- Hollywood is increasingly exploring NFTs as the digital asset moves into the mainstream of business.
- Former Disney CEO Bob Iger has invested and joined the board of the NFT Genies company.
- Genies is on Insider’s list of NFT companies that partner with studios, music labels, and creators.
With NFTs entering the mainstream of business in 2022, studios, creatives, and Hollywood stars are increasingly exploring how blockchain-based technology can help generate content and grow audiences.
As stars from Reese Witherspoon to LeBron James made strides in the emerging space, NFTs received a major boost in legacy entertainment credibility on Monday when former Disney chairman and CEO Bob Iger, announced that he has invested in and joined the board of Genies, a maker of digital handheld NFTs.
NFTs, which generated $14.1 billion in sales in 2021 according to NonFungible.com, have seen dozens of studios and stars join the gold rush by buying or launching their own digital assets. Witherspoon’s Hello Sunshine recently partnered with collective NFT World of Women to develop scripted and unscripted movies and TV shows; ‘Law and Order’ and ‘Chicago’ mega-producer Dick Wolf worked with Curio to release ‘The Wolf Society’, while AMC Networks entered the fray in early February, releasing ‘The Walking Dead’-inspired NFTs to commemorate the show’s 11th. and final season.
The tech isn’t without its pitfalls: some star-focused NFTs, including offerings from Grimes and rapper A$AP Rocky, saw their ratings plummet after their debut. Quentin Tarantino sold his first “Pulp Fiction” NFT in late January for $1.1 million to an unknown bidder amid an ongoing legal row with Miramax before postponing future sales indefinitely, as Puck reported. casting further doubt on the company. While many observers question the value of digital assets, cryptocurrency ads during this year’s Super Bowl featuring stars like Larry David and LeBron James have drawn criticism on Twitter.
Still, the creative and commercial potential of the technology — particularly with respect to utilitarian NFTs, which can help protect artists’ interests in their work and in the ticket market for their live performances — is attracting the attention of many people. ‘Hollywood.
“I was part of the early days of reality TV, but I’ve never done a trick like this in my life,” said Dave Broome, a reality TV producer whose startup Orange Comet collaborated on. with AMC Networks on “The Walking Dead”. “NFTs. “It’s crazy.”
Chris Jacquemin, partner and head of digital strategy at WME, hailed NFTs – and the broader shift to web3 – as an opportunity for media companies to explore the “next iteration” of their direct-to-consumer strategies.
“The promise here is an opportunity for a consumer to be truly connected to content and media assets like we’ve never seen possible,” said Jacquemin, who represents Pixel Vault among other NFT players. “Where media companies will likely stop is what I think is exciting for the consumer in Web3 – it’s the opportunity to actually own an asset and not just a consumer. of the asset.”
Insider has compiled a list of up-and-coming NFT companies that are partnering with Hollywood studios, music labels and creators to capitalize on the technology even as its players and potential evolve daily (six of the companies on this list have been around for a year or less).
We chose companies based on our reports, nominations we received, and conversations with industry professionals – and considered factors such as previous collaborations, upcoming projects, adoption by customers and the company’s potential impact on entertainment.
Here are 9 NFT companies poised to help shape the future of entertainment, listed in alphabetical order.
This list first appeared on February 23 and was updated on March 14.