This year has seen a surge in the popularity of NFTs, despite many claiming the NFT market has declined. Nearly every company in the entertainment industry—from Hollywood studios and YouTubers to WWE, numerous musical artists, and more—has released NFTs, which, according to one insider, they do to avoid appearing outdated and " falling behind ."
These statements indicate that for companies that are not known for NFTs, cryptocurrencies or Blockchain technology, they have no plans with them beyond giving investors the image of being in the know and working with new cutting-edge technologies. But being interested does not imply that they have a workable plan or really know what to do with them.
Hollywood wants cryptocurrencies and NFT but doesn't know what to do with them
There's a strong connection between the crypto world and the entertainment industry. The crypto world seeks the validation that comes from these companies investing in it, while the entertainment industry wants to stay ahead of the technological revolution. Part of this mutual need is what led the Staples Center in Los Angeles to choose Crypto.com as its sponsor.
This comes after a bunch of actors, athletes, musicians, and influencers have invested in cryptocurrency companies sold by selling NFT. They want to get into an emerging technology early that could revolutionize their industries, because they learned from the original social media revolution that they were late in coming and most of the profits stayed in Silicon Valley. A cryptocurrency expert commented that Ashton Kutcher made a lot of money by getting on Twitter early, but he was alone in it and Hollywood wants to make sure he doesn't make that mistake again.
Entertainment companies are leveraging the promise of Web3 to attract developers, excite investors, and extract more value from their intellectual properties. Fox plans to increase its blockchain investments by introducing more NFTs and digital collectibles for its shows and franchises in the coming months. Major Hollywood studios, such as ViacomCBS, Lionsgate, and Warner Bros., have also introduced NFTs around major shows and films. Legendary was the first to sell official artwork as NFTs for "Godzilla vs. Kong" in March. Even Disney announced last week that it is creating its own metaverse linked to Disney+.
Hollywood talent agencies like WME and CAA have professionals focused on the NFT and broader crypto spaces. The general idea is that it is unknown where they are going, but the entertainment industry does not want to be left behind.
Source: Axios
