NFTs And New Innovations In Entertainment Industry
NFTs are non-Fungible tokens. Non-fungible as in irreplaceable. They are such digital tokens working on the blockchain technology, that signify the ownership of that particular asset. NFTs can be made of drawings, images, clip arts, songs, artists themselves, games, famous movie scenes, places, luxury clothing and accessories brands, and the list could go on. With each passing day, the NFT industry is developing so much in the past few months, that investors have been favouring them over crypto coins.
Truly, NFTs have evolved a lot. Today NFTs are not a significant industry on their own but also have a vital role in the development of the metaverse. Metaverse is such a digital place where people can interact with each other digitally, just as they would in real life. Even Entertainment has evolved in light years. From sound-less films to HD films now, the journey of the entertainment industry has been very significant. Well today, the promotion of a product is just as important as its production. Artists now promote their films and series and any other performances on their social media accounts, visit television shows, newspaper advertisements and many other things. Now that NFTs too have a very huge audience, how could that be left behind?
This is not all talk and no action. A big-budget Hollywood film is underway, which will be produced by the NFT community itself! Arabian Camels, an NFT community is producing this movie – Antara and will allow funding from investors in the form of NFTs. This is a very pilot attempt by the Hollywood industry as well as the NFT marketplace. But wait, how does this work now? NFTs can be released in the form of the characters of the movie, some scenes or even the roles like producing. One who holds the “producer” NFT is the producer of the film.
The good thing about this new venture is that it helps budding artists while it has some benefits for established production houses too. The thing that new artists struggle with a lot, is funding. NFT marketplace gives a unique platform to these artists where they can not only showcase their talent but also earn from it. Big and established production houses also benefit from this, in terms of popularity. As the whole crypto industry is influenced a lot by the popularity of that particular coin or token, big producers can not only cash in on their existing fame but can also plan to enter the metaverse, just like Disney. Viewers, who have been limited to the role of the audience till now, get to participate in the production process and also benefit from the profits of the movie.
Overall, with Antara, yet another revolution in the Entertainment industry is on its way.
Also Read: What does the rest of 2022 hold in store for NFTs?