Nfts Applied To The Film Industry
As you probably already know, NFTs are being used more and more in the film industry. We have seen them in the form of digital collectibles for the enjoyment of the most fans as they did with the NFT collection I Am Groot from Guardians of the Galaxy or the Pixar Pals collection where you can collect different iconic characters from Pixar movies like Woody or Mike Wazowski generating 3M$ in just 24h.
But the NFTs go far beyond being simple digital collectibles and in this sense, we are seeing how they are beginning to be given different applications. From using them as a new alternative financing model to traditional systems, as the movie The Infinite Machine is doing, to using them as monetization and community generation, as Warner Bros. has done with its project The Lord of the Rings: The Fellowship of the Ring (extended version) Web3 Movie Experience NFT.
They are also being used as a new way to generate marketing strategies with a higher engagement for the audience ahead of the release and premiere of a movie in theaters. We saw this with the Top Gun: Maverick digital collectible collection, one of the highest grossing movies of the year.
We are even seeing how NFTs can also serve to make film ownership easier to transfer and verify in a secure way as director Kevin Smith began to experiment with.
In this regard, one of the main benefits of NFTs is that they allow independent filmmakers and producers to receive a fairer reward for their work. In the past, it was difficult for filmmakers to receive adequate rewards for their films, as large distribution and exhibition chains often took the lion’s share of the pie. With NFTs, filmmakers can sell their films directly to moviegoers by skipping the middleman and receive a fairer reward for their work, which is revolutionary.
NFTs also allow viewers to buy and sell single copies of films. In the past, it was difficult for film collectors to find unique copies of films, as only a limited number of physical copies were produced and they were usually in poor condition or lost outright. With NFTs, viewers can buy and sell unique digital copies of films, making it easier for collectors to find these rare treasures.
In addition, NFTs also allow filmmakers to create more immersive and personalized cinematic experiences for viewers. For example, some filmmakers are using NFTs as a key to access exclusive film content, such as premiere tickets or to be able to attend exclusive events and participate in Q&As with the film’s creators.
Finally, I would like to share the E.T. case since it happened just a few weeks ago, would you believe if I told you that their NFT sold for more than $2.5M? Not quite but almost, let me explain. The other day the original mechanical model of E.T. was auctioned off for over $2.5M which included its corresponding NFT. This NFT grants the exclusive property rights of the model and acts as a certificate of authenticity with its many advantages, such as preventing it from being lost or broken and also facilitating its resale. As you can see, this is another use case for NFTs, that of certifying and protecting IPs or physical assets.
NFTs are revolutionizing and bringing enormous potential to the film industry and this has only just begun. At Vottun we have a specific department specialized in the application of NFTs in the film and audiovisual sector and we are already working with major players in the industry. For more information you can contact us here