As NFTs are having deep roots in the entertainment industry, everyone from former Disney CEO Bob Iger of Fox Entertainment to actors Reese Witherspoon and Mila Kunis claim ownership of their NFTs. Even Paris Hilton, Jimmy Fallon, and others are not exempted. Non-Fungible Tokens which have conquered many aspects of creativity ranging from digital art, to gaming and music have gained deep roots in the creative medium and are now making a significant presence in the world of film and television this year.
Entertainment sectors are using this innovative way to engage their viewers more, raise more funds and as well power the fans’ economy. It could create communities where decision-making will be not only for the executives but for all the viewers that have that particular NFT.
A popular media influencer launched and sold her NFT named “The Iconic Crypto Queen” for $1.1M worth of Ether in April 2021. In early 2022, large audiences had a few seconds of admiration when Paris Hilton and Jimmy Fallon showed off their respective Bored Ape NFT during an event called “the Tonight Show Edition”. In May 2022, The former Disney CEO and Chairman Bob Iger announced his investment in the metaverse and the non-fungible token.
Dapper Labs had signed a deal with NBA and United Talent Agency to sell the rights to 3 NFTs for video games, TV, and Film. Dapper labs made it known to the public that its mission is to improve the adoption of decentralized technologies where everything is accessible and transparent to everyone.
Reese Witherspoon informed the world through her Instagram status how she’s excited to partner with WoW(World of Women) to expand their universe of characters and to develop innovative scripted & unscripted content. The WoW on Twitter also let the world know that they have signed with Reese Witherspoon and it was a new beginning for WoW.
In only this year Warner Bros sold 100,000 “Matrix Resurrection” NFTs. Disney finally created a metaverse NFT film that was named “next-generation storytelling”. Blockbuster created Lionsgate’s limited-edition saw collectibles. The movie, “A Wing and a Prayer” happens to be the first film to be funded by NFT and it happened in the year 2022. It is a Hollywood film funded by Digital Asset. The amazing thing about the film is that investors who gambled on this film are getting so much more.
A Wing and a Prayer – The first Hollywood NFT movie
The reinforcement of NFT IP and loyal fans help the entertainment industry to penetrate deeper into the NFT marketplace. NFT does not only provide revenue to the mainstream brand, but it can also benefit smaller independent filmmakers. This is done by supporting a decentralized production cycle powered by the customers
Non-Fungible Tokens could enhance fundraising and film owners can distribute scripts to potential viewers and raise funds through the process. This can allow buyers or consumers to play an active role in film production. Their purchase could earn them film producer status.
This fundraising brings a collaborative relationship between studios and their viewers. So all activities during the film production would be transparent. Any unwanted action would be voted against. We already have web3 filming studios that are financed through NFTs. NFTs also improve the fan economy through merchandise sales and franchise mechanisms.