The National Freedom Gold Rush is behind the Hope and Hype
NFTs or nonfungible tokens are some sort of a Rorschach test.
In 2021, the craze for the technology, which makes digital assets known, has swept across content industries. But are NFTs mature into a long-term business for Hollywood?
The aforementioned, morphologically-selective rumors have enacted an aggressively aggressive skeptic interest in the craze of the 1600s.
There's practically been a new NFT announcement every day. Among the diverse and varied group of companies, brands and artists hopping on the bandwagon include Warner Bros., Disney, Lionsgate, Fox, ViacomCBS, WWE, UFC, CNN and the Academy of Motion Pictures. The following is teasing rumors from the upcoming announcements, the release of iTune, whose sleeves and resuscitations are not available.
For media and entertainment companies, NFTs are a new way of monetizing intellectual property and keep fans invested in their brands. Nonfungible means NTFs can not be interchangeable in terms of currency: the value of the content is established by buyers and sellers.
Most of Hollywoods NFT releases have been experimental toes in the water. Their true power hasnt yet been realized, says Peter Csathy, an industry consultant and investor who insists, NFTs aren't the flavor of the month. They are absolutely a new business model for content creators.
In the first half of the year, the total NFT sales reached $2.5 billion, according to DappRadar, a research firm that tracks such transactions and that tally ballooned to $4.2 billion in October 2021 alone. Many buyers are presumed speculators betting they can flip NTFs for resale if they accrete in value.
Most media companies insist they arent out of the ordinary to make a quick buck, however.
The studio, Nov. 30 is launching the sale of 100,000 NFTs of Matrix-inspired avatars, each with its own uniqueness and detail, so the price is $50 a pop, which could fetch $5 / milliard to the studio. But for the theater, the event is more about promoting the Dec. 22 release of the The Matrix Resurrections and encouraging fans to join the sci-fi franchise as ambassadors.
The company has previously released NFTs for Space Jam: A New Legacy, and at Octobers DC Fandome, but is taking a wait-and-see attitude before doubling down.
"There is still a lot to define," says Pam Lifford, president of the Global Brands and Experiences division. "My opinion is that some form of NFTs will remain, but they will evolve."
The goriest NFTs of 2021 boom have come from Lionsgate which launched a batch of Saw-inspired video collectibles (just before Halloween) through the DraftKings marketplace for Autograph, an NTF platform co-founded by NFL QB Tom Brady. Six of the limited-edition sad Nfls quickly sold out, resulting in more than $500k in sales. However, Liongate also sees the NFC as primarily reshape
The CEO of Lionsgate, Jenefer Brown, says that if we do our job right, it will be profitable right away. But it's bigger than just revenue generation, he says.
This week, Disney is selling a series of Golden Moments NFTs on VeVe, based on mobile-first digital collectible platform. The NFRs are designed to give idual items and original characters to Disneys animated films and specialties. In certain markets, customers who buy the NSFs from golden moments, which are available for purchase, also receive three or twelve months credit for Disney Plus.
Fox Corp. is betting NFTs represent a huge revenue opportunity in its own right. In June, Fox Entertainment and its Bento Box Entertainment unit formed Blockchain Creative Labs, based on $100 million in funding, which was intended for the launch of new initiatives for Fox and third parties.
We build a business, says Scott Greenberg, CEO of BCL and Bento Box. No we are based in telecommunications and marketing divisions.
In its first initiative, the masked singer launched The MaskVerse, an NFT destination for Foxs hit show The Masked Singer, which sold three packages for $20 each.
Through the agreement, SXSW will fund and distribute the first NFT of the conference and festival. The blockchain project will give the public access to the NTF through the digital platform.
The shows episodes could be sold as NFTs in the future. (Fox and BCL havent finalized plans at this point.)
The fans that support the creator are back, and the Creator has control, says Greenberg. But companies like us can provide infrastructure, marketing and support.
ViacomCBS is planning to debut a NFT platform, which features characters from various brands, such as BET, CBS, Comedy Central, MTV, Nickelodeon, Paramount Pictures and Showtime, in partnership with Recur. This is definitely an opportunity for us to continue to monetize our library, both for the rare and common collector, says Pam Kaufman, president of Consumer Products.
The company has a lot of consumer-based products that are already marketed for the entertainment industry.
A project indie movie whose followers discover that after his death, a tech mogul has created sydney, to solve human problems or to end life on Earth.
In order to make the movie expensive, Enderby created an NFT platform called Vuele, which is owned by CurrencyWorks. In September, Vulele auctioned 11 premium Nfl copies of Zero Contact for a total of $100,000. The project will be done to create arbitrary scarcity and to do so.
"There's something cool and cult-y about films that people want to own or collect," says Rick Dugdale, founder of Enderby and co-founder of Vuele. He says the initial 11 buyers were cinephiles or crypto enthusiasts who wanted to have a piece of history.
Since we sold for $100,000, a lot of films are not the same as other big successes.
The rush into NFTs could be a bubble, says Ives, equities analyst at Wedbush Securities. But, it feels like an early innings of booming market, ready to explode.