If you haven’t seen it already, celebrities ranging from cinema to sports launch their career-reminiscing non-fungible tokens (NFTs).
But what has spurred this widespread adoption – Do you wonder? We tried our best in this blog post to quell that curiosity!
Driving factors for NFT investment
Even though people (apart from celebrities) invest in NFTs, to stay true to our blog, let’s discuss this question – what propels celebrities to see NFTs as an investment?
Artists have always been at the forefront of change, guiding the way through cultural, political, and economic transformations throughout history. The adoption of non-fungible tokens (NFTs) into mainstream society is no exception.
Digital Reach with Fans
First things first: Tokenizing a part of celebrities’ illustrious careers will help them maintain a personalized connection with their audience (or fans). Even though most celebrities maintain a strong social media presence, tokenizing a career-reminiscing moment will be the option they’ll never miss out.
Take Amitabh NFT, for instance; the legendary Indian actor has come forward to launch his 1st set of NFT collections. As we all know, BigB is one actor who loves to be an early adopter of any new technology.
Secondary Revenue stream
As with any technology, NFTs bring an additional revenue stream for celebrities. Whenever fans buy a copy of their non-fungible token, they’ll receive a good sum of money. With token embedding the proof-of-ownership, it’ll be easier for them to persuade people (fans) to buy it.
Celebrities engaging with the NFT space have a domino effect: they influence co-artists in the industry and other niche-specific professionals. It might have a big say in a cinema-crazy country like India.
Disintermediation and Control – NFTs in Movie industry
Yes, non-fungible tokens function as additional revenue streams for many celebrities. But it’s not what interests them. It is the chance to avoid streaming aggregators like Netflix & Amazon Prime that interests them. Content producers can monetize their content through a new NFT-based pay model when tokenizing a movie or a mind-blowing scene.
NFTs might transform traditional release windows, says Michelle Munson (Founder of Eluvio). The highlight of this NFT-base content distribution is that middle platforms have absolutely no control whatsoever.
Will NFT in the movie industry continue to develop?
It, of course, will!
Hollywood set afoot into the NFT space through Anthony Hopkins’ science-fiction movie. The makers plan to launch/auction this movie as a non-fungible token in a first of its kind.
When it comes to India NFT, Kurup (a Mollywood film) became (launched on October 25th) India’s first feature film to launch NFT collectibles. The makers plan to launch tokenized versions of a video clip, artworks, and autographed movie posters.
For celebrities and the movie industry (in general), NFTs open up a new way for digital naive audience engagement. NFTs add to the equation by making each individual ticket unique in and of itself, beyond its functional worth, similar to a celebrity-signed ticket stub. As a result, access gets tokenized and commodified, allowing it to be bought and sold without the need for a middleman.
It is evident that non-fungible tokens have amazing potential not only for the artwork industry but also for the movie sphere.
Would you prefer buying an NFT of your favorite star? Drop your response in the comments section.