Why Hollywood Studios Are Backing Blockchain Projects

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Numerous people, it appears, are excited by Hollywood’s embrace of blockchain and distributed ledger technologies (DLTs) because they believe it will decentralize the choice process away from managers and studios, thereby giving the audience far more influence. 

The proliferation of NFTs has resulted in a significant shift in the creative economy, primarily due to the elimination of the middleman defined as distribution. Many assume cryptocurrency is part of the new creator-led economy. Content creators can directly access their fans, and producers may fund the films they desire without the need for studio mediation, but this is not the case. Crypto is not a part of that new economy. The entertainment industry is getting in on the act. 

Recent announcements by Fox Entertainment indicate that the studio will invest a total of $100 million in creator funds for nonfiction television (NFTs). This is the latest in a long line of studio initiatives in this field. It wants to establish a digital marketplace devoted to the commercialization of feature and backdrop artwork and animated NFTs related to the series and other companies that join the platform, with the assistance of Blockchain Creative Labs.

For instance, Disney-owned Bento Box Productions is creating the world’s first animated series to be curated exclusively on blockchain technology. A platform for digitized fan-oriented transactions like GIFs and character art will be included in Dan Harmon’s Krapopolis, which is set to debut in 2022 and was created by Rick and Morty co-creator Dan Harmon.

Earlier this year, Marvel Entertainment and VeVe, a digital collectibles platform managed by Orbis Blockchain Technologies, announced a similar expansion of the well-known and physically present fan collection industry. According to Daniel Fink, deputy president of Business Expansion and Plan at Marvel Entertainment, fandom can be expanded through VeVe’s platform. This will begin with personalized and relevant modern collectibles that, thanks to NFTs, supporters can genuinely gather, allocate, and appreciate in a manner that they haven’t previously been capable to do. Comic books and figurines created by VeVe NFT are casted on the blockchain, allowing for an unchallengeable track of verification and allowing enthusiasts to assemble their virtual content.

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However, as digital artists such as Beeple have demonstrated, there is a significant amount of money to be made by making NFT-backed artworks. Even though his $69 million payouts for a single transaction in March were an exception, the technology inside it contains the keys to rewarding artists directly and permanently. NFTs can be issued to artists to provide them with mechanical royalties each time the artwork is sold and resold, a tendency distinctive from current NFT art dealing. Speculators acquire to resell instantly, as they do with stocks and shares.

CEO Jack Dorsey stated that the technology allows people worldwide to participate and become artists themselves, as well as to get tips, grants, and donations without the need to go through a middleman or other intermediary. Independence is the most significant factor in this situation. As long as the crowd pays to see the movie, you are not depending on studios or funders to make a profit on it. Perhaps everyone who purchases a share receives a link and an NFT, and you then distribute the product in this manner. All of these are hypothetical situations, and we are discovering as we go along.

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