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Non-fungible tokens, the cousin sisters of cryptocurrencies are making their way up with emerging use cases and international collaborations. NFTs have caught the eye of creative minds across the globe, majorly visual artists. But the sector is enjoying famous entrants from the global film industry too. Recently, Warner Bros announced on Twitter that they are launching Lord of the Rings: Fellowship of the Ring NFT collection, and “You Shall Not Pass” until you acquire the collectible.
Introducing a #Web3 Movie Experience that has never been seen before! LIVE tomorrow. Exclusively at https://t.co/F9PD5GqXdA 📽️ pic.twitter.com/ZEjNwa9vun
According to the reports, the drop will include “Premiere Mystery Edition” and “Premiere Epic Edition.” Mystery Edition costs 30 bucks and provides eight hours of special features, the full length movie in Ultra High Definition and more. While the other Epic Edition will offer 999 unique NFTs, galleries containing movie locations and all the perks included in the Mystery bundle for a hundred bucks.
Warner Bros is not the only entity from the film and TV industry to enter the NFT market. Walk The Line actress Reese Witherspoon’s production house, Hello Sunshine, collaborated with the World of Women digital collection to produce NFT-themed content in future. 20th Century Fox joined forces with Atom Tickets to release Deadpool NFTs.
This is not it, in 2021, Hollywood uncovered the power of blockchain. Rick Dugdale directed Zero Contact starring Anthony Hopkins. The film was produced during the covid era and shot in 17 different locations. They used NFT based platform Vuele for movie’s distribution. In 2021 Warner Bros partnered with Nifty platforms to reveal Keanu Reeves starrer Matrix: Resurrections NFTs.
Non-fungible tokens can help in effective distribution of movies and eliminate piracy. How? The blockchain can record unique data associated with the movie from sales to the number of times it is watched. Every sale or re-sale of the film will generate revenue and by the end of the month, the cast and crew members will receive their share through smart contracts.
Data on a blockchain cannot be altered. Each new activity acts as a chunk of data which is recorded on a new block attached to the previous one. Once the information is stored, it will stay on the blockchain immutably. Many organizations around the globe are already leveraging the technology in their operations.
International Business Machine (IBM) uses blockchain in their supply chain to keep track of information regarding manufacturing, transportation and more. When people hear the word blockchain, most of them think about cryptocurrency, but it’s more than that. The world is filled with malicious actors trying to exploit the ecosystems operating globally and this technology creates an immutable fortress around the space.
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