The discourse around metaverse and NFTs have slowly but strongly penetrated the entertainment industry. It has become an attractive digital commodity with a bevy of celebrities jumping into the NFT bandwagon. The NFT market has flourished tremendously with unparalleled acceptance from the media and entertainment industry. Celebrities from all walks and entertainment companies have successfully minted and sold NFTs creating a direct engagement with the fans. All forms of media and many celebrated artists are exploring new revenue opportunities through NFTs. The NFT market is expected to grow multifold with a staggering $80 billion market cap by 2025.
Entertainment industries right from movies, music, fashion, gaming, etc. are basking under the aegis of NFTs. The flourishing market of NFTs is raised by several artists and celebrities launching their NFTs and digital collectibles for fans and following. There has been an exponential growth in new NFT marketplaces as the entertainment industry makes its way to steam higher revenue and monetize digital assets.
Movies and Revenue Stream through NFTs
Some big banner movies have launched NFTs related to the movies, their characters, memorabilia, etc. before or after the release. It not only is an opportunity to promote, and engage with fans but is an exciting way to increase revenue. The movie industry has never failed to entice and continue grabbing massive eyeballs from the audience. Most big banner production houses run promotional campaigns through NFTs before the release of the movie. A recent example is NFT drops for the blockbuster movie “Dune” as part of promotional campaigns by Warner Bros and Legendary Pictures.
The officially licensed products and merchandise from the movies keep the fan base engaged while generating additional revenue for the movie. It takes fandom to a whole new level through NFT drops of movies. Fans with their official collection of NFT get discounts at the movie theatre, an invitation to premiers, and other exclusive benefits. The NFT collection of Anthony Hopkins starred “Zero Contact” brought a massive six-figure revenue with a total of 11 NFT drops. A single “Platinum Edition” NFT alone out of the 11 NFT drop sold for USD 56 (20 ETH).
Crowd-funding and NFT-Character Inspired Movies
The crowd-funded movie is not a new concept. There are many movies that are produced and successfully made through crowd-funding. However, NFT-funded movies are a new concept and their implementation has already started seeing the light of the day. Director Miguel Faus ditched the traditional crowdfunding route and used NFTs for crowd-funding his movie “Calladita”. Faus adopted the Web3 technology and is successfully backed by Nouns DAO for the NFTs.
Legally Blonde actress Reese Witherspoon too is jumping into the NFT wagon and turning into an NFT-backed movie producer. Witherspoon’s company Hello Sunshine to partner with World of Women — NFT collection of over 10,000 women celebrating equality and inclusivity. The partnership will turn the WoW NFT characters into feature films as well as scripted and unscripted TV shows.
Celebrity — Fan Engagement through NFTs
Many celebrities have launched their NFT collection creating an engagement with a fan. The NFT collectors with the purchase not only get the exclusive ownership of the digital asset minted by the celebrities but many benefits. Reese Witherspoon joined the NFT space in September 2021 and has taken her game seriously. She owns more than 800 NTFS and focuses on supporting NFTs created and representing women. NFTs do not limit creativity and upscale the imagination attracting celebrities across the world to sell anything starting from art, pictures, digital avatars, videos, experiences, collectibles, and many more.
Many celebrities like Snoop Dogg, Paris Hilton, Amitabh Bacchan, Eminem, Lindsay Lohan, Kate Moss, Shawn Mendes and so many more have successfully joined the NFT space. Not only are the celebrities launching the NFTs but equally becoming NFT collectors. Eminem has bought Bored Ape Yacht Club NFTs worth millions of dollars. EminApe is the second-largest NFT project by Eminem worth millions. The increasing number of celebrities have successfully monetized the NFTs due to the massive existing fan following. Not only actors, musicians, and entertainment professionals but the richest man in the world “Elon Musk” is a big advocate of NFT. Tesla and Space X CEO is yet to sell his NFTs but announced selling a song about NFT as NFT. Grimes successfully sold digital artworks as NFTs for USD 6 million through auction. While the fans enjoy the ownership of their favorite celebrities’ NFT, the celebrities rake in the moolah through the NFT launch.
Musicians getting prominence through NFTs
Not only the movie industry, but NFTs have even taken the music industry by storm. Be it a celebrated and famous musician or a struggling independent composer, music NFTs have helped gain extra revenue. Big giants like Universal Music Group and Warner Music Group have launched the NFT avatar of their artists and gained profitable monetary value. Music artists like Shawn Mendes, Snoop Dog, Eminem, Grimes, etc. have had record-breaking sales from their NFT drops. Kings of Leon is the first band to have recently launched their album “When You See Yourself” as NFT. Universal Music Group has released NFT avatars and wearables in collaboration with Genies for influential recording artists like Justin Bieber, Rihanna, Migos, Shawn Mendes, etc. Fans have eagerly bid on music NFT auctions and collected the NFTs while getting access to concerts, virtual events, and many merchandises.
Final Words
The recent boom of NFT is to stay and creates huge opportunities for the entertainment industry. The boom of NFT and the extraordinary sales of NFT worth $2.3 billion till March 2022 reflects the opportunities it presents in the entertainment industry. The inclusion of NFTs in the entertainment space has bridged the gap between fans and celebrities while successfully creating a solid revenue stream for the industry.
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