First, it was digital art, then gaming and the music industry, and now, NFTs are making their foray into the world of film and television.
Some blockbuster examples this year include Lionsgate’s limited-edition Saw collectibles, Warner Bros. selling out 100,000 “Matrix Resurrections” NFTs, and Disney creating a metaverse department titled “next-generation storytelling.”
With all the intellectual property and loyal fandoms that underpin the entertainment industry, it’s no surprise Hollywood is turning its spotlight toward the NFT marketplace. In addition to providing new revenue streams for mainstream brands, NFTs could benefit smaller independent filmmakers by supporting a decentralized production cycle powered by the customer.
NFTs: Disrupting the Entertainment Industry
The non-fungible token is revealing more of its utility beyond art and securing ownership rights. Through NFTs, the entertainment industry is finding innovative ways to raise funds, engage the viewer, and power the fan economy.
Enhanced fundraising via NFTs
Money matters a lot in the entertainment industry. It’s not enough to have a good script or a visionary director. Without funding, there is no film or television pilot. NFTs, however, can open a new avenue for fundraising that would help creators overcome budget constraints.
Movie NFTs, for example, could allow a filmmaker to distribute ownership of their upcoming film to potential viewers while raising the necessary funds in the process. Purchasing such NFT could even credit the buyer as the film’s “producer.” This relationship would enhance both the fundraising experience and fan experience, allowing consumers to play an active role throughout the film’s production.
A potential byproduct of NFT fundraising is a collaborative relationship between the viewer and the creator. Movie and television production traditionally happens behind closed doors, with important decisions, such as commissioning sequels or “killing” a major character, often being driven by the bottom line and indirect consumer data. This type of decision-making can often backfire, leading to unfaithful adaptations, box-office failures, and angry, passionate fans venting on social media.
With an NFT-powered community at the helm, these decisions could potentially move away from the studio executives toward the audiences. Think of a DAO, but instead of protocol development decisions, community members here vote on what stories and characters they want to see on the big screen. There’s already been an influx of independent Web3 filmmaking studios financing their production process through NFTs recently.
The fan economy
Merchandise sales, fan conventions, and film franchises that span decades — it’s no secret a large portion of the entertainment industry’s most lucrative mechanisms are driven by loyal fanbases.
For a-list studios like Disney and Warner Bros., NFTs could facilitate the creation of mixed-reality storytelling experiences such as theme parks that blend digital elements with real life, or virtual red-carpet premieres that fans from anywhere in the world can attend.
It could also be something more conventional, a digital twist on memorabilia and merchandise. The options are endless: pages of a film script, classic movie moments, and of course, digital art featuring all your favorite characters. Just recently, DigiFinex NFT launched an NFT collection based on the movie Music Hole, which premiered in early July 2022 and was co-produced by iconic French filmmaker Luc Besson.
Roll the Red Carpet
Imagine that you, a viewer, could have a say in what comic-book story adaption should be released next. Or that an independent filmmaker can make their dream movie without relying on traditional production houses. These things could become a reality as NFTs gradually make inroads into the entertainment industry.
Discover rare and unique NFT collections on DigiFinex NFT – a marketplace where creators, from mainstream names to new indie artists, and collectors come together to mint and trade premium NFTs. To stay up-to-date on all our weekly IGO drops and exclusive Mystery Box releases, follow DigiFinex NFT on Twitter and Telegram.