Source: Adobe / Anna “NFTs bring a strong value proposition to the table as an alternative source of revenue and digital native audience engagement.” “All the major production companies are looking into the possibility of using NFT.” NFTs could grant the right to vote on how the next season of a television show unfolds or access to special content that can only be viewed by NFT headlines.
Non-fungible tokens (NFTs) have already started to take over the music industry and are now turning to the film and television sector. Case in point: The animated series “Stoner Cats” raised $ 8.4 million in late July in an NFT sale (which gives headlines the exclusive right to watch episodes), which sold out in just 35 minutes.
This is just the beginning, as industry players speaking to Cryptonews.com say that a growing number of film and television studios are beginning to search for NFT. In fact, the global producer Enderby Entertainment se associated with CurrencyWorks in June to form VUELE, the first NFT feature film viewing and distribution platform.
And for many within the crypto and TV movie industries, NFTs could not only provide a lucrative new source of merchandise, but could also help shape this industry in new ways. This will include allowing smaller independent production companies to raise funding, as well as the potential use of NFT to allow viewers to vote on plot developments, among other things.
‘A solid value proposition’
“As with any creative sector, be it film, photography or music, NFTs bring a strong value proposition to the table as an alternative source of income and engagement from the digital native audience,” said Alex Salnikov, Co-Founder and Director. of product. on Rarible.com .
While acknowledging that the NFT space is still in its infancy, Salnikov says we’ve started to see more adopters of traditional industries, including film and television, experiment with NFT, in the process of validating them as a commercial component.
Remember that, this year alone, the first Oscar-nominated film was released as NFT, while media giants as large as Fox began exploring investment and construction opportunities within the space.
“All of these actions have a ripple effect: they influence other major industry players to try NFTs, while budding artists and creators are further inspired to explore this exciting new medium,” he told Cryptonews.com.
Salnivok also notes that Rarible organized an NFT sale by award-winning director Michael Beets, which was held in order to raise funds for the world’s first documentary filmed live by refugees around the world. These may be only modest initial steps, but by some figures within the NFT space, they signal an imminent widespread change within the world of television and film.
“All major production companies are looking at using NFT to drive fan engagement and find new revenue streams. License agreements for movies are complex, so it has taken a while to work out the proper ways to implement them, but we hope that once these are resolved, NFTs will become a big part of the experience for movie fans. movies, ”said Wes Levitt, chief strategy officer for Theta. Labs , the company behind Theta Network (THETA), a blockchain-powered video streaming network.
The CEO and founder of Mintable, Zach Burks, corroborates this image of growing interest in NFTs within the film and television industry, suggesting that most will get involved in one way or another.
“I think we have already seen television studios and production companies fully immerse themselves in NFTs. From CNN to Fox to independent studios, there is already a lot of activity in the space, “he told Cryptonews.com.
Burks takes Stoner Cats as an example of how popular NFT-based or partner shows could become, given it was such a successful launch. In fact, the show, which features Ashton Kutcher, Chris Rock, and Jane Fonda, has already released its first episode, with more to come.
More control and closer contact
As noted above, potential viewers must purchase Stoner Cat’s NFT to gain access to the episodes, with each NFT costing ETH 0.35 (over $ 1,000 at the time of writing). Such a high price suggests that NFTs could prove to be very lucrative for film and television companies.
“The first and simplest use case is the one that most people see: digital collectibles like iconic movie scenes, NFTs depicting famous people or movie items, and other passive examples,” said Wes Levitt.
However, beyond this obvious use case, most figures within cryptocurrencies and the NFT subsector expect more interesting purposes to emerge over time. For Cameron Chell, CEO of CurrencyWorks and co-director of VUELE, the NFTs will give producers greater control over the financing of their work, while bringing them closer to their audience.
“Our platform allows a production company to promote itself. They can decide how many NFTs of their film they want to distribute and if they want to package it with exclusive content, such as illustrations or behind-the-scenes footage, ”he told Cryptonews.com.
Chell also reveals that with FLY, filmmakers can also have full control over the price and timing of NFT’s drops. On top of that, they are likely to become a useful marketing tool that enables production companies to “keep up with the wishes of their target audience.”
However, beyond providing new sources of revenue and funding, some observers suspect that NFTs will lead to new formats and emerging experiences within the television and film industry.
“The really cool use cases are still in their infancy; Think of the NFTs that grant the right to vote on how the next season of a television show unfolds, or access to special content that only NFT headlines can view. This next level of fan engagement is when you will really see demand for NFT skyrocket and change the way fans interact with their favorite IP, ”said Wes Levitt.
Likewise, Alex Salnikov also hopes that the uses of NFT within Hollywood will evolve over time.
“In the near term, I expect more TV shows and movies to start leveraging NFTs to distribute unique digital content, related to each respective movie and show, and experiment with add-ons such as experiences, physical goods, and exclusive content. Later, we could see things like TV screenings in metaverses, NFT changes as the series evolves, chain voting for the future of the characters, ”he said.
For Zack Burks, NFTs will become more than just a complement or complement to television and film, and will eventually become something that advances or evolves the production of production studios.
“NFTs make a lot of sense when it comes to television and film. A very interesting moment that I am looking for is when a studio uses an NFT in an intellectual property related way [propiedad intelectual] production, it will be exciting! ” he said.
VUELE’s Cameron Chell also says that NFTs will become a new evolutionary way of distributing and enjoying movies, mostly because they incentivize digital media ownership, after years of broadcasting have devalued such media. For example, rather than just targeting a traditional distributor or streaming service, VUELE allows studios or distributors to go directly to fans with digital collectibles developed by CurrencyWorks.
“NFTs are providing new ways for creators to forge deeper and more meaningful relationships with their fans,” concluded Chell.
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