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 have heard about, NFTs have become recognized around the world and are starting to be used more widely.
Perhaps one of the most 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 artworks, with artists like Beeple selling their NFTs in the millions. In sports, associations like the NBA release NFTs to commemorate current times. Even games have NFT fever, with big companies like Ubisoft putting out their new releases on NFTs.
It would appear that if an industry were discussing any issue of any kind, NFTs would find their way there. Now that projects in the fields of art, games, sports and entertainment have been launched, the concept can be flat or just find its rhythm.
NFT in the cinema
If there’s one place where NFTs can be used, it’s the entertainment industry. After all, Hollywood is the same in the interior, and NFTs have proven to be a medium for delivering the interior.
It seems to have already happened, especially in the 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 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 NFT -related films is on the rise. In addition to publishing content, NFTs also seem to be a way to increase audience participation.
In the Smith film, fans will 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 industry. Fans can not only financially support the art they love, but can also feel part of the larger creative process.
Take in Coachella’s latest music festival that sees participants from all over the world. Performances from the event have been live millions of times around the world, showing that there is a need even for those who cannot attend in person. Imagine if 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 link showing digital renderings of the superhero’s iconic cowl. This, as we’ve seen, is just one way for moviegoers to get a piece of their favorite franchise, like buying an action figure or t-shirt.
NFT -based companies understand this and respond to the market. MetaFactory, for example, allows users to create “digi-physical” properties. These objects can be used in the Metaverse, where NFTs have evolved 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 main selling points of it is that its properties can be used in different metaverses. If an NFT t-shirt is made for a franchise, it can be used in almost any metaverse. This is especially important when considering the fact that many of them appear and are based on different blockchains.
Due to the ease of asset creation, MetaFactory definitely ensures that fan products can easily land in 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 signal, users can explore the GAMA space station and launch the “room” to harness the energy. NFTs are limited, however, with only 10,000 in existence, but owning them may have other benefits.
In addition to allowing users to enjoy the magic of virtual space, GAMA also offers them sales, as well as personal events.
Consider the possibilities that can be opened up by using this kind of large platform, especially given Hollywood’s obsession with space adventure. Will we be able to enter the Star Trek universe? This is 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 into the metaverse. For example, the company’s recent collaboration with the Emmy-winning animated series Bureau of Magic Lost in Oz will produce blockchain-based products and experiences for fans of the series.
Another of his most recent projects is the development of an NFT Marketplace for Club Brugge, Belgium’s most accomplished football club, which will be released this month.
Speaking about the announcement, Rob van Es, Chief Revenue Officer of SIMBA Chain, explained that “as the main interface for Web3 NFT solutions, the SIMBA partnership in Bruges marks a major change in approach where game activities will take place.A whole digital world, full of interactive fan opportunities, is now available to 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 address the NFT needs of existing businesses, even up to specific industries.
In all of this, there are still basic issues to be resolved, especially NFT verification. After all, if it is to be used on a large scale for entertainment, NFT buyers and sellers need to be proven.
One solution to this is available through PLUGnet’s Ottó Blockchain, a smart KYC-compliant financial blockchain that works to validate NFTs. It is multi-chain, which means 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, which is definitely even 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 the cost of gas to make it happen,” said Jeff McDonald, CEO of PLUGnet and founder of Ottó Blockchain.
A New Hollywood
The entertainment world is now 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 herald a new era where fans are in the driver’s seat of entertainment operations.
These efforts will extend not only to the metaverse and the big screen, but in real life as well. 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 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. The 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 provided immediately by Disney World.
Needless to say, as Hollywood moves into the future, it’s clear that NFTs won’t be left behind.