How fans can monetize the entertainment space through NFTs

When it comes to ownership among entertainment fans, the switch is pretty simple; fans pay money and in return receive something of sentimental value, whether it’s a photo, video or other type of content from their favorite show or celebrity. What they usually don’t get is any chance to make money. Fans have historically been completely removed from the financial aspect of show business, but that may be about to change.

The entertainment industry has been introduced to NFTs where all kinds of companies and celebrities drop projects. Recently, Snoop Dogg and Eminem appeared at the VMAs to give a performance resplendent with images from the Bored Ape NFT collection, of which they are both vocal fans. With increased NFT use combined with a growth in knowledge about how to utilize them, it has led to the fact that there are now more ways to generate income from the fans’ side.

Some projects have huge resale potential in secondary markets, and some projects act as an investment vehicle for the projects themselves. For example, Kevin Smith’s recent horror release has allowed fans to become producers – of sorts – by purchasing the film’s NFTs, allowing owners to make decisions regarding the planned sequel.

Along with this, we have seen many NFT projects emerge that want to bring NFTs further into the global front, making any transition easier for current or future stakeholders in the industry.

Ready Player DAO is a current stakeholder and game organization focused on working with game publishers that includes the involvement of global marketplaces for game resources. The marketplaces are elevated by digital ownership of in-game assets and sometimes in-game resources. This is a core part of Ready Player DAO’s business model.

According to Rich Cabrera, the co-founder of Ready Player DAO, more time and money are spent in the digital world, and thus there is a need to prioritize the players’ wishes.

“As the global consumer becomes more internet/digital native, spending more time doing more things in digital environments, entertainment modes will continue to shift into the metaverse while new forms of entertainment will emerge,” they said in a statement.

NFTs are also finding use as monetization and engagement tools. The internet is full of subcultures and there are now different ways to tap into them through NFTs. Batman fans worldwide were allowed to come together to indulge in the NFT release. We’ve seen that as NFTs as a concept become even more popular, different subcultures and brands are joining in.

SaDiva is an NFT project focused on the Cannabis niche. Users can “buy” land, dispensaries and facilities within the SaDiva ecosystem, and this translates into real benefits, due to the facilities that the SaDiva company has in its portfolio.

The cannabis sector has been a growing cultural niche, combined with a hugely evolving industry. SaDiva has tied this together using NFTs.

“We believe NFTs have an important role to play in the entertainment space, and with SaDiva we want to unite the community’s love of cannabis and art,” said Jon-Paul Doran, CEO and founder of SaDiva.

Development opportunities

NFTs are also steadily expanding their market share in the gaming sector through an increasing number of recognized publishers, such as Ubisoft and EA, actively using them in new productions. But while the popularity of NFTs in gaming is undoubtedly growing, some fear the technology is approaching a bottleneck. In response to that, several innovators in the space are working on introducing new features and mechanisms.

MAD Metaverse, a web3 project (new iteration of the World Wide Web) that offers NFT-based gaming in collaboration with various successful game studios, has taken an innovative approach by creating so-called evolving NFTs. In a nutshell, this feature allows users to evolve, mutate, and transform their NFTs using not only in-game items, but also users’ favorite third-party NFTs that can be imported into the metaverse. This opens up possibilities for completely new gameplay and revenue streams.

Players start by creating a MAD Metascientist, which will allow them to have their own lab to experiment with “MAD Metacells, MAD Nanocells, and other in-game items. fight with them in microcosm while trying not to destroy the world in the process. During the journey, players are allowed to earn $biometa, an in-game erc-20 token that can be exchanged for USD stablecoins and other currencies via internal and third-party marketplaces.

Outside of web3, there are also projects that previously operated under web2 that also need to make changes to keep customers interested. This will come with its own hurdles as the move to web3 requires infrastructural overhauls that not all businesses have the expertise or budget to do. Game Space aims to exploit this.

The technology helps current web2 game companies switch to web3 without having to build from scratch. Instead, they can switch over in less than a week. They can integrate NFT functionality, create marketplaces for trading and deploy multi-on-chain functionality. As mentioned, several existing game projects embrace web3 and this usually comes with significant cost implications, especially with setting up new infrastructure. Game Space is betting that their method will ultimately be faster and cheaper.

Many recent NFT projects have also demonstrated the ability to cut across cultures. Given how visual NFTs tend to be, all manner of art styles have been represented in them, and naturally, cross-cultural collaborations and fusions have found their way into the mix, such as the Sachi Collection, which offers a mix of Asian and American styles, which all was designed by renowned artists who created the NFTs with 544 unique properties. The collection began its performance on September 13 at the Magic Eden Launchpad.

Outside of the collection, Sachi has worked with some of the biggest names in the industry including EA, Fortnite, EPIC Games, Lucasfilm, Elden Ring game creators Bandai Namco and many more. In terms of whitelisting, the company has also worked with BAYC alpha, Moonbirds, Doodles, Degods, Okaybears and many more prominent NFT collections.

Another example is Creta. Creta aims to bypass the pitfalls of the first generation of play-2-earn games by setting up a metaverse, which centers around AAA content. Players will be able to enjoy moving across sci-fi, anime and fantasy worlds and even build their own city. Creta’s video game called Kingdom Under Fire: The Rise will be one of the first projects with a mix of free-2-play with optional play-2-tearn elements. It will be launched in 2023.

NFTs for fan profit

NFTs and the metaverse have so far been exploited by some of the biggest entertainment platforms and franchises in the world. For fans, this development means they can profit from their favorite entertainment franchises, as well as enjoy them.

In the future, we can expect devoted fans to have a seat at the table when the revenue from these projects is shared. That in itself shifts the dynamic between consumers and producers of entertainment content. Many companies in the space are constantly experimenting with what NFTs can do, and should this continue, they could be at the forefront of the entertainment industry for years to come.