We are in the middle of a huge “crypto winter”. Web3 A great cold fills the air. Non-fungible token (NFT) sales have slumped to 97% since the beginning of the year. The much-awaited promise of NFTs transforming media and entertainment artist/fan and producer/viewer relationships has been broken.
NFTs present a transformative mass market opportunity for Hollywood, the music industry, and all artists and creators. We’re still only in the opening process just stepping up to the plate, It will take time, but it is happening.
Fox Television — the only major studio without a direct-to-consumer paid subscription streaming service as Netflix set aside $100 million a month to develop NFT-fueled programming. Its first major project is the new animated series “Krapopolis” from the creative mind of “Community” co-creator Dan Harmon. NFT buyers will get exclusive token-gated access and private screenings, not to mention get-togethers with the cast.
Hollywood’s other innovations in the NFT world include Warner Bros. Consumer Products’ partnership with Story trading card company Cartamundi.
Major labels such as Warner Music Group have invested deeply in companies and projects in the NFT space. Just last week, WMG announced a major partnership with NFT platform OpenSea to give certain artists the ability to bring their fan communities to Web3 with special benefits.
This news is published and verified by the NFT News media team.
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