NFTs are ready for the movie.
The entertainment industry has a lot of interest in the NFT, a non-fungible token that is a hot commodity. On a recent episode of The Tonight Show, Paris Hilton and host Jimmy Fallon gushed over their Bored Apes NFTs.
A lot of people inside and outside of show business are still thinking about the tech, which has gotten skepticism, not to mention comparisons to the dot-com boom-and-bust.
Unlike digital trading cards or art, NFTs are unique collectibles that can be acquired and sold. There are many other applications for the tech, including utility NFTs that act as a subscription or a ticket to an event, which Hollywood is just beginning to explore.
NFTs are a unique digital asset built on the technology of the internet.
The entertainment industry's heaviest hitters are minting and buying NFTs of their own because they don't want to miss out on a potential new revenue stream.
Dick Wolf has collaborated with Curio to release an interactive story called "Wolf Society", while Hello Sunshine has signed NFT deals to develop TV and film projects.
Check out 8 more companies working to drive the future of the digital assets in entertainment, and read more about Disney ex-CEO Bob Iger joining the board of NFT maker Genies.
Companies and creators are taking advantage of NFTs. Fox Entertainment released 10,000 Miss Masky NFTs in the hopes that fans of the singing competition will collect, buy, and trade other Masked Singer NFTs.
One of the quicker legacy media companies to move into the space was Fox. Scott Greenberg, the CEO of Fox animation studio Bento Box, told Insider that he believes NFTs will become a revenue-driving business for Hollywood. Fox has a fund for creators.
Insider predictions for how Hollywood can maximize NFTs in 2022, from character and intellectual property development to subscription marketing.
Every media conglomerate and startup is getting involved.
Warner Bros. sold out of 100,000Matrix Resurrections inspired NFTs, and OneOf, backed by legendary producer Quincy Jones, auctioned off an NFT of a previously never-heard Whitney Houson song for almost $1 million. The parent company of MTV, Nickelodeon and CBS is working with a startup to create its own NFT marketplace.
SpongeBob, Star Trek, and South Park could be in the NFT market.
The future of Hollywood's NFT marketplace isn't clear, but early adopters are bullish.
Greenberg sees the NFT market expanding beyond digital collectibles, while Rich Battista, a Curio investor and adviser, predicts that Hollywood will begin to create intellectual property that is native to the NFT world.
There are 5 biggest NFT trends to watch for.
The Gimmicks, an animated series, was invested in by the actor and producer, Kunis. The studio behind the series, Toonstar, is able to quickly animation weekly episodes that allow the NFT holders to vote on the direction of the show's storyline.
Check out the pitch deck for the NFT animated series and the fan community where NFT holders can vote on storylines.
Mad Realities, which has raised $6 million in a round led by Paradigm that also includes investments from Bumble, is one of the entertainment companies being built on a Web3 foundation.
Mad Realities is an NFT-meets-reality-TV entertainment company.
The lure of allowing industry outsiders to participate in Hollywood's creative process is one factor driving this new business model.
A deep level of access to various stages of film and television production is available to NFT holders through a new studio that was founded by former co-CEO of MGM and Spyglass Entertainment Roger Birnbaum and AOL scion Mark Kimsey.
A new Hollywood studio that offers NFT holders a role in production is being launched by former MGM chief Roger Birnbaum and AOL scion Mark Kimsey.
There will be more players in the coming months and years.
Even the most traditional Hollywood company is not going to ignore the massive winds of change that are going to start blowing through, according to a former UTA chief innovation officer. Candle Media, founded by former Disney execs Kevin Mayer and Tom Staggs, is positioned to exploit the intersection of legacy media and new modes of distribution.
Weinstein thinks that the smartest of them will take advantage of the space.
Candle Media executive and former UTA digital executive,Brent Weinstein, has thoughts on Hollywood's move into the metaverse.
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