Non-fungible tokens (NFTs) are still a headache for some. While there is a lot of excitement around NFTs in the media and entertainment industries, there is also a lot of skepticism and criticism. Some critics discredit NFTs as nothing more than beloved jpegs that are bought and sold online. Even skeptics who take a more moderate stance describe NFTs as synonymous with NFT art or virtual art archive.
But when we dig deeper and perceive the unique functions of NFTs, it’s transparent that NFTs are much more than just jpegs. NFTs are “the golden promise of Web3” and are meant to disrupt the media and entertainment industries. Some of the ultimate and exciting opportunities for NFTs lie in their ability to unlock lucrative NFT holders, adding to the benefits, experiences, and community.
Unlock benefits
Much of the appeal of NTFs is similar to the exclusive benefits they offer their holders. Increasingly, we see NFTs being leveraged as a component of subscription models or clubs that offer subscribers and members exclusive benefits. By leveraging in a subscription model, media and entertainment corporations can grant NFT holders benefits such as privileged products, limited edition products, or other rare and valuable benefits. Businesses can also create passes similar to virtual tickets that allow holders to access other closed benefits. Renowned DJ Steve Aoki, for example, has created an NFT club called A0K1VERSE where NFT holders get exclusive physical and virtual rewards like loose concert tickets.
While NFTs are based on the newest virtual technologies, the benefits they offer are not limited to the virtual world. NFTs can also offer benefits in the form of physical pieces such as collectibles, clothing, etc. We have noticed NFT collaborations such as Adidas and Bored Ape Yacht Club, as well as GAP and Frank Ape. Gap, for example, partnered with Frank Ape to launch a gamified NFT experience that turns physical hoodies into virtual collectibles. This kind of gamified NFT experience is also about to disrupt media and entertainment.
Scholarship to experiences
NFTs also allow holders to obtain unique, valuable, and infrequent reports. These reports encompass all diversity and diversity, from in-person reports to virtual reports. Flyfish Club is a personal catering club that will open in 2023 where the ticket is purchased as an NFT. Licensees enjoy unlimited enjoyment in a personal dining room of more than 10,000 square feet in New York City, as well as other culinary reports. in the entertainment industry.
NFT-driven reports also come in the form of event-based reports. For example, earlier this year, Coachella announced a collectible set of NFT, in the form of a virtual “Coachella Key. “Coachella key holders get lifetime passes to the festival. each year, in addition to other reports, such as a celebrity dinner at Coachella’s Rose Garden and Coachella front and center stage perspectives.
We’re also seeing some more classic NFTTs being combined with new experience-based ones. For example, when serial entrepreneur Gary Vaynerchuck presented his NFT collection called Vee Friends, he gave headlines to the Vee Con experience, an annual conference, in addition to giving them to virtual art.
Unlock the community
In addition to offering access to benefits and experiences, NFTs also create and provide access to the network. This was highlighted in the Ukraine crisis when the country and its supporters around the world came together through NFTs. The Ukrainian government collected the budget from NFT. which were used as war bonds. Ukrainian artist NFT Artem Humilevskiy (along with many others) developed great popularity by creating self-portraits that have become a strong collective symbol of resistance of Ukraine and its people. And TIMEpieces, a Web3 NFT network of TIME magazine has created an exhibition called “Make art not war”, the proceeds of which go to Ukraine’s humanitarian and relief efforts.
In addition to unlocking network access, NFTs can also relate to an exciting asset component. Decentralized Autonomous Organizations (DAOs) are jointly owned communities controlled through their members and allow members to invest in NFT and NFT collections. Even outdoor DAO, NTFs can have difficult asset components. Bud Light is one of the many corporations that have capitalized on these assets. Corey Brown, senior virtual director at Bud Light, explained that “NFTs continue to redefine the way we think about the network and ownership, technology, all that stuff. “Bud Light recently announced NFT as a component of the launch of its Non-Carb Bud Light Next beer. The acquisition of NFT gives holders access to products, logos and component events, as well as secure voting rights over logo decisions such as product design.
More than JPEG files
There are reasons to be skeptical about NFTs. Inevitably, obstacles lie ahead. And some NFTs will continue to captivate, such as the nearly $400,000 low-resolution cartoon whale created by a 12-year-old boy. their price and most likely longevity is the lucrative access they offer, in the form of access to benefits, reports and community.