Web3 & NFTs are taking over the screens of movies and TVs
For years, movies and television have provided a space for humanity to escape reality. Giving us a glimpse into the world of events and lives that the majority of us can only imagine, yet for a little while while viewing it on television or the big screen, we feel as though we are there. Over the years, the industry has developed technologies that let us feel more a part of TV and cinema than ever before, such as 3D films and the ability to unlock online prizes by discovering hidden elements in television series. However, it does not end there. Imagine being able to participate in your favorite sitcom or film franchise as a creator as well as a viewer. Being able to pull back the curtain, i.e., break the fourth wall, in order to get a behind-the-scenes look and exercise control. Hold onto your graphic t-shirts, sci-fi nerds, Marvel fans, and Netflix binge-watchers, because your desire is coming true thanks to NFTs.
As with most prevalent technologies, NFTs have entered the television industry. One of their applications is “watch-to-earn.” A new software called Sator allows users to earn tokens by just watching their favorite television programs. The Sator app allows users to create communities based on their interests and genre preferences, as well as watch activated TV shows. Then, students utilize the app on a separate device to receive various incentives. This strategy enables creators to reward viewers for consuming their content, thereby strengthening the community for that particular show.
Non-fungible stories (NFS) are another industry application for non-fungible tokens (NFTs). A non-fungible story is one that was written in partnership with consumers using NFTs that are collectible digital avatars. This paradigm is a novel way for fans to not only consume material, but also participate in its production. Carlos Grenoir and Alvaro Morte (who plays “The Professor” on the Netflix series “Money Heist”) established the first NFS using their blockchain platform Olyverse. The collection is intended to provide NFT holders the chance to pen the script for a future character named Olyver, who will be portrayed by Morte in a 3D metaverse film.
How does this function? After acquiring five NFTs, you are given the executive producer title and the authority to direct the story’s writing. In addition to exclusive goods, gala events, BTS content, meet-and-greets, and more, the collection includes a variety of other bonuses. In theory, allowing fans to determine the story’s conclusion sounds terrific, but there must be boundaries on how much input is accepted. Otherwise, the plot would resemble a “Mad Libs” book (those born in the 1990s would understand what I mean). Regardless of the size of the decision, I believe the NFT holders will be thrilled to have a say in a new program, whether it’s choosing the color of a shirt or dining set.
Blockchain-based programming and film will not be restricted to the metaverse. FOX Network has partnered with the producers of “Rick and Morty” to develop an NFT collection for a new animated series titled “Krapopolis.” They will provide access to a dedicated website with private screening rooms and Discord channels, information regarding meet-and-greets with the cast and producers, special material, and limited items in exchange for Krap Chickens. The greatest advantage of NFT ownership, though, is the ability to vote on key components of the series. One of the founding ideas of the Web3 area is to return control to the user, and this is precisely what these designers are doing. Other NFT-based shows, such as “Stoner Cats” and “Glue Factory,” are following the same approach, and it’s just a matter of time before every major network has an NFT-based series.
Since films are simply extended episodes of television, it makes perfect sense for the film business to capitalize on this market. The most current illustration is last week’s Lord of the Rings NFT collection. It enables owners to view extended versions of the film in 4K, gain access to hidden AR collectibles, view hundreds of photographs from the film, visit three digitally explorable set locations, and access eight hours of bonus features and commentary. As many of the bonuses described were also available on Blu-ray DVDs, there was a great deal of opposition to the collection. Many fans felt the collection did not add anything exceptional or novel to the consumer experience. Before attempting to integrate into the Web3 area, you must conduct sufficient study and gain a sufficient level of awareness. They get a gold star for accepting credit cards. This concept will facilitate the transition of Web2 users to Web3 by providing them with a familiar interface. Correct idea? Yes. Incorrect execution? Similarly, yes.
The NFT mania extends beyond television and film material. Samsung revealed earlier this year that they would incorporate smart televisions. LG Art Lab, their new marketplace, will allow anyone to buy and sell NFTs directly from their televisions. The initial release of NFTs occurred in September, and additional ones will be added each month. This feature is now restricted to U.S. residents and app users with WebOS 5.0 (or later) access, but the developers plan to eventually make it available to everyone in the world. Samsung’s primary objective is to offer a high-definition visual experience in exchange for non-fungible tokens. Streaming platforms are adopting the same strategy; Roku has added a channel called StreamNFTs that enables you to showcase your collection and browse others from the world’s top art marketplaces.
The potential applications of NFT in television and movies are truly limitless. Even NFT projects such as World of Women and Bored Ape curate films and unscripted shows using their IP and brand. I believe we are just beginning to see how Web3 can be exploited in this sector, but very soon it will be so integrated that it will be a part of every event or film we watch.
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