NFTs quickly took the world by storm with applications across all industries. Building on the foundation laid by blockchain and harnessing the power of pop culture, NFTs have quickly become a favorite in the entertainment industry.
From Stranger Things releasing NFTs ahead of the final season to Coachella introducing NFTs as applications come in this year, the entertainment world is exploring what NFTs are capable of. But what can we expect from the future?
While NFTs are solidifying their presence in the entertainment space, a number of trends are emerging in the space. Here are the main NFT trends that could dominate the entertainment industry.
NFT as games for making money
One aspect of the entertainment world that makes extensive use of NFTs is games. GameFi, which offers games using blockchain technology, has become especially popular in the last few years. One of the reasons for this was the spread of games in which you need to earn money. Such games allow players to earn rewards for their participation.
These rewards can be anything from NFTs themselves to real money, and naturally the world has taken notice.
There are several recently released games that have become prime examples of what can be done when there is a chance to play and earn NFT games. One of them is BeaRex, a blockchain-based game that uses the classic “runner” setup.
This essentially offers players the best of both worlds as they can play and earn. BeaRex also intends to release a multi-series and NFT holders will profit from its distribution.
While there is a “play to earn” aspect, it also uses a free-to-play model, which when combined forms the “play and earn” system that BeaRex runs on. This means that users can either play for free without purchasing NFTs or buy NFTs if they want to be rewarded for their efforts.
This essentially offers players the best of both worlds as they can participate in the game to earn or refrain as they please. BeaRex also intends to release a multi-series in the future.
Watch to earn
It’s no secret that user attention is a lot of money for advertisers in this age of free online content. Streaming sites, influencers, and more are making millions by attracting and retaining viewers. But these financial benefits are rarely returned to viewers.
In the past few years, efforts have been made to level the playing field in the blockchain industry. It all started with platforms like Brave, a blockchain-based browser that gives users cryptocurrency for viewing ads. The NFT space is now backing this idea with giants like Coub.com, a 10-year-old ahead of its time video platform that has over 100 million users every year.
Koubs are 10-second videos that went viral long before TikTok took over the market. These video clips are usually filled with pop culture references and best meme material. While Coubs have been posted online literally every second for years, a new version of the product based on Web-3 technology is expected to reinvent the interaction model, rewarding those who create and view these videos.
With the Coub NFT Marketplace, users will be able to release clips as NFTs and sell them. Owners will receive crypto rewards whenever content is interacted with through views, likes, comments or reposts. And, most importantly, NFT collections will carry inherent value, allowing users to track statistics and predict the future potential of a particular clip and, therefore, the profit that it can bring.
NFT is still on the rise, despite the decline of the cryptocurrency; From Madonna and Justin Bieber joining the trend, to model Bella Hadid launching her own collection, Hollywood has caught on. But as digital collectibles become more popular, it’s imperative that all creators, even the lesser known ones, have a chance to succeed.
This is what Growth Channel, an automated marketing analytics platform, is trying to do. The NFT marketing space is rapidly evolving, but with the amount of resources being poured into the industry, smaller projects are at risk of being excluded from the market.
The target’s growth channel plans to remain. The company firmly believes that by identifying the right audience and marketing channels to promote NFT inside and outside of Hollywood, the industry will continue to thrive.
“NFT is an exciting yet challenging space, especially for new and aspiring entrepreneurs who just don’t know where to start. We provide these projects with a clear go-to-market strategy and advertising solutions to reach their audience and reach project milestones,” says Marina Burushkina, Founder and CEO of Growth Channel.
The Growth Channel supports NFT and Web3 in data-driven market research, targeted audiences, and digital advertising with access to over 150 audio, video, mobile, native, and DOOH channels.
With several areas of potential growth, one cannot judge the overall long-term effect of NFTs, but so far the sector has found several niches from which it benefits in the entertainment industry.