How NFTs create new opportunities in the entertainment industry

How NFTs create new opportunities in the entertainment industry

The non-fungible token (NFT) community Arabian Camels is making a $50 million Hollywood film called “Antara.” The movie makers recently announced a highly anticipated NFT drop for the project, which allows holders to partly fund the movie, own a share of digital rights and benefit from its box office achievements.

This project is just a glimpse into what NFTs could achieve in the world of entertainment.

NFTs started out as standalone pieces of art and memes by individual creators and today is a massive industry that’s swarming with innovative NFT projects today. In 2021 alone, an estimated $41 billion worth of NFTs were sold, which is a testament to their growing popularity and value.

Major industries like art and gaming have benefited from NFTs already, and recent developments suggest that the realm of entertainment could be next in line to receive a transformative blow from the NFT industry.

Integrating NFTs into the movie business

Worth over $2.2 trillion, the global entertainment industry isn’t only one of the most valuable industries in the world but also a huge part of our culture. Over the span of a century, the industry has never failed to amaze its audience with enticing movies, TV shows, music, and it has stood the test of time, staying relevant even today.

Transforming the entertainment industry

NFTs in entertainment have the potential to completely transform the way films are made, produced, and distributed, democratizing this unilateral industry in the process. To understand this better, we go back to Arabian Camels’ Antara project. This big-budget Hollywood epic is one of the first films to be produced by the NFT community, demonstrating the concept of movie NFTs.

For the makers and producers of films, this means that they’re no longer limited by budget constraints or the difficult financing methods of top production houses. Movie NFTs provide a way for them to distribute part ownership of the movie to its viewers, raising the required funds in the process. This is especially useful for budding filmmakers and artists who are hardly visible in the industry. Specific roles like “producer” can be represented and offered as an NFT, making its owner the producer of the film. And through all the stages of filmmaking, NFTs can be offered as a way to include the community in the decision-making process, market the project and build a loyal fanbase beforehand.

“NFTs present a tremendous opportunity for mixed-reality world-building experiences, deepening user engagement and interaction and fostering a community for our hundreds of millions of global consumers to create one-of-a-kind digital collections and Autograph is the optimal destination for this discovery,” claims Jenefer Brown, Executive VP & Head of Lionsgate Global.

The NFTs to be released could range anywhere from character avatars to video clips from the films.

Now, in the case of emerging artists, technicians, musicians and directors, NFTs could be their on-ramp to popularity within the industry. The fact that Ben Mauro, a Hollywood concept artist, earned more in seven minutes with his NFT collection than he has in the 12 years of working in Hollywood is telling. Just like Mauro, these emerging artists could use NFTs in unique ways to represent their talent, garner an audience and increase their visibility in the industry.

Movie merchandising is another realm where NFTs in entertainment could make a huge difference. Fans have long been collecting posters, clothing and character figures from their favorite films, and NFTs add a new dimension to this. The rarity of NFTs gives fans the satisfaction of owning a part of the film that cannot be replicated. Celebrities can also make the most of this opportunity by creating NFT merchandise collections for their fanbase. This particular trend has picked up quite recently and celebrities like Eminem, Justin Beiber, SnoopDogg and Jimmy Fallon have all followed suit.

If we look at the whole picture, the integration of NFTs into the entertainment industry allows users to actively participate every step of the way. Both viewers and creators have the chance to connect beyond the screen and thus take the industry to unimaginable dimensions.

How NFTs open closed doors

Since its inception, the entertainment industry has been opaque in its operations, shutting down external interference. This stringent way of operation vastly limited opportunities for emerging artists trying to make it in the industry. But with the NFT integration, the entertainment industry is now opening its door to a wider section of artists, producers, and viewers. While producers and creators have new ways of monetizing their work and raising funds, viewers now have a way to directly participate in the industry’s happenings, not only to fund films but also earn from their gain. This symbiotic relationship between viewers and creators could change the face of global entertainment in the years to come.

 

 

Original Source: https://venturebeat.com/2022/03/08/how-nfts-create-new-opportunities-in-the-entertainment-industry/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Linfinity and Seele signed a strategic cooperation agreement to create a new ecosystem of supply chain

Linfinity and Seele signed a strategic cooperation agreement to create a new ecosystem of supply chain

Recently, Linfinity and Seele signed a strategic cooperation agreement in Taipei to carry out in-depth cooperation in the field of blockchain technology to jointly build a new ecosystem of supply chain industry.

As a pioneer in the deployment of blockchain technology into supply chain, Linfinity is committed to building the world’s first trusted, traceable supply chain ecosystem based on blockchain technology. This cooperation, combined with Seele’s advanced system development and engineering technology and Linfinity’s rich commercial resources and innovative business operation model, focuses on tackling the main pain points of the supply chain industry, and jointly promotes the commercialization of the blockchain in the field of supply chain.

Dr. Zheng Maolin, CEO of Seele, said, “We are very pleased to have this cooperation with Linfinity. As a representative of Blockchain 4.0, Seele’s neural network consensus algorithm has reached the highest processing speed of the global public chain system and highly matched the multi-node of the supply chain industry.”

Anndy Lian, CEO of Linfinity, said, “The supply chain ecosystem is a new application scenario of blockchain technology. This collaboration will further integrate Linfinity’s rich commercial resources and operations capabilities and Seele’s neural network-based consensus algorithms to equip the supply chain ecosystem with a powerful engine to accelerate the weaving of the supply chain ecosystem. Starting with the mutual trust, transparency and efficient management of the upstream and downstream supply chain, the commercialization of blockchain on supply chain is expected soon.”

 

Blockchain is an epoch-making technology, and its powerful inner vitality lies in the integration of industrial practices. 2018 is a key year for the development of blockchain business. With its leading blockchain technology and innovative business operation model, Linfinity has already started business cooperation with Alishan Group, WealthBriefingAsia, Scientific Tradition, Rongde Logistics, RHTLaw TaylorWessing LLp, RHT Holdings, Crossinvest and other international companies. This strategic cooperation in between Seele and Linfinity will inject new momentum into the development of the blockchain in the supply chain.

 

About Seele:

Seele is a blockchain 4.0 platform that aims to spearhead development in the Internet of Value era. It aims to solve the scalability, security, and efficiency problems found in current blockchain networks by developing a heterogeneous, multi-chain ecosystem powered by a novel Neural Consensus Algorithm. Seele’s objective is to build the Internet of Value for the future.

https://www.linfinity.io/article/31.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j