How show business is evolving into the metaverse

The introduction of NFT in the last 24 months has captivated many sectors of society. From a very new concept that few people outside the blockchain community had heard of, NFTs were recognized worldwide and used more widely.

Perhaps one of the most interesting things about NFTs is the fact that they can be used in just about any industry. In the art world, they are used to selling artworks, while artists like Beeple sell their NFTs for millions. In sports, associations like the NBA have released NFTs to commemorate the current seasons. Even games have had NFT fever, with big companies like Ubisoft infusing their recent releases with NFTs.

It seems that if an industry is into content of any kind, NFTs will find their way there. Now that projects have been started in the fields of art, games, sports and entertainment, the concept will get stuck or find its rhythm.

NFT in the cinema

If there’s one place where NFTs can be applied, it’s the entertainment industry. After all, Hollywood is synonymous with content and NFTs have proven to be a medium for delivering content.

This already seems to be happening, especially for movies. For example, actor Kevin Smith released his latest film Killroy Was Here as NFT. Those who buy the NFTs will have access to the movie and can influence the outcome of the sequel as well.

Director Quentin Tarantino also released his cult classic Pulp Fiction as NFT and the trend of NFT related movies is booming. In addition to publishing the content, NFTs also seem to be a way to increase public participation.

The Smith film allows fans to influence the events of the film’s sequel, which is virtually unheard of for a major Hollywood production. It just goes to show how NFTs can change the status quo of the entertainment industry. Not only can fans financially support the art they love, but they can also feel part of the large-scale creative process.

Take the latest Coachella music festival with participants from all over the world. Performances from the event have been livestreamed millions of times around the world, showing that there is demand even from those who couldn’t attend in person. Imagine those millions of people could buy a virtual ticket and attend the festival in the metaverse. The potential is unlimited.

When it comes to creating merchandise, which has always been a big part of the entertainment industry, NFTs also see applications. For example, the most recent Batman movie had an NFT link with digital renderings of the iconic superhero hood. This, as we’ve seen, is just another way for moviegoers to get a slice of their favorite franchise, like buying an action figure or a t-shirt.

NFT-based firms have understood this and are targeting the market. For example, MetaFactory allows users to create “digi-physical” assets. These items can be used in the Metaverse, where NFTs thrive as commodities and as interactive avatars themselves. As such, MetaFactory can be used to create merchandise that can be easily linked to entertainment projects.

One of the main selling points is that the assets can be used in a variety of metaverses. If an NFT t-shirt is made for a franchise, it can be used on just about any metaverse. This is especially important considering that so many are popping up and based on different blockchains.

Given the ease with which assets can be created, MetaFactory certainly makes sure that fan merchandise makes its way into the NFT and metaverse spaces with ease.

Then there are the NFT projects that take many of the classic Hollywood media styles and bring them to reality. Take GAMA, an NFT-based metaverse based on the idea of ​​space exploration.

Using the NFT and the project’s original token, users can explore the GAMA space station and launch into “space” to harness energy. However, NFTs are limited, there are only 10,000 of them, but owning them can bring other benefits.

In addition to allowing users to enjoy the magic of the virtual space, GAMA also offers them merchandise and personal events.

Imagine the possibilities that could be opened up by leveraging this kind of large-scale platform, especially given Hollywood’s obsession with space adventure. Will we be able to enter the Star Trek universe soon? It is a possibility.

Then there are projects that aim to ease this transition to the metaverse. Take the SIMBA channel, whose mission is to help existing businesses, especially in the entertainment space, make the leap into the metaverse. For example, the company’s recent partnership with Bureau of Magic’s Emmy-winning animated series Lost in Oz will spawn blockchain-based products and experiences for fans of the series.

Another of his latest projects is the development of an NFT Marketplace for Club Brugge, Belgium’s most talented football club, which will go live this month.

Speaking of the announcement, Rob van Es, Chief Revenue Officer of SIMBA Chain, explained that “As the primary interface for Web3 NFT solutions, SIMBA’s partnership with Bruges represents a significant shift in the way the sports activities will be practiced. An entire digital world, filled with interactive fan moments, will now be available to Club Brugge fans.”

This is a recurring theme among projects in the NFT space that interact with entertainment companies. In the same way that most companies don’t want to set up an in-house coding team to launch a new website, they don’t want to have to build their NFT tools from scratch.

To meet this need, several projects have been launched that address the NFT needs of existing companies, even down to specific sectors.

With all this, there are still fundamental issues to be solved, mainly NFT authentication. After all, if they are widely used in entertainment, buyers and sellers of NFT must be verified.

A solution to this exists through PLUGnet’s Ottó Blockchain, a smart KYC compliant financial blockchain that works to verify NFTs. It is multi-chain, meaning it works with different blockchains. As such, it can be widely applied to verify the identities of NFT buyers and sellers on the platforms they use, which will surely be much more in demand in the future. All this is also done while remaining cost effective for companies using Ottó.

“Ottó does this while preserving user privacy without costing gas,” said Jeff McDonald, CEO of PLUGnet and founder of Ottó Blockchain.

A New Hollywood

The entertainment world is currently in a transition period and NFTs seem to be at the heart of this transformation, and for good reason. They give their holders access to a more interactive fan experience and also usher in a new era where fans are at the helm of entertainment activities.

These efforts extend not only to the metaverse and the big screen, but also to real life. After all, the world of entertainment also includes personal experiences. The NFT Drunken Monkey Members Club project does both. The project not only offers less than 10,000 NFTs of monkey-themed artwork, but also true VIP experiences for members.

Those who own NFTs have access to a wide variety of luxury locations and experiences around the world, in cities such as London, Dubai, Las Vegas, Barcelona, ​​Paris, Milan, Bali, Mykonos, New York and Ibiza. NFTs, which went on sale in March 2022, serve as a sort of pass, in the same vein as the Disney VIP Club and the entry it gives to Disney World.

Needless to say, as Hollywood moves into the future, it’s clear that NFTs are not left behind.

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