On the Red Carpet: How NFTs Are Changing the Entertainment Industry

Wondering how NFTs are changing the entertainment industry? Read this article to find out.

Non-fungible tokens (NFTs) are to blockchains what dollars are to U.S. currency. NFTS are digital currencies based primarily on the Ethereum platform. Bitcoin was the first digital currency to hit the market, and NFTs were next and overtook bitcoin for the top spot in digital currency exchange.

NFTs are unique coins that cannot be duplicated, making them safer for digital transactions.

NFTs’ inception into the entertainment industry is changing how art is bought, sold, and traded. The value of the NFT is determined by the buyer or seller of the digital product.

Hip-hop entertainer Nas released his first NFT collection on his Royal platform. The collection dropped in two parts and sold out in minutes for over a half-million dollars in total revenue. The collection is still trending on Open Sea, an Ethereum trading platform surpassing 270 ETH or $725,000.

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Music, movie, and entertainment fans can go beyond streaming to taking ownership of their favorite artists’ works through the NFT digital platform. The highest entertainment digital product sold at approximately $69 million, but the more common sales are in the upper thousands to a few million dollars which is also quite impressive.

NFTs are taking the entertainment industry by storm. Ordinary people can own previously inaccessible works of art, record collections, movie rights, and more for a mere fraction of the cost. NFTs are worth more than many other global currencies yet offer more protection from fraud and duplicity and more transparency.

A cryptocurrency research firm, Big Token, reports that 70% of all digital collectibles will be from the entertainment industry. Sports memorabilia such as Jerseys and game balls will be bought, sold, and traded with NFTs.

New content such as animated shorts is also favored in the digital space.

Stoner Cats is a recent animated series starring Chris Rock, Mila Kunis, Jane Fonda, and other entertainers who tell the story of sentient cats who continually wreak havoc on their beloved owners.

This animated series sold out within minutes at 0.35ETH or $800+USD. Imagine being able to own part of a Chris Rock or Jane Fonda production without having to compete against MGM or Universal Studios. This example demonstrates the impact of NFTs on the entertainment industry.

Cryptocurrency is the fastest-growing currency that presents opportunities for anyone to increase their investment portfolio. Blockchain technology is also impacting sports, travel, and many other categories. Learning how blockchains work is a valuable way to increase your assets.

Bitcoins on black surface

Polkadot is a multichain protocol that allows digital currencies from different origins to communicate with one another. Gavin Wood, the Ethereum co-founder, developed the Polkadot (DOT) platform, allowing information to travel among blockchains as digital tokens do.

Polkadot uses four main components to bridge the interactions between different blockchains. Relay chains, parachains, parathreads, and bridges are interoperable chains that protect the integrity of digital currency interactions greater than their one-layered predecessor.

The technology surrounding digital currencies is moving swiftly and globally. The Polkadot platform offers users a purchasing platform filled with information on operating with digital currencies.

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Published on May 16, 2022 by Peter Hughes. Filed under: , .

Peter Hughes is a digital marketing consultant and author. Peter has more than 10 years of experience in SEO and Internet marketing.

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