NFTs have quickly taken over the world, having been applied in all kinds of industries. Built on the foundation set by the blockchain and harnessing the power of pop culture, NFTs have quickly become a favorite of the entertainment industry.
From Stranger Things, which debuted NFTs before the final season, to Coachella’s introduction of NFTs as entries roll over this year, the entertainment world is largely exploring what NFTs can do. But what should we expect from the future?
Even as NFTs solidify their presence in entertainment, a number of trends are emerging in the space. Here are the top NFT trends that can rule the fun.
NFTs as play-to-win games
One aspect of the entertainment world that has heavily embraced NFTs is gaming. GameFi, which offers games while taking advantage of blockchain technology, has become especially popular in the last few years. One of the reasons for this has been the rise of play-to-win games. Such games allow players to earn rewards for their participation.
These rewards could be anything from NFTs themselves to real money, and naturally the world realized this.
Play and win There are a few new games that have become shining examples of what can be done when NFT games are given a chance. One of them is BeaRex, a blockchain-based game using the classic ‘runner’ setup.
This essentially gives players the best of both worlds as they can engage in play and win. BeaRex also plans to release a multi-series and NFT owners will profit from the distribution.
While it has a play-to-win aspect, it also uses the free-to-play model combined to create the play-and-win system that BeaRex is working on. This means that users can choose to play for free without having to purchase an NFT, or purchase an NFT if they want to earn rewards for their efforts.
This essentially gives players the best of both worlds so they can win or abstain as they please. BeaRex also plans to release a multi-series in the future.
In this day and age of free online content, it’s no secret that users’ attention is big bucks for advertisers. Streaming sites, influencers and others make millions by attracting and retaining viewers. But these financial benefits are rarely channeled towards viewers.
There have been efforts over the past few years to level the playing field in the blockchain industry. It all started with platforms like Brave, a blockchain-based browser that gives its users crypto to watch ads. The NFT space is now tapping into the idea with giants like Coub.com, a timeless video platform created 10 years ago and visited by over 100 million users each year.
Coubs are 10-second videos that went viral long before TikTok took over the market. These video snippets are often filled with pop culture references and mainstream meme material. While Coubs have been shared on the internet literally every second for years, the upcoming product version based on Web-3 technology is expected to reinvent the interaction model by rewarding those who create and watch such videos.
With the Coub NFT Marketplace, users will be able to print and sell clips as NFTs. Owners will receive crypto rewards when content engages through views, likes, comments or posts. And most importantly, NFT collections will have inherent value, allowing users to monitor statistics and predict the future potential of a particular clip and therefore the profit it may bring.
NFTs are still bullish despite the crypto fall; From Madonna and Justin Bieber joining the trend to Bella Hadid launching her own collection, Hollywood fever has risen. But as digital collectibles become more popular, it’s imperative that all creators, even lesser-known ones, have a chance at success.
Growth Channel, an automated marketing intelligence platform, is trying to do just that. The NFT marketing space is emerging fast, but given the number of resources pouring into the industry, smaller projects risk being shut down from the market.
But Growth Channel plans to continue. He firmly believes the industry will continue to evolve by identifying the right audiences and marketing channels for NFT promotion inside and outside of Hollywood.
“NFTs are an exciting yet complex field, especially for new aspiring entrepreneurs who don’t know where to start. We provide these projects with clear go-to-market strategy and advertising solutions to reach their target audience and reach project milestones,” says Maryna Burushkina, Founder and CEO of Growth Channel.
Growth Channel supports NFT and Web3 companies in data-driven market research, addressable audiences and digital advertising with access to 150+ channels for audio, video, mobile, local and DOOH.
With several potential growth avenues, the jury has decided on the overall long-term impact of NFTs, but so far the industry has found a few niches in the entertainment industry that it has benefited from.