Are Movies Becoming A New Frontier For NFT’s?
Many industries within this year have adapted and evolved to ensure they can stay with the times, where Cryptocurrency and Blockchain is concerned-this includes the film and entertainment sectors. Some of the latest movies to hit theatres witnessed triumph when it came to VHS and VCR exploration technologies.
The format which changed the audio-visual world of movies, has allowed many pending film crews to really benefit from the production process, especially when involving the fans. Adopting the world of NFT’s and Blockchain metaphorically is easier said than done, that is for sure, however when asking recent film producers of Hollywood franchises, many believe we are pretty much there and can represent memorabilia for characters within movie scenes.
The idea of course, is yet to be explored and excavated further. It is not just in the world of movies that Blockchain has managed to integrate itself too. In fact, the iGaming and video gaming realm is already on its way to adopting the NFT niche, with many iGaming sites utilizing NFT’s as a way of enticing their gaming community in.
CSGO Book is an example of an establishment that connects gamers with sites that utilize Blockchain technology and all the perks that come with it. They are currently offering a Code from Hellcase to be used online, and yes, Cryptocurrency is very much a welcomed digital tool there.
It is becoming exceedingly obvious that just as the gaming world has very much aligned itself with the world of Blockchain, movie production and Hollywood, is not too far behind. Here’s why.
What do NFT’s offer to movies?
NFT’s offer movies (new or old) the opportunity of adding a ‘special edition’ effect to their production. Whether you reintroduce a movie with its NFT collectables to the genre, or you integrate NFT’s to an entirely new movie series and installment, this introduction to the sector will get the creative juices flowing, which can seek out further opportunities and involvement in the long run.
Many did question how cryptocurrency could be integrated into a sector which is not predominantly tech based, and digital NFT artwork associated with movies became the answer. Imagine this. The Avengers, upon its new movie release, offers a short and unique time where fans can purchase rare and unique NFT’s pre-movie release.
Not only will this reap the returns on top of box office showings, but fans are also even more invested within the movie build up and climax. Such limited-edition incentives will obviously increase in value over time, making any investor for the NFT’s, very lucky in getting their hands on such memorabilia. Collectables already exist on the physical realm, so why would the Metaverse be something so far away in achieving?
Solving the Blockchain storage issue
The biggest challenge as of now, to embracing the new revolution of NFT’s and Blockchain within the movie industry, is the Blockchain legacy does not have the ability of storing more than short videos into the ledger. Larger file sizes are still yet to be optimized to the system, and of course where movies are concerned, NFT’s created dedicated to the cause, would require large amounts of space to make way for their collectable editions.
It is believed however, that there are multiple projects underway at the moment, that are aiming to expand the potential of storage for the decentralized system. The aggregated projects of storage capacity for the Filecoin network are already pushing the boundaries of space, with over 2.5 billion gigabytes. This is actually enough storage space to store 725 million high resolution movies on the network for the moment. So, this development of optimized space is already underway, it is just a matter of time.
While videos are very much the current topic of issue, picture files, and digital gifs etc., are still available to be taken advantage of, so that is still a clever solution that can be turned to while movies wait for larger video projects that coordinate to their movies. Sports bodies such as the NBA have showcased success with mere NFT image adoptions for the basketball league, so who says movies can tap into that fishnet too?