The next big thing in the NFT market could be its use as access keys to unlock certain perks, privileges, and rights within a specified environment.
The entertainment space, especially the movie industry, is taking advantage of the potential of NFTs as a community-building tool. Movie producers are using NFTs to grant fans the opportunity to become part of the creative process. Fans can vote on story-lines, ultimately deciding how a story should proceed. Secondly, it has become a new way to raise funds for a movie project. Fans and investors are allowed to buy security tokens that represent a stake in a movie project that entitles them to a portion of the revenue or profit.
This is in line with the main characteristic of the decentralized internet, breaking intermediaries and bringing brands closer to consumers. In this case, consumers can now have a say in directing and funding their favorite brands or movie projects by purchasing stake and getting access to participate in decision making.
It also stands as an effective mechanism for movie producers to get valuable feedback on ongoing projects. Those involved in a project can get a massive amount of opinion data from their NFT holders that can be analyzed to help make more informed decisions.
The NFT art market, has shown how fast a community can spring up from amongst people who share a common interest.
NFTs now presents a new way for production studios and movie makers to connect with fans, plus foster a sense of belonging amongst fans, regardless of geography through ownership of NFTs.
Some players in the NFT movie space
Mogul production: A decentralized film financing platform that gives independent filmmakers a launch pad through NFTs to be able to fund their projects.
Through a feature on its website called showcase, creators submit the project they want to receive funding for from financiers or investors on the platform. Fans are also granted permission to participate in the decision-making aspect of production by holding the platform's utility token called stars.
Gimmick: An NFT animated series that is community-owned and community-driven as token holders help drive the creative process. They participate in the storytelling by voting at the end of each episode to decide how the story should proceed. Also, each NFT is a unique character for which the holder is given the commercial right to develop their own narrative around their NFT.
Electromagnetic production: A production company with an array of projects under its belt, that is out to use NFT for fan engagement. Ownership of NFT lets fans become a part of the development and production team and gain the opportunity to participate in activities like giving opinions on movie scripts and talent casting. The company offers lots of perks and benefits to NFT holders including priority access to contents before sale to the general public, and exclusive access to various events and experiences around film and television.
Midnight Club: A community of film lovers that will become active participants in the film-making process on the platforms with their NFT as membership cards. The self-acclaimed world’s first decentralized movie studio will be creating movies with their token holders and also give holders education on the entire movie production process. NFT holders are heavily involved in the film-making process by voting on various aspects of the project and they have exclusive access to behind the scene views of the production set.
NFT studios: NFT studio is out to solve the difficulty in getting finance for movies, especially for independent mid-budget films. It is run as a decentralized autonomous organization where token holders make all the decisions. The community is involved in the creative process, votes on critical project decisions, and finances projects.
FF3: A crowdfunding platform that connects creators to investors and helps creators raise funds for their projects by selling NFTs to willing investors who are given ownership rights and earn a portion of the profit the film makes.