Celebrities Are Jumping Onto The NFT Trend
Discover how the NFT trend has influenced celebrities with Rikkei Finance.
NFT, the blockchain-based digital assets — are a hot commodity in the entertainment industry. Everyone from former Disney CEO Bob Iger to Hollywood stars Reese Witherspoon and Mila Kunis is getting in on the act of this trend. On a recent episode of The Tonight Show, Paris Hilton and host Jimmy Fallon gushed about their respective Bored Apes NFTs.
However, many people are still trying to wrap their heads around this term. NFTs, in their most common current form, function similarly to digital trading cards or works of art — as one-of-a-kind collectibles that can be acquired and then sold. There are numerous other forms for NFTs, some of which Hollywood is only now beginning to investigate, such as “utility NFTs” that can function as a subscription or a ticket to an event.
Due to this trend’s rise, people are wary of missing out on a potential new revenue stream. The entertainment industry’s heavyweights are minting and purchasing NFTs of their own.
Celebrities Enter The NFT World
Hello Sunshine, Reese Witherspoon’s media company, has signed NFT deals to develop TV and film projects, while Law & Order mega-producer Dick Wolf has partnered with NFT marketplace Curio to release the interactive storytelling project Wolf Society. But, the Hollywood mogul who has given the digital asset the most credibility thus far has to be Bob Iger, the former chairman of Disney. He invested in and joined the board of Genies, a company that manufactures digital wearable NFTs.
Entertainment companies are also taking advantage of the NFT trend in a variety of ways. Fox Entertainment distributed 10,000 Miss Masky NFTs in conjunction with its hit reality show The Masked Singer hoping that fans would collect, buy, and trade other Masked Singer NFTs on the Eluvio platform (which Fox owns).
With its Blockchain Creative Labs NFT studio, Rupert Murdoch’s broadcaster was one of the first legacy media companies to enter the space. Scott Greenberg, the studio’s CEO who also runs Fox animation studio Bento Box, believes NFTs will become a revenue-generating business for Hollywood rather than just a market for speculative assets. Fox also has a $100 million NFT creators’ fund.
How Do NFT Holders Impact Content Creation
Blockchain Creative Labs CEO Scott Greenberg sees the NFT market expanding beyond digital collectibles. Meanwhile, former Fox executive Rich Battista, one of Curio’s investors, believes Hollywood will soon start creating IP that is “native to the NFT world.
Mila Kunis, for example, has invested in the NFT animated series The Gimmicks via her blockchain entertainment company, Sixth Wall. Toonstar, the studio behind the series, can quickly animate weekly episodes that allow Gimmicks NFT holders to vote on the show’s storyline.
Another example is Mad Realities. This media company is based on a cryptocurrency and Web3 foundation. It, dubbed “the potential Web3 version of Netflix,” recently raised US$6 million in a round led by Paradigm and including investments from Bumble’s Selby Drummond and Paris Hilton’s media company, 11:11 Media.
One factor driving this new business model is the allure of allowing industry outsiders to participate in Hollywood’s creative process.
According to Electromagnetic Productions, former MGM co-CEO and Spyglass Entertainment co-founder Roger Birnbaum partnered with AOL scion Mark Kimsey to debut a studio that also allows NFT holders “a deep level of access to various stages of film and television production — from the creative process to development, writing, casting, marketing, and distribution.”
What Does The Future Behold?
More celebrities are expected to join the NFT in the coming months and years. Even the most traditional Hollywood company will not ignore the massive winds of change that are going to start blowing through. Besides, the fact that celebrities are participating in the NFT world is helping to keep NFTs in the spotlight and bringing them to the attention of new investors.
If you find our article interesting, join our community for more: https://discord.gg/GM3U44e6PG
— — — — — — — — — — — — — — — — — — — — — — — — — -
Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such.
