The media industry is constantly looking for new ways of connecting with audiences and monetizing content
Stock prices for Netflix stock, Disney stock, Warner Bros stock. Wall Street refuses reward different entertainment media strategies and Discovery and Paramount Global are both down in stock prices. Full Mint Films, a microcosm of the increasing convergence between Web3 (and the entertainment industry) is desperately searching for the next growth engine in Hollywood’s turbulent times.
The media business has been noticing emerging opportunities, especially with the recent focus on NFTs (nonfungible tokens). This is in response to the hope for a decentralized internet that is free from large technology companies (Web3) and user-centric. It’s true that NFT sales have fallen upwards of 90% from a September peak, per the Wall Street Journal, and there’s skepticism surrounding the fad’s sustainability overall, particularly as the cryptocurrency market continues to plunge. While some see the Web3 or NFT space as a bearish market, others see an opportunity to create something new in entertainment.
“The sustainable architecture and technology of Web3, of blockchain and how we see that scaling is this intersection of Web3 into different industries,” Full Mint Films co-founder Karl Singer told .
Hollywood’s web3 convergence
Last year, Fox Entertainment AnnouncementIt had invested $100 million in a “creator fund”Blockchain Creative Labs is a new venture that aims to bring NFT technology to the forefront. Marvel Entertainment and Orbis Blockchain Technologies Limited, a digital collectibles company. AnnouncementMarvel fans had their sights set on a global digital experience that would include collectibles. Fox and Bento Box Entertainment are delivering the September event “Krapopolis,”The first ever animated comedy series that was entirely curated on blockchain. Hollywood is constantly looking for innovative ways to reach audiences and monetize their content.
Web3’s advantage, as some view it, is its ability to provide incentive to fans and emerging storytellers.
“Fan fiction has been huge for a long time and NFTs, blockchain and Web3 are going to allow the fan fiction group to monetize that in a really powerful way for themselves,”Cameron Van Hoy, a filmmaker, told the story.
Projects in this new medium can create native tokens, or digital assets, that users can earn and play with through either head-to-head competitions or more advanced Dungeons & Dragons-style games all tailored to the lore of new film and TV projects. NFT holders have the ability to design and create work around characters that allows the IP to live its own life after filmmakers are finished. This “gamification”This allows for high engagement and long-tail monetization. “The opportunities are really limitless,”Van Hoy claimed.
Blockchain is an innovation in the entertainment industry. It allows equity holders to access information and empowers them. Hollywood could reduce its dependence on the mass market blockbusters, which require nine-figure financial risk, and instead seek out a loyal but small group of fans who are committed to a project and willing and able to invest in it. It’s a way to fundamentally change development and production funnels.
Full Mint Films has entered into a licensing partnership agreement with 0XB1, an overcollector. $450 Million in NFT assetsIn October, he signed with CAA and has partnered up with Sugar23 to be its entertainment production arm. These efforts are hoped to help Web3 move from a nebulous idea to a practical application.
David Stein, 0XB1’s business partner and artistic creator of generative NFT collection The Symbols — which is a unique variation of the alphabet that explores language and perceptions — aims to add social and educational utility to the mix as well. “I think without it, we’re just a flat extension from the existing film and TV industry almost crawling into the Web3 space,”Stein said:
The ultimate goal of Hollywood, as it seeks to create a digital foundation, might be to connect content and communities. This will allow users to share the experience with each other through new creations that are based on the original IP. It’s the immersive next step for Hollywood, which has historically been slow to change, update or innovate unless forced to by disruptors.
Can old and new models coexist?
Innovating and disrupting the industrial sector is not always without its pitfalls. This raises the question: Is the entertainment industry in an either/or scenario? Are the legacy and fluid Web3 models compatible? Van Hoy is bullish as he compares the latter’s embryonic stages to that of previous media interlopers that proved to have staying power.
“I see it shaking out the way that Instagram decimated the magazines in the transition of Web1 to Web 2,”He stated. “When we gave people the ability to communicate and to comment, like and share, it was a drug that no one wanted to stop using.”
The hope of digital explorers charting the unknown terrain between Hollywood and Silicon Valley’s futures is that the decentralization of ownership Web3 offers will provide an intoxicating power to new audiences and users. They won’t be passive consumers anymore, but will instead become active creators along with the talent on-screen. Yet as starry eyed ambitious as Van Hoy and others may be, there’s still an acknowledgement that cinema didn’t kill radio, television never ousted the movie theater, and social media hasn’t killed TV.
“Studios, just looking at history, are slow to adopt in a meaningful way,” Singer said. “So it’ll be really interesting to see how the entertainment industry holistically shakes out. But I think it will open up market share for a lot of companies like Full Mint to come in and really make waves in the new era of what film and TV is.”
