Could NFTs Become Key In The Next Generation Of Entertainment?

Few nascent technologies have exploded onto the mainstream as quickly as non-fungible tokens (NFTs). 

While the vast majority of the world scrambled to make sense of monetizing what seemed to be free digital content — traders, artists and investors jumped straight onto the train. The results were remarkable: NFT sales exceeded $17.7 billion by the end of 2021, launching both ordinary people and celebrities to new financial heights. 

“I look at life as pre-Beeple and post-Beeple — like the world thinks about before Jesus Christ and after. Beeple is kind of my Jesus,” said one NFT seller involved in NFT-artist Beeple’s $69 million sale. 

A growing number of NFT advocates and investors are now taking a closer look at the  utility value of NFTs. The main purpose of an NFT is to immutably assign ownership over a digital asset. So far, the world has fixated on the role NFTs play in the creation of a global art market, but there’s far more utility to NFTs than that. 

NFTs also play a critical role in play-to-earn games, digital fashion, gambling and sports, identity and decentralized finance (DeFi). As advocates centralize efforts on expanding NFTs' “umbrella of utilities,” the technology is making its way into a growing and eclectic mix of industries. 

The entertainment industry, for one, has begun experimental integrations of NFTs through films and film features, giving rise to a whole new world of potential disruption and a unique pathway to several marketing streams. 

4 Ways Analysts Believe NFTs Are Spicing Up The Entertainment Industry

Movie theater incentives 

Imagine the following scenario: You just finished watching your favorite movie at the theater. You’ve demolished that extra-large bag of buttery popcorn, and you’re now on your way out of the theater. As you hop down the stairs, an image pops up on the big screen. It’s huge and resembles a large barcode. “Wait,” your inner mind tells you. “There’s something in this for you.”

As other movie-goers mill about in confusion, you astutely pull out your phone and scan the code on the screen. “Congratulations,” a pop-up message tells you. “You’ve collected an exclusive NFT!” 

In this case, movie producers kept a little “surprise” for their customers. NFTs can be used as a creative and fresh marketing tool to get customers to come out for future releases by the studio, as they may anticipate earning their next NFT.

Access to exclusive forums and content

Another way movie-makers can promote their work is by using NFTs to provide  select  customers with access to exclusive forums or content.
Imagine, for example, walking out of Deadpool, your favorite movie, and finding out you have an exclusive NFT that not only gives you access to never-seen-before bloopers and behind-the-scenes interviews but also to a chat room with some of the actors in the movie!

Ownership and funding 

Some major studios are also releasing films exclusively as NFTs and using the funds raised to support sequels or other projects. An example of this is Enderby Entertainment’s sci-fi thriller ZERO CONTACT, starring Academy Award-winner Anthony Hopkins.

Photo courtesy of VUELE™

In September, ZERO CONTACT made film history by becoming the first feature film to debut exclusively as an NFT on VUELE™, CurrencyWorks Inc.’s CWRK NFT platform for feature films. The first 11 ZERO CONTACT Platinum and Elite Edition NFT bundles grossed more than $100,000.

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READ MORE: 

New Film Technologies – How ZERO CONTACT Is Revolutionizing Hollywood Using NFTs

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Rights to viewership 

Operating in a similar vein as VUELE™, Mila Kunis’s recent artistic endeavor, an animated series dubbed “Stoner Cats,” uses NFTs to grant viewers access to the full episodes of the series. The show features Ethereum Co-Founder Vitalik Buterin, who voices a key character, and celebrities like Jane Fonda and Ashton Kutcher. 

“The producers added that an initial 10,420 ‘Stoner Cats’ NFTs would be minted on the Ethereum blockchain but also stated that at least 50% of that amount would need to sell on the primary market if the season were to be completed,” a report by Crypto News said.
NFTs: Hollywood’s Next Frontier?

Many believe the world is witnessing the first iterations of a technology that could go on to dominate mainstream activities in the next couple of years or decades. 

With corporate giants like Meta Platforms Inc. FB, Nike Inc. NKE and Nvidia Corp. NVDA betting on NFTs’ critical role in the metaverse, investors and traders are paying close attention to the next big NFT craze. 

If you’re interested in NFT projects like ZERO CONTACT, visit the VUELE™ website here. 

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.

Photo by Jakob Owens on Unsplash