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How can Non-fungible tokens disrupt Film and Entertainment in 2021?

Cryptopolitan


TL;DR Breakdown

  • Non-fungible tokens (NFTs) have caused so much buzz in both blockchain and Decentralized Finance.
  • Media titans like FOX have begun to scrutinize development and investment prospects in the field.

NFTs in Film  and TV

Non-fungible tokens (NFTs) have caused so much buzz in both blockchain and Decentralized Finance. Earlier in the year, we saw NFTs bloom in the music industry. The very same is expected in film and television sooner than later. Launched at the end of July, ‘Stoner Cats’ sold out in 35 minutes which raised 8.4 million USD for the film industry.

Film and television studios have begun to look into NFTs with Enderby Entertainment partnering with CurrencyWorks to bring VUELE which is a platform aimed at creating a digital ambiance to interact with digital collectibles of the production industry. NFTs will bring about interesting sources of merchandise. This will result in a field for any size of production to take part in the digital migration.

A viable business proposal

A co-founder of Rarible.com, Alex Salnikov, commented on NFTs saying it is because of their features of uniqueness and ownership that their space has grown so well. They are slowly becoming an alternative currency. Nevertheless, he mentioned that NFTs are still in their young age but more people are adopting them from traditional industries, television, and film being examples. He points out that the first film nomination on the Oscars was launched as an NFT, just this year! Media titans like FOX have begun to scrutinize development and investment prospects in the field.

Rarible also sponsored an NFT bid by renowned director Michael Beets to collect funding for the first-ever documentary, originally recorded by immigrants from all over the earth, according to Salvinok. They may seem to be little moves in the right direction, but others in the NFT arena believe they presage a larger shift in the entertainment and film industry.

President of Strategy at Theta Labs(the company behind Theta Network says that non-fungible tokens have become a hot cake deal in the production company and everybody is looking into it. They are all after a way to increase fan interaction and revenue streams. Although it might take a while to go through the bottle-neck procedures of registration in the complex film company, NFTs are expected to be vital to the industry.

Closer touch and better influence

It costs ETH 0.35 (3792.37 USD) to purchase Stoner Cat NFTs to access episodes. This high price signifies that NFTs have become a quick adoption in entertainment. Apart from the current lucrative uses of NFTs, many people expect an increase in utility over time as more uses emerge. It is expected that NFTs will allow the industry greater leverage of their projects, for example when NFTs will be launched and finances. It will also bring a closer touch with their customers.

Yet, other analysts believe that in addition to offering fresh income and funding sources, NFTs could lead to additional, emerging forms and encounters in the television and cinema industries. NFTs will certainly grow over time.

According to Salnikov, more films and television shows will begin to use NFTs for the most distinctive content. NFTs will eventually be absorbed into the manufacturing business to the point where they become a critical component, inseparable from the industry. VUELE’s Cameron Shell believes NFTs will transform and evolve the industry. The supply of art from the production to the spectators will have a personal interaction with the distributors and artists, not only because of provenance and quality maintenance.



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