The introduction of NFT in the last 24 months has captivated many segments of society. From a very new concept that few people outside the blockchain community have heard about, NFTs have become recognized around the world and are starting to be more widely used.
Perhaps one of the more interesting things about NFTs is the fact that they can be used in almost any industry. In the art world, they are used to selling pieces of art, with artists like Beeple selling their NFTs in the millions. In sports, associations like the NBA release NFTs to commemorate current times. Even gaming has NFT fever, with leading companies like Ubisoft putting out their latest release of NFTs.
It would appear that if an industry were discussing any issue of any kind, NFTs would find their way there. Now that art, games, sports, and entertainment projects have been launched the concept is bridged or just seen in action.
NFT in movies
If NFTs are available anywhere, it’s the entertainment industry. After all, Hollywood is both on the inside and the NFTs have proven themselves as a way to deliver on the inside.
It seems to have happened especially in movies. Actor Kevin Smith, for example, has released his latest film, Killroy Was Here, as NFT. Those who buy the NFTs have access to the film and can also influence the outcome of its sequel.
Director Quentin Tarantino has also released his cult classic film Pulp Fiction as an NFT and the trend of films tied to NFTs is even higher. In addition to the actual release of the content, NFTs are also a way to increase audience engagement.
In the Smith film, fans can be influenced by the events of the film’s sequel, which are barely heard of in a major Hollywood production. It just shows how NFTs are changing the status quo in the entertainment sector. Fans can not only get financial support for the art they love but can also feel a core part of the creation process on a large scale.
Take in Coachella’s latest music festival that has seen attendees from all over the world. Performances from the event were live-streamed millions of times around the world, showing that there is a need even for those who cannot attend in person. Imagine if these millions of people could buy a virtual ticket and attend the metaverse festival. The potential is limitless.
When it comes to making sales, which have always been a big part of the entertainment industry, NFTs are also seeing applications. For example, the latest Batman movie has an NFT tie-in featuring digital renderings of the superhero’s iconic cowl. This, as we have seen, is just one way for movie fans to get a piece of their favorite franchise, much like buying an action figure or t-shirt.
NFT -based businesses get it and serve the market. MetaFactory, for example, allows users to create “digi-physical” objects. These objects can be used within metaverses, where NFTs develop as commodities and as interactive avatars themselves. As such, MetaFactory can be used to create sales that are easily tied to entertainment projects.
One of the biggest selling points of it is that its properties can be used in different metaverts. If an NFT t-shirt is made for a franchise, it can be used in almost every metaverse. This is especially important due to the fact that many of them pop up and are based on different blockchains.
Due to the ease of asset creation, MetaFactory definitely ensures that fan sales can easily find the path to NFT and metaverse spaces.
Then, there are NFT projects that take a lot of classic Hollywood media tropes and bring them to reality. Take GAMA, an NFT -based metaverse 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 “space” to harness the energy. NFTs are limited though, with only 10,000 in existence, but owning them can come with other benefits.
Along with allowing users to enjoy the magic of virtual space, GAMA also offers them sales, as well as personal events.
Consider the possibilities to be gained from using this type of platform on a broad scale, especially considering Hollywood’s obsession with space adventure. Will we be able to enter the Star Trek universe anytime soon? This is a possibility.
Then there are projects whose goal is to make this transition to the metaverse easier. Take the SIMBA chain, whose mission is to help existing companies, especially in entertainment, make the leap to the metaverse. For example, the company’s recent collaboration with the Emmy-winning animated series Lost in Oz, the Bureau of Magic, will spawn blockchain-based products and experiences for fans of the series.
Another of its most recent projects is to develop an NFT market for Club Brugge, Belgium’s most accomplished football club, which goes live this month.
Speaking at the announcement, Rob van Es, chief revenue officer of SIMBA Chain explained that “as the leading interface of Web3 NFT solutions, the partnership with SIMBA in Brugge marks a significant change in the way we play the sports business.An entire digital world, full of fan-first oriented interactive opportunities, is now available for Club Brugge fans.
This is a recurring theme among NFT space projects in partnership with entertainment companies. In the same way that most companies don’t want to build an in-house coding team to launch a new website, they don’t want to build their NFT tools from scratch.
To meet this need, several projects have been launched that cater to the NFT needs of existing companies, even up to specific industries.
In all of this, there are still some basic issues that need to be resolved, especially NFT verification. After all, if it is to be used to a large degree of entertainment, buyers and sellers of NFTs need to be certified.
A solution for this is available through PLUGnet’s Ottó Blockchain, a KYC-compliant smart finance blockchain that works to verify NFTs. It is multi-chain, meaning it works on different blockchains. As such, it can be widely used to verify the identity of NFT buyers and sellers on the platforms they use, something that is sure to be in even higher demand in the future. All of this is also done while remaining cost -effective for businesses that use Ottó.
“Ottó does that while preserving the privacy of users without the cost of gas to make it happen,” said PLUGnet CEO and Ottó Blockchain founder Jeff McDonald.
A New Hollywood
The entertainment world right now is in a transitional period and NFTs seem to be at the heart of this transformation, and for good reason. They give their holders access to a more interactive fan experience and also signal a new era where fans are in the driver’s seat in entertainment operations.
These efforts will not only reach the metaverse and the silver screen but also in real life. After all, the world of entertainment also includes personal 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 holding NFTs get access to a wide range of luxury venues and experiences around the world, in cities such as London, Dubai, Las Vegas, Barcelona, Paris, Milan, Bali, Mykonos, New York, and Ibiza. The NFTs, which went on sale in March 2022, serve as a class membership pass, in the same vein as the Disney VIP Club and access afterwards is provided by Disney World.
Needless to say, as Hollywood thrives in the future, it’s clear that NFTs won’t be left behind.