Film, music, and artists set to benefit from blockchain technology
Blockchain technology will disrupt the entertainment industry and the roles of producer, distributor, financier, and consumer with fan-based and community-driven projects, creating a diversity of independent ideas in content creation.
Non-fungible Tokens (NFT) blockchain solutions and cryptocurrency threaten to dismantle the traditional structures of the art world, music industry, and global finance. Analysts forecast that blockchain technology will shape the future of how films are produced, distributed, and exhibited.
According to Hollywood producer Niels Juul, NFTs are the future of independent film financing. Hollywood is facing a direct challenge from Web3 start-ups that use blockchain technology to create a unique experience for film fans. Juul sees it as a disruption in how films will be financed, distributed, and exhibited. The producer founded NFT Studios as a Decentralized Autonomous Organization (DAO), innovating NFTs and blockchain technology in the film industry.
Big studios have suppressed creativity while focusing on big moneymakers like superhero films. The four streaming giants continue to monopolize the industry and, like the big studios, back new productions with financial gain. NFT technology forecasts a change in the film financing model that could provide better returns than crowdfunding.
Anthony Hopkins NFT sells out in ten minutes
Welsh actor and artist Anthony Hopkins’s new NFT collection sold out in ten minutes, which is a phenomenal result in a dwindling market for digital collectibles. Hopkin’s “The Eternal Collection” was launched in collaboration with NFT design agency Orange Comet and featured 1,000 original cinematic art pieces depicting Hopkin’s illustrious career.
Lord of Rings
Warner Bros. Discovery, in collaboration with Eluvio, is releasing the NFT film, Lord of Rings: The Fellowship of the Ring. From its release on October 21, fans can watch the extended 4K UHD film with more than eight hours of special features. The Lord of the Rings film franchise was directed by Peter Jackson and made over $5.9 billion at the global box office.
Creator Economy
American Films introduced a blockchain registration website for independent filmmakers and songwriters to protect their IP and copyright. NFTs are creating new sources of income with funds providing greater creativity from dollars that go directly to the artist and cut out middlemen platforms like Youtube and Tiktok.
Ginger Liu is the founder of Ginger Media & Entertainment, a Ph.D. practice research student in photography and artificial intelligence, and an author, writer, artist, and filmmaker. Listen to the Podcast.
