The introduction of NFT in the past 24 months has captured many sectors of society. From a very new concept that few people outside of the blockchain community had heard of, NFTs became globally recognized and started to be used on a larger scale.
Perhaps one of the most interesting things about NFTs is the fact that they can be applied in almost any industry. In the art world, they are used to sell artwork, with artists like Beeple selling their NFTs for millions. In sports, associations such as the NBA have released NFTs to celebrate current seasons. Even games have had NFT fever, as big companies like Ubisoft have rolled out their latest releases with NFT.
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 fields of art, games, sports and entertainment, the concept will either stabilize or just find its rhythm.
NFT in the cinema
If there is one place where NFTs can be applied, it is the entertainment industry. After all, Hollywood is synonymous with content, and NFTs have proven to be a vehicle for delivering content.
This actually seems to happen, especially for the movies. For example, actor Kevin Smith released his latest movie, Killroy Was Here, as NFT. Those who purchase NFTs have access to the film and will also be able to influence the outcome of the film’s sequel.
Director Quentin Tarantino has also released his classic Pulp Fiction as an NFT and the trend of NFT-related films is growing exponentially. In addition to publishing content, NFTs also appear to be a means of promoting audience participation.
In Smith, audiences can influence the events of the film’s sequel, which is unheard of in a Hollywood production. It just shows how NFTs can change the status quo of the entertainment industry. Fans can not only provide financial support for the art they love, but they can also feel part of the large-scale creative process.
Take part in Coachella’s latest music festival which saw participants from all over the world. Shows from the event have been broadcast live millions of times around the world, demonstrating the presence of demand even from those who were unable to attend in person. Imagine then if these millions of people could buy a virtual ticket and attend the festival in the metaverse. The possibilities are unlimited.
When it comes to creating merchandise, which has always been a huge part of the entertainment industry, NFTs also see applications. For example, the most recent Batman movie had an NFT link that included digital demos of the iconic superhero’s cowl. This, as we’ve seen, is just another way for moviegoers to get a piece of their favorite franchise, like buying an action figure or a T-shirt.
NFT-based companies have understood this as they address the market. MetaFactory, for example, allows users to create “physical digital” assets. These items can be used in the Metaverse, where the NFT thrives both as merchandise and as interactive avatars in their own right. As such, MetaFactory can be used to create merchandise that can easily be associated with entertainment projects.
One of its main selling points is that its assets can be used in different metaverses. If the NFT jersey is created for a franchise, it can be used on virtually any metaverse. This is especially important given the fact that many of them appear and are based on different block chains.
Due to the ease of asset creation, MetaFactory makes sure that fan goods easily end up in the NFT and metaverse spaces.
Then there are the NFT projects that take many of the classic Hollywood media and turn them into reality. Take GAMA, the NFT-based metaverse that is based on the idea of space exploration.
Using NFT and the project’s original code, users can explore the GAMA space station and blast off into “space” to harness energy. However, NFTs are limited with only 10,000, but owning them can come with other benefits.
In addition to allowing users to enjoy the magic of virtual space, GAMA also offers them merchandise, as well as personal events.
Imagine the possibilities that could be unlocked by taking advantage of this type of oversized platform, especially given Hollywood’s obsession with space adventure. Can we soon enter the world of Star Trek? It’s possible.
Then there are projects whose goal is to facilitate this transition into the metaverse. Take the SIMBA channel, whose mission is to help established companies, particularly in the entertainment field, take a leap in the opposite direction. For example, the company’s recent collaboration with the Bureau of Magic’s Emmy Award winning animation series Lost in Oz will produce blockchain-based products and experiences for fans of the series.
Among his recent projects is the development of the NFT Marketplace for Club Brugge, Belgium’s most accomplished football club, which will be launched this month.
Speaking about the announcement, Rob van Ess, Chief Revenue Officer at SIMBA Chain, explained, “As the primary interface for Web3 NFT solutions, SIMBA’s partnership with Bruges signals a major shift in the way its sports activities will be conducted. An entire digital world filled with fan moments. Interactive, it will now be available to Club Brugge fans.”
This has been a recurring topic among projects in the NFT space interacting 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 own NFT tools from scratch.
To meet this need, many projects have been launched that cater to the NFT needs of established companies, even down to specific industries.
With all this said, there are still fundamental issues to be resolved, in particular the NFT verification. After all, if they are to be widely used in entertainment, NFT buyers and sellers must be checked out.
A solution for this exists via the Ottó Blockchain by PLUGnet, a KYC-compliant smart financial blockchain that validates NFTs. It is multi-threaded, which means that it works with different block chains. As such, it can be widely applied to verify the identity of NFT buyers and sellers on the platforms they use, which will certainly be more in demand in the future. All this is also done while maintaining its cost-effectiveness for companies that use Ottó.
“Ottó does this while maintaining user privacy without costing gas to do so,” says Jeff MacDonald, CEO of PLUGnet and founder of Ottó Blockchain.
The entertainment world is currently going through a period of transition and it appears that NFTs are at the center of that transformation, and for good reason. It allows owners to access a more interactive fan experience and also signals a new era where fans are in the driving seat of entertainment operations.
These efforts extend not only to the metaverse and the big screen, but to 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 that feature monkey-themed artwork, but also real-life VIP experiences for the members.
Those who hold an NFT 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, act as a sort of pass, in the same vein as the Disney VIP Club and the access it then grants to Disney World.
Needless to say, with Hollywood moving into the future, it’s clear that NFTs will not be left behind.