The introduction of NFT in the last 24 months has captivated many sectors of society. From a very new concept that few people outside the blockchain community had heard of, NFTs were 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 used in pretty much any industry. In the art world, they are used to selling works of art where artists like Beeple sell their NFTs for millions. In sports, associations like the NBA have released NFTs to celebrate the current seasons. Even games have had NFT fever, with large companies like Ubisoft adding NFTs to their latest releases.
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 rise or it will just find its rhythm.
NFT in the cinema
If there is one place where NFTs can be used, 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 film Pulp Fiction as an NFT, and the trend of NFT-related films is on a massive rise. In addition to publishing the content, NFTs also seem to be a way to increase 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 in the entertainment industry. Fans can not only support the art they love financially, but can also feel part of the great creative process.
Take in 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. So imagine if the millions of people could buy a virtual ticket and attend the festival in the meta-verse. The potential is limitless.
When it comes to creating merchandise, which has always been a big part of the entertainment industry, NFTs also see applications. For example, the latest Batman movie had an NFT link that contained digital renderings of the superhero’s iconic cloak. This is, as we have seen, just another way for moviegoers to get a piece of their favorite series, 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 objects can be used in Metaverse, where NFTs thrive as commodities and even as interactive avatars. As such, MetaFactory can be used to create merchandise that can be easily tied to entertainment projects.
One of its main selling points is that its assets can be used in various metavers. If an NFT t-shirt was created for a franchise, it can be used on pretty much any metaverse. This is especially important considering that so many of them occur and are based on different blockchains.
Due to its easy asset creation, MetaFactory makes sure that fan merchandise easily ends up in 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 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. However, NFTs are limited to only 10,000 in existence, but owning them can come with other benefits.
In addition to letting users enjoy the magic of virtual space, GAMA also offers them merchandise as well as personal events.
Imagine the possibilities that could be opened up by utilizing this kind of large-scale platform, especially given Hollywood’s obsession with space adventures. Can we get into the Star Trek universe soon? It is an option.
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 field, take the leap to the meta-verse. For example, the company’s recent collaboration with the Bureau of Magic’s Emmy-winning animated series Lost in Oz will create blockchain-based products and experiences for fans of the series.
Another of his recent projects has been the development of an NFT Marketplace for Club Brugge, Belgium’s most talented football club, which goes live this month.
In connection with the announcement, Rob van Es, Chief Revenue Officer for SIMBA Chain, explained that “As the primary interface for Web3 NFT solutions, SIMBA’s partnership with Bruges signals a major shift in the way sports activities will be practiced. An entire 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 that interact with entertainment companies. Just as most companies do not want to set up an in-house coding team to launch a new website, they do not 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 companies, all the way down to specific industries.
With all of this, there are still basic issues that need to be addressed, primarily NFT verification. After all, if they are to be used on a large scale in the field of entertainment, NFT buyers and sellers need to be verified.
A solution to this can be found via Ottó Blockchain by PLUGnet, a smart KYC-compatible financial blockchain that works to verify NFTs. It is multi-chain, which means it works with different blockchains. As such, it can be widely used to verify the identity of NFT buyers and sellers on the platforms they use, which will certainly be much more in demand in the future. All this is also done while remaining cost effective for companies using Ottó.
“Ottó does this while maintaining users’ privacy at no cost,” said 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 give their holders access to a more interactive fan experience and also signal a new era where fans are in the driver’s seat of entertainment activities.
These efforts extend not only to the metaverse and the big screen, but also to real life. The entertainment world also involves 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 VIP experiences for members.
Those who have NFTs can access a wide range of luxury places 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, act as a kind of passport, much like the Disney VIP Club and the access it then provides to Disney World.
Needless to say, as Hollywood moves into the future, it is clear that NFTs will not be left behind.