NFT Drunken Monkey Members Club project does both. Not only does the project offer less than 10,000 NFTs featuring monkey-themed artwork, but also real-life VIP experiences for members.
Those who hold NFTs can access a wide range of luxury venues and experiences around the world, in cities including London, Dubai, Las Vegas, Barcelona, Paris, Milan, Bali, Mykonos, New York and Ibiza . NFTs, which went on sale in March 2022, serve as a kind of pass, in the same vein as the Disney VIP Club and the access that then gives to Disney World.
Needless to say, as Hollywood moves into the future, it’s clear that NFTs won’t be left behind.
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