NFTs will revolutionise music
Collecting, sharing and selling music through NFTs is going to be the norm in the near future. The benefits will be enormous for artists, firstly it will increase their engagement with their fans by being able to sell to them directly. They will also benefit from being able to create new revenue streams which let them take control of their music. This year we saw David Guetta partner with Stage11 for a virtual NFT adventure. We have also seen one of the worlds biggest record labels Sony Music filing a trademark application for NFT authenticated music. Watch this space because there will be more developments to take music to the next level.
NFTs have already had a huge impact on gaming
We have seen the investors flock to start-up play to earn gaming companies that revolve around the use of NFTs. Games such as Axie Inifinity were valued at $3bn with over 1 million users at one point. Other titles such as Cryptokitties, Splinterlands and The Sandbox have also attracted huge player numbers. Illuvium, a new upcoming game which as far back as July 2022 raised $73ml from land sale alone. Animoca Brands, a game software company focusing on blockchain technology and NFTs, is worth roughly $5.9bn. The numbers speak for themselves, and institutional money will keep flowing into games that utilise NFTs.
NFTs and film
This is a fairly new concept, but one that is sure to grow. One of the biggest movie studios Warner Studios teamed up this year with HBO and NFT platform Nifty to launch a Game of Thrones NFT series which is still due for release. Warner Bros also confirmed they are creating a Lord of The Rings limited edition NFTs allowing fans to the chance to collect multimedia versions of The Lord of the Rings: Fellowship of the Ring in partnership with another blockchain company Eluvio. There will be a supply of 999 available of the Epic Edition priced at $100 each and 10000 of the mystery edition priced at $30 each. Both editions will allow collectors to watch the extended version of the film in 4K UHD. They will also be able to access more than eight hours of special features; hundreds of images; and hidden AR collectibles. Expect this space to grow, giving fans of movies or tv shows value in being able to collect these NFTs, trade them or sell them in the future.
Events
Soon entering concerts and sports stadiums will require an NFT ticket. Not only will this stop fake ticketing which costs events industries millions of dollars per year, it will also improve security at events with unauthorized access nearly impossible. These types of tickets will also become a digital collectible for fans which can be used as a momento. There will also be opportunities to add new connections in the future between fans and artists, sports teams or any event they are attending.
The metaverse
Imagine the digital world you can experience, where you have your digital house, cars, hang out with friends and play games all through a VR headset or a browser. You can even connect with family from across the globe. This is what the future looks like whether we like it or not. All the assets within the metaverse will be some form of an NFT which can be bought, sold or traded. You don’t like your outfit in the metaverse, go shopping for a new one. Maybe you earnt lots of tokens playing games and can afford an upgrade on your house, or maybe just treat your friends something instead. This is where NFTs will have limitless potential and the metaverse will be the go to experience for generations to come.
Big brands to capitalise on Web3 through NFTs
I am losing count now on how many big brands are joining the space by either launching NFTs or trademarking the use of their digital assets. Nike was the more recent brand to announce their .Swoosh platform which will include the launch of their Outer1 NFT sneakers chosen through voting by the community. Porsche has recently launched their own NFT collection. Man Utd, one of the worlds biggest football clubs, announced they will be launching their NFTs in partnership with Tezos. Sony PlayStation has also taken out patents on the use of NFTs in game and BMW has also patented the creation of virtual stores and selling their digital merchandise as NFTS. And these are just recent examples, the list is endless. Based on the flurry of activity into NFTs from these multi-billion-dollar enterprises, I think it is safe to say that the future is bright.
NFTs and Art
Undoubtedly, most collectors buy into their favourite NFT projects because of the artwork. Whether it is cartoon apes, digital art that includes landscapes or abstract art, there is unquestionable skill and beautiful art on display. Projects on all chains have also been developing many utilities that will go along with their art. These range from earning native tokens to being able to connect with the projects with real life products. The utilities are evolving, and projects are innovating at a rapid pace to bring out something new in the space. These utilities with the artwork have added value for collectors massively and increased engagement for founders. Furthermore, Damien Hirst, one of the world’s highest earning artists of all time recently admitted in an interview that NFTs and digital art will outlast galleries. This is what mass adoption of NFTS will eventually bring. We are still early.
DISCLOSURE - This is an opinion piece and not financial advice. Please do your own research before investing into any projects mentioned. -
Comments