The NFT market is getting more exciting than ever as more companies join. While the NFT gambling craze has never subsided, experts have said that NFT can transform the television and film industries.
NFT can transform the television and film industry
“NFT brings the board a strong value proposition as an alternative source of income and commitment to the digital native audience.”
“Every large manufacturing company is considering using NFT.”
The NFT may grant voting rights over the course of a continuation of a television program or access to special content that can only be viewed by NFT holders.
These are good predictions for a new boom in the film industry based on blockchain technology
Non-fungible tokens (NFTs) have started to invade the music industry and are now moving into the film and television sectors. Most notably, the animated series “Stoner Cats” grossed $ 8.4 million in late July when it sold NFT (which gives owners exclusive rights to watch episodes), which sold out in just 35 minutes.
This is just the beginning as industry players say more studios and broadcasters are starting to look into NFT. In fact, global production company Enderby Entertainment partnered with CurrencyWorks in June to create VUELE, the NFT’s premier feature film display and distribution platform.
And for many in the crypto and drama industry, not only could the NFT be a new source of lucrative commodities, but it could also help shape the industry in new ways. This includes making it easier for smaller, independent production companies to finance and, among other things, giving viewers the opportunity to vote on developments.
How can NFT change the TV and film industry?
“As in any creative industry, be it film, photography, or music, NFTs offer a strong value proposition as an alternative source of income and engagement for the digital native audience. Alex Salnikov, co-founder and product manager at Rarible.com.
Salnikov acknowledges that the NFT space is still in its infancy, but claims that more users in traditional industries – including film and television – are experimenting with NFT using validators as a business component.
He reiterated that just that year the first Oscar-nominated film was released as NFT as major media giants like Fox began exploring investment and growth opportunities in the field.
He said: “All of these actions have a ripple effect: they influence other key industry players to feed NFTs, while artists and creatives who are just starting out have more inspiration to explore this exciting new medium.”
Salnivok also noted that Rarible himself had organized an NFT sale organized by award-winning director Michael Beets to raise funds for the world’s first documentary to be filmed live by refugees around the world. These may be humble beginnings, but according to some NFT figures, they are ushering in a big change in the world of television and film.
Wes Levitt, Head of Strategy at Theta said: “Every large production company is considering using NFT to drive fan engagement and generate new revenue streams. The licensing agreements for films are complex so it will take time to find the right path, but we hope that once this is clarified, the NFT will become an important part of the fan experience for the film. ”
Labs is the company behind Theta Network (THETA), a video streaming network based on blockchain technology.
Mintable CEO and Founder Zach Burks affirms the picture of growing interest in NFTs in the film and television industry, suggesting that most will get involved in one way or another.
“I think we saw the first television studios and production companies get into NFT. From CNN to Fox to indie studios, a lot has happened in this area. ” I said
Burks cites Stoner Cats as an example of how popular NFT or affiliate programs can get because it has been released so successfully. In fact, the show – starring Ashton Kutcher, Chris Rock and Jane Fonda – has released its first episode, with more to come
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