- Hollywood creators and businesses are becoming more and more interested in NFTs and blockchains.
- Reese Witherspoon, “Low & Order” producer Dick Wolf, and “Masked Singer” created or invested in NFTs.
- From IP to storytelling, here’s how entertainment can maximize the growth of NFT space in 2022.
Producer Dick Wolf’s entertainment empire extends to much of the American television spirit. The current broadcast season is dedicated to his criminal proceedings throughout the night. Three variations of the “FBI” franchise at CBS on Tuesday night, NBC’s “Chicago” troika on Wednesday, and the long-running “Law and Order: SVU” and its companion series. Every Thursday.
However, when Wolf Entertainment entered a new territory of storytelling this fall, it partnered with Curio on the NFT platform to create the Wolf Society (a membership society for online detectives leveraging non-fungible tokens). Did. Years ago, the producer and blockchain-based market hit some observers as head scratchers.
but, Reese Witherspoon touts cryptocurrencies On social media, ViacomCBS has mined the “SpongeBob” archive for the potential of NFTs, and Fox has released WWE and the “Masked Singer” token. Hollywood is digging into cyber assets.
Insider talked to three executives from companies in the field, from legacy broadcaster Fox to digital startups, about Hollywood’s current outlook for NFTs and how they can develop in 2022.
Many NFTs that have appeared in entertainment are basically artwork, similar to trading cards. For example, 10,000 free “Miss Masky” merchandise Fox distributed through “Maskverse” in October. As more NFTs become available, users will be able to collect, buy and trade other “Masked Singer” NFTs on Fox’s invested Eluvio platform.
Scott Greenberg, CEO of Fox’s animation studio Bento Box and its Blockchain Creative Labs, said: “We didn’t intentionally want speculators to come in and push prices up.”
Greenberg believes that NFTs are more than just marketing tools, they will grow into a profitable business in Hollywood. He said Fox has a $ 100 million creator fund that will be expanded more extensively in 2022.
Ben Arnon, co-founder of Curio, reiterated the idea that the NFT market can support more than digital art by offering new IP. The company has partnerships with studios and production companies such as Universal Pictures and Fremantle. In April, Anonymous Content selected the astronaut character Aku’s NFT in partnership with Shawn Mendes’ joint venture, Permanent Content.
“We started with a paper that if we could integrate key IPs with NFTs, we could take mainstream consumers to the NFT space,” Arnon said. “We initially launched an NFT that acts as a digital collectible, but over time we have incorporated more utilities.”
“The Wolf Society,” featuring a fictional cold case written by TV writers and game creators, “is groundbreaking in both the NFT landscape and the multi-platform storytelling landscape,” Arnon said.
In addition to Witherspoon, Quentin Tarantino, Grimes, John Cena, Cara Delevingne (and her vaginal-focused NFT) are one of the well-known names that supported NFTs, but as Bloomberg warned, celebrities. Tokens focused on tend to depreciate rapidly. And Tarantino’s “Pulp Fiction” NFT project ran into legal issues.
Given that crypto enthusiasts are mostly men, Worklife founder and venture capitalist Brianne Kimmel said, “Friendly, friendly, female founders and really empowering female supporters. We welcomed the existence of Witherspoon as a “star producer”.Kimmel
“Women’s voices are much stronger and we’re excited to see women finding ways to actually use NFTs as a gateway to cryptocurrencies,” Kimmel said. And imagine that Witherspoon, whose production singles from Hello Sunshine are deliberately invested in IP that amplifies female voice and opportunity, may find storytelling potential in her new assets. Is not easy.
As Hollywood explores technology, NFT backers expect assets to expand in scope and functionality.
“We are betting on mainstream recruitment,” said Fox Greenberg. “NFTs have more usefulness, and in composability, NFTs, multiple NFTs do something else together, and by owning an NFT, it’s a real physical place. You can access digital play, or subscriptions. To things. “
“In fact, we’re going to see the depth of use on more mainstream occasions,” he said, “more functional. [uses] “What is this digital thing I have collected?”