New NFT Trends That Will Reshape The Entertainment Industry in Future
Posted By : Priyansha Singh | 05-Aug-2022
Latest NFT Trends In The Entertainment Sector
Blockchain-based digital assets – NFTs – have brought groundbreaking and revolutionary innovations to businesses across various industries. While significant sectors such as gaming and art have already benefited from non-fungible tokens, recent developments suggest that the realm of media and entertainment would indubitably be the next in line to receive a transfigurative blow from NFT use cases. Building on the foundations set by neoteric blockchain technology and leveraging the prowess of new-age pop culture, NFTs are swiftly becoming a favorite of the entertainment and media segment in particular.
Even as non-fungible tokens solidify their concrete presence in entertainment, a myriad of trends are stemming from the evolution of decentralized spaces. In this blog, we have mentioned some of the top NFT trends that will potentially dominate and thrive in the media and entertainment industry. However, let’s get started with the basic understanding of how NFTs are being implemented in such landscapes and what changes it is bringing as compared to the traditional way of experiencing and consuming digital media.
NFTs For The Movie Business
The global entertainment industry has worth more than 2.2 trillion dollars market space. However, it is not just considered one of the most valuable sectors in the world but also plays a humongous role in our lives. Over the span of a century, the industry has never failed to entice its audience base with gripping movies, music, TV shows, and more. Even today, it has stood the test of time and has stayed relevant to the prevalent user demands and ever-changing viewing requirements.
Nevertheless, the entertainment industry has historically been meteoric to embrace and adapt to technological advancements. For instance, the advent of television sets back in the day or the latest video streaming services of the 21st century – this industry has always been on top of the line and leverages these technological progressions to its advantage in order to keep the users hooked.
Hence, it is only natural that when a neoteric technology like Non-Fungible Tokens presents itself, businesses actively get hinged to it. Below, we have mentioned some ways in which the entertainment industry can use blockchain technology and NFTs today and in the years to come.
- Fostering a sense of community, exclusivity, and membership
- Harnessing and encouraging fan creation and collaboration
- Forging a meaningful and deeper connection between artists and fans
- Embrace new content distribution models
NFTs as Play-To-Earn Games
One aspect of the entertainment realm that has heavily seized NFTs is gaming. For instance, GameFi, which furnishes games while leveraging blockchain technology, has become particularly popular over the last few years. One of the prime reasons why it has been on the continual rise is P2E games. These types of games enable players to earn rewards for their participation and performance.
These rewards can be anything from actual cash to unique NFTs, and naturally, the world has taken solid notice.
Additionally, there is a myriad of newly-released games that have become shining examples of what can be potentially done with P2E NFT games, when given a chance. One of these is ‘BaeRex’, a classic blockchain-based game that uses the ‘runner’ setup.
While there is a play-to-earn aspect, it also utilizes the free-to-play model which is amalgamated to form the P2E system that BaeRex runs on. Essentially, it provides players with the best of both worlds where they can engage in P2E or abstain as they like.
NFTs as Watch-To-Earn
It is no secret that grabbing users’ attention costs big for advertisers in this day and era of free online content. Influencers, streaming sites, and many other businesses are making millions by garnering, fostering, and retaining viewership. However, these financial benefits are scarcely directed back at the audiences.
Over the last few years, there have been colossal efforts to level up the playing field within the blockchain space. Precisely, it all began with platforms such as Brave, a blockchain-based browser that provides digital assets for watching ads. Furthermore, the NFT realm is now getting on this notion with mega-players such as Coub.com – a video platform ahead of its time that was architected 10 years ago, which is surprisingly visited by more than 100 million users each year.
By fundamentals, Coubs are 10-second videos that gained market dominance even before TikTok. These video snippets are stacked with pop culture references. While they are shared over the internet every second for years, the latest product version powered by Web3 technology is predicted to reshape the interaction model by rewarding digital tokens to users who create and watch such videos.
NFT Integration: Opening Closed Doors In The Entertainment Industry
Ever since its inception, the media and entertainment industry has been relevantly opaque in its operations, shutting down potential external interferences. This rigid way of operation widely limited opportunities for emerging artists and movie producers seeking incessantly to make it in the industry.
However, with NFT integration solutions, the entertainment & digital media industry is now opening its doors to a larger segment of artists, content creators, producers, and viewers.
While content creators and producers have new ways of monetizing their work as well as raising new funds, viewers now have a way to participate directly in the workflow and happenings within the industry, not only to fund movies but also to earn from their profits and gains. Altogether, this symbiotic relationship between producers, creators, and viewers could eventually transform the face of global entertainment and digital media consumption in the years to come.
Looking For NFT Development Services For Your Project?
At Oodles Technologies, we provide end-to-end blockchain solutions right from NFTs, dApps, metaverse, and NFT marketplaces to smart contracts, decentralized video streaming platforms, and multichain services. As an established NFT development company, we cater to varied business requirements and industry needs pertaining to the creation of Non-Fungible Tokens and related marketplaces in the metaverse. Over the years, we have gained extensive knowledge and experience in multiple blockchain networks such as Ethereum, Hyperledger, Cosmos, Solana, Polkadot, Theta, IPFS, and more. Our seasoned blockchain developers ensure that custom business requirements are met with the implementation of next-gen technologies and the right frameworks for any blockchain-based solutions. If you are looking for NFT development services for your project, feel free to drop us a line. Our experts will get back to you within 24 hours.