NFT’s and Digital Entertainment

The world of digital assets is only growing as cryptocurrency becomes more prevalent in everyday life. While digital assets are primarily a volatile and speculative investment class, it may be beneficial to remain up to date on the latest trends in the blockchain world. NFT’s are gaining popularity among brands, artists, gamers, and collectors from all walks of life. 

NFT stands for a non-fungible token, and unlike cryptocurrencies like bitcoin, NFT’s are unique tokens that cannot be exchanged like currency. NFT’s are one of a kind, making this digital asset highly alluring for crypto collectors. NFT’s are stored in a digital wallet, much like any other cryptocurrency.  Anything stored digitally can be turned into an NFT, and they function as part of the Ethereum blockchain. As society becomes more digitally connected, virtual art will inevitably play a role in the natural evolution of art collecting. NFT’s have sold for astronomical prices, attracting artists and collectors alike. Brands have even used them to generate successful advertising campaigns. The scarcity and uniqueness of NFT’s make them attractive to consumers who want to be on the cutting edge of the digital asset class. 

The world of media and entertainment embraces NFTs as a source of revenue and consumer ownership of art. For example, actress Mila Kunis announced that a digital short series would drop in July of 2021, and the tickets will be NFT’s. Purchasing an NFT for the project will then give the buyer access to all future series episodes. The revenue to produce new episodes primarily comes directly from the NFT “tickets,” so the audience demand plays a direct role in the number of episodes made. This project is the first of its kind, and it may set a precedent for the world of digital ownership and entertainment in the NFT marketplace. The digital asset class is constantly evolving, and everyone from artists to companies is getting involved. 

Sources:

Allyn, B. (2021, March 6). What’s An NFT? And Why Are People Paying Millions To Buy Them? NPR. https://www.npr.org/2021/03/05/974089381/whats-an-nft-and-why-are-people-paying-millions-to-buy-them. 

Coggan, G. (2021, June 25). Confused about NFTs? Here’s all you need to know. Creative Bloq. https://www.creativebloq.com/features/what-are-nfts. 

Conti, R. (2021, June 23). What You Need To Know About Non-Fungible Tokens (NFTs). Forbes. https://www.forbes.com/advisor/investing/nft-non-fungible-token/. Wright, T. (2021, June 18). Calling the crypto space ‘a very masculine area,’ Mila Kunis launches NFT project. Cointelegraph. https://cointelegraph.com/news/calling-the-crypto-space-a-very-masculine-area-mila-kunis-launches-nft-project.