Non-fungible tokens (NFTs) have already taken the music industry by storm, and soon they will also hit the film and TV sector. In fact, industry players have hinted that a growing number of film and TV studios have started turning their heads towards NFTs.
A good example is the animated series Stoner Cats . This tv show raised USD 8.4m at the end of July from an NFT sale. Aside from that, Enderby Entertainment, a global production company, partnered with CurrencyWorks to form VUELE. VUELE is the first NFT viewing and distribution platform to feature full-length films.
There appears to be numerous benefits that NFTs can bring for industry players in fim and crypto as well. Not only are NFTs a profitable source of merchandise, but they also enable secure financing for smaller production firms.
A Strong Value Proposition – NFTS in Film and Entertainment
The first way that NFTs will revolutionize film and entertainment, is by providing an alternative source of revenue. Alex Salnikov, Co-founder and Head of Product at Rarible.com points out that,
“NFTs bring a strong value proposition. They offer an alternative source of revenue and digital-native audience engagement”
Despite still being at its infancy stage, NFTs are attracting the attention of big industry players like Fox, who are exploring investment opportunities in the sector. Others like Spongebob seem to be following closely behind. This comes with a massive domino effect.
Courtesy of NFTs, audiences in the future will be able to buy and sell content on the blockchain. Items like live streams, interviews, concert videos, and bloopers could be traded as collectible. Besides that, the blockchain levels the playing field for artists. It does away with third parties and creates a new digital marketplace where artists can directly interact with fans. Not to mention, It opens up new ways for fans profit from investing in their favorite artist’s careers.
Besides stepping in as a source of new financing streams, NFTs could result in new experience. Alex Salnikov prempts that NFTs will cause an evolution of sorts, right from Hollywood, trickling down.
“…I expect more TV shows and movies to start leveraging NFTs to distribute unique digital content.”
He also points out that films and shows will come up with experiences, physical goods and exclusive content for audiences.
Above all these, NFTs will also establish on-chain voting. This means audiences will have a say on their future characters, plots, and increasing engagement.
Zack Burks also believes that NFTs will become more than a mere add-on to TV and film. He believes they will contribute to the evolution of output in production studios. Burks says,
“…I’m looking out for when a studio uses an NFT in a manner relating to intellectual property. That will be exciting!”
NFTs basically have the ability to change the entertainment scene as we know it. Salnivok also notes that Rarible hosted an NFT sale to raise funds for the world’s first documentary filmed live by refugees worldwide. These may be average initial steps, but they signal a potentially widespread shift within the TV and film world.