NFTs and Hollywood have been called a match made in heaven by many analysts. While this continues to prove correct; creators, investors, and movies fans all over the world are grasping every possible opportunity of this new venture.
If you are new to the concept of NFTs, you can understand them simply as tokens that cannot be replicated, counterfeited, or duplicated. They were first introduced by the Ethereum Blockchain and they take any form from art, images, songs, stickers, GIFs, and so on.
In the following article, you will fully understand the relationship between NFTs and Hollywood and their possible future.
The ongoing NFT uprising in Hollywood
Financial specialists have claimed that there is an NFTs movement going on. Events like NFT LA are proof of how widespread this movement has become. It has made its way out of Crypto Twitter and Discord into talent agencies, movies, and music. The NFTs momentum in Hollywood is not just exciting, but impossible to ignore.
One thing that we can all agree on is that NFTs are here to stay. They could change how business is conducted in Hollywood. About a year ago, NFTs were somewhat of an alien idea, but today everyone seems to love them.
Film and TV creators in Hollywood are utilizing NFTs to raise money and build a fanbase before they even embark on their projects. They create a community that gives feedback during the creation process thus building deeper connections and getting insight into the most appealing content. Fans get to participate in the writing process by doing various assignments.
Major Celebrity partnerships
Snoop Dogg intends to convert Death Row Records into an NFT label. While McDonald’s plans to implement NFTs in virtual eateries that provide real food. Even Disney is catching on with the NFT craze with their ‘Next Generation Story Telling and Consumer Experiences’.
Reese Witherspoon’s Film Company is partnering with NFT collective World of Women to turn its characters into movies and TV shows.
Yuga Lab recently acquired CryptoPunks and fans are almost confident that they will bid for centralization. On top of all that, there has been an increasing concern about the legality of NFTs, especially with their increased use in Hollywood. One can’t help but wonder what’s next for this exciting venture.
Los Angeles was busier than usual between the 28th to the 31st of March 2022 as it hosted the latest NFT event. The event popularly branded as NFT LA was intended to introduce Blockchain, Cryptocurrency, and NFTs to the rest of the world.
This NFT event was characterized by good music and captivating talks about Crypto and Blockchain. There were parties and many other forms of entertainment all through LA and its environs. The attendees enjoyed convenient discounts from partnering hotels among several other perks. Also, proper COVID-19 measures were put in place and thoroughly observed.
Being that this was not the first NFT event, the participants had very high expectations. Over the last year, the NFT space has had successful events such as NFT NYC and Miami for NFT Basel. Even the South by Southwest in Texas this year had a strong NFT presence.
Every successful NFT company that you would expect to see in this kind of event, was well represented. Bored Ape Yacht Club, Axie Infinity, and Bored Punk Weed DAO were just a few of these exciting brands.
Was NFT LA a success?
Participants and eager observers have claimed that compared to its predecessors, NFT LA did not offer much of a distinction. Enthusiasts and attendees were very frustrated with some of the celebrity speakers who seemed to know very little about NFTs. Charlie Sheen, Waka Flocka Flame, and Ja Rule all seemed to leave the audience more confused than entertained.
Despite all that, attendees were served with a sufficient display of innovation throughout the event. Many fans were extremely impressed with the Metaverse installation that combined sensory feedback with VR. Not to mention a thrilling performance from Nelly, free pizza from pizzaDAO, and the typical after parties in the fancy Hollywood Hills. So, all things considered, NFT LA was indeed a tremendous success.
NFTs taking Hollywood; the bigger picture
Like any other disruptive innovation, NFTs have dealt with a fair share of criticism. During their onset days, they were labeled as irrelevant to most spaces but particularly Hollywood. However, that did not stop the industry from growing exponentially. NFTs have managed to expand beyond cryptocurrency exchanges into the traditional marketplace.
Today NFTs have some level of influence in every field imaginable. They are especially helpful in fostering originality. The global movie industry and Hollywood in particular are pulling a lot of strings to get a slice of the NFT pie.
In this segment, we will discuss the various problems plaguing the movie industry and how they are being addressed by NFTs.
Problems currently being faced by Hollywood
- Piracy – movie creators lose millions of money to pirates for each movie produced and leaked.
- Impersonality (Disconnection with fans) – there is no reliable way for movie creators to directly connect with their watchers.
- Intermediaries and their additional costs – most upcoming movie creators are reeling in debts owed to intermediaries.
How NFTs are solving the problems in Hollywood
- Ensuring creators receive their money in full – NFTs will make it impossible for unauthorized parties to access movies created by other people. This way, producers will earn more from their work.
- Fostering inclusivity – movies will be open for global investment and participation. This way, there will be global involvement which will foster unity.
- Ensuring fairness in the industry – there is no better way for newcomers to get a good share of the market and earn from their intellectual property. With the right speed and strategies, individuals who would never otherwise stand a chance can make a name for themselves.
- Elimination of intermediaries – in the current ecosystem, creators will often spend more than they make all for the sake of exposure. With NFTs eliminating intermediaries, new creators can stand alone and succeed.
- Ensuring immutability – by wading off piracy, movies will not be seen before their official release dates thus ensuring immutability.
NFTs have revealed their utility to the entertainment industry. Creators finally have an avenue to connect better with their audience and earn more. Hollywood is right at the forefront of this revolution. What do you think is next for Hollywood and NFTs?