Many areas of society have been captivated by the NFT’s introduction in the last 24 months. NFTs are a new concept that was not widely known outside of the blockchain community. They have been recognized worldwide and have begun to be more widely used.
One of the most interesting aspects about NFTs is their ability to be used in almost any industry. They are also being sold in the art industry, where artists such as Beeple sell their NFTs for millions. NFTs have been released by sports associations such as the NBA to celebrate current seasons. NFT fever has spread to gaming, as top companies such as Ubisoft have infused their latest releases with NFTs.
NFTs are likely to be able to access any industry that deals with content. Are there any projects in entertainment , gaming , sports , or art?
NFTs in the movies
NFTs are easily applied in the entertainment industry. Hollywood is synonymous for content, and NFTs have been proven to be a means to deliver it.
It seems that it is already happening, especially in movies. Kevin Smith, an actor, released Killroy Was Here as an NFT. The NFTs can be purchased to access the film, and to have an influence on the sequel’s outcome.
Quentin Tarantino, director of Pulp Fiction, has also made it available as an NFT. This trend is hugely growing in film-related NFTs. NFTs are not only a way to release the content but also to increase audience participation.
Fans can have an influence on the sequel to Smith’s film. This is a rare opportunity for major Hollywood productions. This is a great example of how NFTs can transform the entertainment industry. The fans can not only support the art they love, but also feel like an integral part of the creative process.
The most recent Coachella music festival attracted people from all over the globe. Live-streaming of performances from the event was available millions of times worldwide, proving that even those who can’t make it in person are interested. Imagine if millions could purchase a virtual ticket to attend the festival in another dimension. There are endless possibilities.
NFTs are also able to create merchandise. This has been a major part of the entertainment business for decades. The most recent Batman movie featured an NFT tie in that included digital renderings of the iconic cowl. As we have seen, this is another way movie-lovers can own a piece their favorite franchise. It’s similar to purchasing an action figure or tee.
NFT-based companies have adapted to this trend and now cater to the market. MetaFactory allows users to create “digiphysical” goods. These items can be used in metaverses where NFTs thrive both as commodities and as interactive avatars. MetaFactory is a tool that allows you to make merchandise that can be easily tied into entertainment projects.
Its greatest selling point is its ability to be used in different metaverses. An NFT T-shirt can be worn on any metaverse, even if it was designed for a franchise. This is especially important considering the number of them popping up, and each one uses different blockchains.
MetaFactory makes sure fan merchandise is easily incorporated into the NFT or metaverse spaces, thanks to its ease of creation.
There are also the NFT projects, which are taking many of Hollywood’s media clichés and making them real. GAMA is an NFT-based metaverse that revolves around the idea space exploration.
Users can use their NFT and the native token to explore the GAMA Space Station, and launch into “space”, where they can harness energy. Although the number of NFTs is limited to 10,000, there are other perks that can be obtained by owning one.
GAMA allows users to enjoy virtual space and offers merchandise as well as live events.
Imagine all the opportunities that this platform could open up, especially when you consider Hollywood’s obsession for space exploration. Could we soon be entering Star Trek’s universe? It is possible.
There are also projects that aim to facilitate the transition to the metaverse. SIMBA chain is a network that helps entertainment companies make the transition to the metaverse. The company’s recent partnership with Emmy-winning animated series Lost in Oz by Bureau of Magic will result in blockchain-based products for the fans of the series.
Another of the company’s latest projects was the creation of an NFT marketplace to Club Brugge (Belgium’s most successful football club), which went live last month.
Rob van Es, chief revenue officers at SIMBA Chain, explained that SIMBA’s partnership to Brugge “signals a major shift” in how the business of sport will be conducted. Club Brugge fans will now have access to a digital world that is filled with interactive moments and fan-first experiences.
This is a common theme for projects working in the NFT space with entertainment companies. Similar to how most companies don’t want an in-house code team to launch new websites, so they don’t want to build their NFT tools themselves.
This need has been met by several projects that provide NFT services to existing businesses, down to certain industries.
These are just a few of the fundamental issues that need to be addressed. If NFTs are to be used in large numbers for entertainment purposes, they must be verified by both the buyers and sellers.
This is possible with Otto Blockchain by PLUGnet. It’s a KYC-compliant smart financial blockchain that verifies NFTs. It works with multiple blockchains because it is multi-chain. It can be used to verify NFT buyers and sellers on multiple platforms. This is a feature that will be increasingly in demand. Otto is cost-effective and all this while remaining affordable for businesses.
“Otto does this while preserving users’ privacy without costing gas,” Jeff McDonald, PLUGnet CEO and Otto Blockchain founder, said.
The New Hollywood
NFTs are a key part of the transition in entertainment. NFTs allow their owners to have a more interactive experience with fans and signal a new era in entertainment where fans are the driving force.
These efforts extend beyond the screen and metaverse to everyday life. Entertainment involves real-life experiences. NFT project Drunken Monkey Members Club does both. The project offers less than 10,000 NFTs with monkey-themed artwork, but it also provides real-life VIP experiences to members.
The NFTs allow holders to access a wide range of luxury experiences and venues around the globe, including in London, Dubai and Las Vegas. NFTs were available for purchase in March 2022. They are a kind of membership pass, similar to the Disney VIP Club, and the access that it grants to Disney World.
It is obvious that NFTs are not going to be forgotten as Hollywood continues to evolve.