How NFTs are pioneering digital arts for the entertainment industry
Perhaps one of the best things about NFTs is that they can move seamlessly between industries. Because, at their core, they act as digital repositories of assets, any industry that can mine assets will find some use in NFTs.
Nowadays, entertainment continues to be the leading industry in this regard. This makes sense given that much of the entertainment industry leverages assets. Think about how your favorite movie superhero isn’t tangible per se, but a virtual representation that entertains you.
Now consider all the intellectual property that the entertainment industry relies on and what can be done if it were to be translated into the digital space.
With that in mind, it’s no surprise that Hollywood is turning to NFTs to deliver more digital experiences. Take the recent launch of the Batman cowl collection as an NFT. The collection saw the many cowls worn by the caped crusader transformed into NFTs in connection with the new Batman movie.
NFTs in the spotlight
With the emergence of NFTs in Hollywood, we are already seeing companies and projects taking advantage of them. One of the ways to do this is to improve the fan experience.
HUMBL, Inc. – a Web 3 blockchain platform – rolled out its NFT Gallery for creating, listing, selling and buying NFTs in September 2021. And since day one, HUMBL has aimed to transform digital art in the entertainment industry.
Monty, a multi-platinum hip-hop artist and co-founder of hip-hop group Remy Boyz, released his first NFT on HUMBL Gallery in April 2022. Rather than going down the traditional album release route, Monty has partnered with HUMBL to offer an NFT that also provides access to unique experiences and chances to win merchandise and tickets to upcoming shows.
“HUMBL saw the opportunity to work with Monty as a groundbreaking initiative,” said HUMBL CEO Brian Foote. “We believe blockchain will converge media NFTs, tickets, and fan experiences into new forms of engagement between artists and audiences, with this collaboration a glimpse of what the future holds.”
Because fans often interact with content from their favorite creators through their social media profiles, NFT and Web3 platforms like Project Galaxy now give them a way to verify their virtual identities.
In addition, the Galaxy project also offers them the opportunity to be rewarded both for verifying their identity and for participating in digital ecosystems. As it is used by public figures – like basketball player Jeremy Lin – to initiate NFT projects, traceable communities can be cultivated and more benefits can be reaped by all.
“We’ve only scratched the surface of the utility behind NFTs, at Project Galaxy we help brands and creators better engage and motivate their audiences with NFTs. How this translates into the entertainment industry being able to show that someone attended a concert or a movie premiere, or was the first to buy an album, or actively interacts with their favorite artist on the networks social.
“Through the use of our OAT NFTs (On-Chain Achievement Tokens), creators and brands can leverage every action their fans take and reward them for it. These NFTs can simply be an achievement badge or unlock good plus: VIP events, access to exclusive merchandise and drops, the possibilities are truly endless,” says Charles Wayne, co-founder of Project Galaxy.
As many of these companies are entering the NFT space, there is a need to support them technically and administratively.
One example is NYC’s Counsel on Demand partnership with blockchain platform 1Law – a tokenized virtual law firm with a fully functional platform that uniquely identifies clients by generating QR codes and transforming them in NFT.
Together, they have expanded to all 50 states to merge AI, mobile, and blockchain technologies into legal services. Counsel on Demand CEO Roman Gamborg Says They Were the First Law Firm to Accept Bitcoin
The NFT space is currently expected to expand further over the next few years and with that will come the need for expert legal services in the field. This partnership ensures that the needs of both ends of the spectrum are met and are encouraged to engage in the legal aspect.
For the entertainment industry, this means fewer roadblocks when it comes to bringing NFTs from the blockchain to the big screen (take the recent situation with Seth Green, for example).
Then there is the technical aspect itself. While many players in the entertainment industry might want to get into NFTs, they don’t want to deal with the technical part of creating them. After all, they are show biz people, not blockchain developers.
This is where projects like ForkChain offer a potential solution. Describing itself as a no-code blockchain builder, the technology allows users to create anything, including NFTs, on a blockchain without technical experience.
In the same way anyone can create a free blog on a hosting site without ever writing a line of code, ForkChain allows users to create their own NFTs instantly. They can also choose to fork NFTs on a number of blockchains, including Polygon, Binance Smart Chain, and more.
This, in turn, means that more entertainment-focused NFTs can be pumped in without being slowed down by a lack of technical knowledge.