The Future. NFTs are taking Hollywood by storm, and there’s probably nothing naysayers can do to change that. While the space is mostly populated by very expensive JPEGs, Hollywood is seeing the technology as a way to build community, release ancillary content, and maybe (one day) finance projects. But, the biggest hurdle may be in teaching enough people how to use the tech so that the investment makes financial sense.
The new IP
Hollywood’s newest star may be NFTs.
- Law & Order producer Dick Wolf partnered with NFT platform Curio to create an NFT-backed membership collective called “The Wolf Society,” which allows holders to join together to solve cold cases.
- Major talent like Reese Witherspoon and Quentin Tarantino are dipping their toes in the space — either with major purchases or by auctioning off their material on the blockchain.
- Top management firm Anonymous Content teamed up with Shawn Mendes’ Permanent Content to buy an NFT of an astronaut character named Aku to be used as a film and TV IP.
- Fox Entertainment’s Bento Box has a $100 million creator fund for the NFT that it plans to use this year.
Will the next iteration of the streaming wars be played out on the blockchain instead of on smart TVs? That’s entirely possible, especially as innovative companies and celebrities use token-based communities to create their own unique subscriber base.
As Bento Box CEO Scott Greenberg believes: “There’s a lot more utility in NFTs, and composability, where your NFT, multiple NFTs together, do something else. And where owning an NFT gives you access to a physical place in real life, or digital plays, or, like, a subscription to things.”