How fans can generate revenue in the entertainment space through NFTs

When it comes to ownership among entertainment fans, the exchange is pretty straightforward. Fans pay money and in return receive something of sentimental value, such as photos, videos and other types of content of their favorite franchises and celebrities. What they don’t get is usually a chance to make money. Fans have historically been completely excluded from the economics of show business, but that may be changing.

The entertainment industry has been introduced to NFTs where all kinds of companies and celebrities have released their projects. Snoop Dogg and Eminem recently appeared at his VMAs and gave a sparkling performance in images from the Bored Ape NFT collection. Both of them are fans of his vocalist. Increased use of NFTs and more knowledge about how to use them means that fans have more ways to make money.

Some projects have significant resale opportunities in the secondary market, and some serve as investment vehicles for the projects themselves. Kevin Smith’s recent horror release, for example, allows fans to become producers by purchasing his NFTs of the film, and owners to make decisions about planned sequels.

Along with this, many NFT projects have emerged that seek to bring NFTs to the forefront of the world, making the transition easier for current or future stakeholders in the industry.

Ready Player DAO is a current stakeholder and gaming organization focused on working with game publishers, including global marketplace engagement for game assets. Marketplaces are enhanced by digital ownership of in-game assets and possibly in-game resources. This is a core part of the Ready Player DAO business model.

According to Ready Player DAO co-founder Rich Cabrera, more time and money are spent in the digital world, so player desires need to be prioritized.

“As global consumers become more internet/digital natives and spend more time in digital environments, the mode of entertainment will continue to shift towards the metaverse and new forms of entertainment will emerge,” they said. said in a statement.

NFTs are also used as revenue generation and engagement tools. The internet is full of subcultures, and various ways to tap into them through NFTs have emerged. Batman fans from all over the world could come together and indulge in the release of NFT. As the popularity of his NFTs as a concept has grown even more, we have seen various subcultures and brands join in.

SaDiva is an NFT project focused on the cannabis niche. Users can “buy” land, clinics and facilities within the SaDiva ecosystem. This translates into real gains due to the facilities SaDiva has in its portfolio.

The cannabis sector is a growing cultural niche coupled with a highly developed industry. SaDiva tied this together using NFTs.

SaDiva CEO and Founder Jon-Paul Doran said:

opportunity to evolve

NFTs are also steadily increasing their market share in the gaming sector as a growing number of well-known publishers such as Ubisoft and EA actively use NFTs in their new creations. However, while his NFTs in gaming are definitely growing in popularity, some fear the technology is nearing a bottleneck. In response, several innovators in the field are working on introducing new features and mechanisms.

MAD Metaverse, a web3 (new iteration of the World Wide Web) project that offers NFT-based games in collaboration with various successful game studios, has taken an innovative approach through the creation of so-called evolving NFTs. Simply put, this feature allows users to evolve, mutate, and transform NFTs with in-game items as well as user favorite third-party girlfriend NFTs that can be imported into the metaverse. This opens up a whole new way of gameplay and revenue streams.

Players start by creating a MAD metascientist. This gives you your own laboratory to experiment with “MAD Metacells, MAD Nanocells, and other in-game items.” A storyline revolving around the evolution of these cells sees players grow an army and fight them in microcosms while trying not to destroy the world in the process. During the journey, players can earn $biometa. This is his in-game erc-20 token, which can be exchanged for USD stablecoins and other currencies via internal and third-party marketplaces.

Besides web3, we also have projects that previously ran on web2 and need to make changes to keep customers interested. This comes with its own set of hurdles, as switching to web3 requires an infrastructure overhaul that not all companies have the expertise or budget for. Game Space aims to capitalize on this.

This technology will help current web2 game companies switch to web3 without having to build from scratch. Instead, you can switch within a week. Equipped with NFT functionality, it can create markets for trading and deploy multi-on-chain functionality. As mentioned earlier, some existing game projects have adopted web3, and this usually comes with significant cost implications, especially with setting up new infrastructure. Game Space is ultimately resorting to faster and cheaper methods.

Many new NFT projects also demonstrate their ability to cross cultures. Given the trend of visual NFTs, all kinds of art styles are represented within them, and naturally, cross-cultural collaborations and fusions, such as the Sachi Collection, which offers a fusion of Asian and American styles. are making their way into the mix, all designed by the acclaimed artist who created 544 uniquely-characterized NFTs. The collection began on September 13th at the Magic Eden Launchpad.

Outside of the collection, he has worked with some of the biggest names in the industry, including EA, Fortnite, EPIC Games, Lucasfilm, and Elden Ring game creator Bandai Namco. As for the whitelist, the company has also worked with his BAYC alpha, Moonbirds, Doodles, Degods, Okaybears, and many other notable NFT collections.

Another example is Crete. By building a metaverse around AAA content, Creta aims to avoid the pitfalls of first-generation play-2-earn games. Gamers can navigate sci-fi, anime, and fantasy worlds or build their own cities. A Creta video game called Kingdom Under Fire: The Rise will be one of the first projects to combine optional play-2-earn elements with free-2-play. It is scheduled to be released in 2023.

NFT for the benefit of fans

NFTs and the Metaverse have so far been leveraged by some of the world’s largest entertainment platforms and franchises. For fans, this development means they can not only benefit from their favorite entertainment franchises, but also enjoy them.

In the future, we can expect loyal fans to take a seat at the table when the revenue from these projects is shared. increase. Many companies in this space are constantly experimenting with what they can do with NFTs, and if this continues, they could be at the forefront of the entertainment industry for years to come.