5 NFT Entertainment Trends To Watch In 2022, From “Native” IP To Metaverse Fan Clubs, According To 8 Hollywood, Tech And VC Experts
- 2021 was the breakthrough year for NFTs, which generated $ 14.1 billion in sales.
- Hollywood, the NFT industry, and insider investors have offered insider predictions for the technology in 2022.
- As NFTs become more widespread, expect more native IP, utility and volatility for the crypto asset.
If 2021 was the breakthrough year for NFTs, 2022 could well be the year when trendy crypto assets go mainstream – with big implications for entertainment – as eight insiders predicted. Hollywood, the NFT industry and investors.
NFTs generated $ 14.1 billion in sales this year – up from $ 65 million in 2020, according to nonfungible.com – as Hollywood joined the digital gold rush. Warner Bros. sold NFTs inspired by âMatrix Resurrectionsâ (all 100,000 of them); an NFT of an unreleased song demo by Whitney Houston has been auctioned for almost a million dollars.
Quentin Tarantino plans to sell “Pulp Fiction” NFTs of seven scenes from his screenplay – although he has a few legal hurdles to overcome first. Even Dick Wolf, the producer of “Law & Order” and “Chicago,” entered the fray with “The Wolf Society,” a “membership-based society for online sleuths fueled by non-fungible tokens.”
NFTs will become fully mainstream
Like many cryptocurrency leaders, executives and investors who spoke to Insider are optimistic about the growth of NFTs in 2022, as consumers become more familiar with the technology. Andrei Brasoveanu, partner at venture capital firm Accel, said he expects individual NFT holders to grow from single-digit millions to tens of millions.
âWe’re betting on mainstream adoption,â said Scott Greenberg, CEO of Fox Bento Box’s animation studio and its Blockchain Creative Labs, who added âwe’ll see the depths of use with more great opportunities. public, and some of the more functional [uses] that just, ‘What is this digital thing that I collected?’ ”
The current nomenclature may not be as sustainable, predicted Ben Arnon, director of revenue at Curio, who started “The Wolf Society” with Wolf Entertainment. âAs the concept becomes mainstream, the term NFT will fade away and give way to digital assets,â he said, citing previous disruptions in music. âThink mp3s go to iTunes and streaming. “
The creators will generate an IP “native to the NFT world”
âHollywood gamers will start to create intellectual propertyâ that is ânative to the NFT world,â predicted Rich Battista, a Curio investor and advisor who has already spent nearly two decades as an executive at Fox and was CEO. other entertainment companies.
Independent creators will also see opportunities in the space. âRather than launching the initial IP, maybe through comics or podcasts,â Arnon said, âfor the creator, if he can incubate IP and actually be successful in the NFT space, this gives him a huge advantage when making deals in the movie and TV Space down the street.
NFTs will provide more utility
Utility NFTs, a type of digital asset that includes a tangible benefit or benefit – sometimes an IRL experience – will also become more common.
âIf you think of NFT music, for example, not only do you have the image associated with data, but itâ¦ could buy you the rights to go behind the scenes to meet the artist,â said Maya Noeth, Accel partner. In March, Kings of Leon partnered with the NFT YellowHeart Marketplace and became the first group to release an album in the form of an NFT that also offered exclusive artwork or VIP seating on upcoming tours.
The NFTs will become “a gateway to enter the metaverse”
NFTs are expected to prove more useful across different platforms, including the high-profile metaverse, which has dominated tech discourse in recent months. âNFTs are kind of a gateway, because they are becoming more and more mainstreamâ¦ to enter the metaverse,â said Rikin Mantri, COO of Curio.
âYou can now take them into a virtual world, interact with them and start interacting with other people,â he added, envisioning communities like âa fan club in the metaverseâ.
NFTs are generally secure and difficult to hack, making them an ideal sort of digital passport. âIf Fortnite is having a concert on one platform, your ticket could be the NFT, but then you could take that NFT and also go to a concert on Roblox or one of the other available platforms,â Mantri said.
NFTs will continue to be volatile investments
Just because NFTs are becoming more mainstream does not mean they will be immune to the upward and downward valuations that have characterized the space. This year, Grimes’ NFT celebrities and rapper A $ AP Rocky, for example, have lost much of their value after being sold, according to Bloomberg.
While Noeth believes NFTs will generally be “durable” in value, she noted that very speculative trends – “some gaming NFTs,” she said, “sell for very high prices even before the game does not get started “- will contribute to continued volatility, at least in the short term.