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It is the Entertainment industry we are talking about, an Industry that was also taken over by dot coms and still faces the hiccups from it. And here we are, looking forward to a new surge of technology that replaces dot coms with crypto tech and the internet with the blockchain.
So where does the Entertainment industry lie in the beneficiary queue of crypto technology? If anything, the technology involved in this new wave is more poorly understood than the internet was back in the 2000s. When we talk of NFTs entering the space, the first pro that seems to hit is the ever-enhanced and ever-increased extent to which an ordinary fan or a viewer would be able to interact or be a part of any artwork, let alone movies for that matter.
Still, confused about how. NFTs could be used to build full digital ecosystems, including decentralized autonomous organizations depending on the extent of decision making, people could be asked for major decisions like casting approval for key talent, green lighting of a film project, and much more.
These decentralized platforms could soon then become a space for crowdfunding different film projects, rather than privately funded by business houses or individuals. This could very well help new talent and lesser-known concepts find their chance in the entertainment industry, surely opening up the horizons to the level of creativity.
There already are upcoming movies that have been backed by investments from either web3 startups, or even directly through crypto crowdfunding platforms. London-based film financier Goldfinch launched a crypto crowdfunding platform for indie filmmakers that kicked off with The Dead of Winter film project. Even the lead sponsorship of Cannes’ May 26 amfAR Gala, came from cryptocurrency exchange platform FTX.
Talking about Bollywood for that matter, actors like Amitabh Bachchan, Kamal Haasan, Sonu Nigam, and Salman Khan have already adopted the concepts of NFTs. Recently, Amitabh Bachchan’s NFT collection featuring Madhushala, his father’s poetry, was sold at a staggering $756,000. Musician Sonu Nigam decided to take his first English song, “Hall of fame”, first to the NFT market. NFTs are certainly making their mark everywhere and the entertainment industry doesn't seem any different.
A whole new era in itself begins as the sales of JPEGs, GIFs, and 2D and 3D images rise. And luckily for the ever-loved entertainment Industry, fans are even more willing to dive into their pockets to own a piece.