Imagine a world where' you could own a piece of your favorite movie or TV show. With the rise of blockchain technology and non-fungible tokens (NFTs), this is no longer just a fantasy.
NFTs are unique digital assets that can’t be replicated, making them perfect for representing digital content ownership. We will explore how NFTs could reshape the way Hollywood does business.
If you are not familiar with this advanced type of digital assets, it represents a unique form with a code where' digital content cannot be copied so easily like it is the case with the content today.
For example, you can own the rights for some picture, video, or music, and even though other people are using it as well, you are the only one who keep the author rights. Here are all the benefits of NFT for Hollywood.
1. NFTs Could Help Hollywood Fight Piracy
Piracy has been a problem for Hollywood since the early days of the internet. With NFTs, each content could get a unique identifier, making it more difficult to copy and distribute illegally. This would give the studios more control over their content and help reduce piracy.
While there are many other options that companies are using to prevent piracy and copyright issues, there is not a system that can be as efficient as this one. The fact that there is a hidden code in the digital file makes it impossible for anyone to share it anonymously anymore.
2. NFTs Could Create New Revenue Streams for Hollywood
The studios could sell access to exclusive experiences or behind-the-scenes footage by tokenizing content. They could also offer fractional ownership of movies and TV shows. This would allow people to invest in their favorite projects and receive a return if the project is successful.
Tokenizing content could also help Hollywood attract new investors. In the past, investing in movies and TV shows has been a risky proposition. With NFTs, people could invest in a project without risking all their money.
Also, there is a chance for a whole new market related to movies and TV shows where' people might be able to invest in digital items that are in those movies and series. For example, if there is a new cartoon, you might be able to buy certain character in form of NFT and keep rights to it.
There are potential benefits for both sides here. For example, a production company that made a movie can significantly increase the revenue, while people who invested in NFTs related to that show could sell the virtual items for an even bigger price over time.
3. NFTs Could Change the Way Hollywood Does Business
The traditional model of Hollywood is based on control. The studios own the rights to everything, and they decide how it gets distributed. This model has allowed them to make billions of dollars in profits. However, it’s no longer working as well as it once did.
With NFTs, the studios could create a new model where' people can buy and sell digital assets. This would allow them to tap into a new market of consumers interested in owning a piece of their favorite movie or TV show.
This opens more space for creators to increase their salaries, not only for big studios. If you are an artist and some production company decides to add some of your work in some movie or TV show, you can decide to either sell them the virtual item or get a percentage of the revenue stream for the piece used in the movie that you own.
4. NFTs Could Help Hollywood Protect Its Content
The studios have long used copyright law to protect their content. However, copyright law is becoming challenging to enforce. With NFTs, the studios could create a digital marketplace where' they can sell and distribute their content. This would allow them to control how their content is used and ensure that only authorized users have access to it.
The great thing is that you can protect everything by using NFTs starting from characters, popular lines and scenes, and much more. All elements stored as a digital content can be protected with blockchain technology.
5. NFTs Could Help Hollywood Reach New Audiences
The traditional model of Hollywood distributes content through a few channels, such as movie theaters and television networks. However, this model is no longer effective. With NFTs, the studios could distribute their content directly to consumers. This would allow them to reach new audiences and generate more revenue.
The fact is that younger generations are not so interested in watching TV or visiting movie theaters like it was the case in previous decades. The most popular options are streaming platforms since they are offering convenience and simplicity. Introducing a set of virtual items related to some show will make people even more interested.
6. NFTs Could Help Hollywood Create New Experiences
The traditional model of Hollywood is based on passive consumption. People watch movies and TV shows, but they don’t have any interaction with the content.
With NFTs, the studios could create interactive experiences that allow people to engage with their favorite content in new ways. For example, they could create virtual reality experiences or games based on their movies and TV shows.
If you decide to buy a certain virtual item, there are already some platforms where' you can use it. With further advancement of digital technology, we expect a lot of games and platforms to provide people with the ability to implement virtual items as well.
Conclusion
The rise of NFTs could profoundly impact the way Hollywood does business. NFTs could help Hollywood fight piracy, create new revenue streams, and reach new audiences. They could also change how Hollywood does business and help protect its content. With NFTs, the sky is the limit for what Hollywood can do.
There is no better way to secure the author rights then this one. Also, people are very interested in the market of NFTs, and introducing movies and various content with these items will make people even more interested in spending money on tickets or monthly subscriptions for streaming platforms. Being able to own a certain item or scene from some TV show will be amazing experience for the public as well.
