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The worldwide entertainment sector has grown to a value of $2.2 trillion. It has a profound effect that can't be quantified.
Generational impact is undeniable because of its zeitgeist- and culture-disrupting themes and narratives. Is it possible that NFTs will provide an additional level of innovation?
NFTs bring a lot of new things to the market. At least from a business point of view for production companies and studios. Antara, a $50 million Hollywood movie, is getting some of its money from NFTs. Holders will have a share of its digital rights and will make money if the movie does well at the box office.
This could change a project from a private one to one that could be open to the public, which could have both good and bad things happen. Will those who own NFTs also be able to have some say in the project? If so, how can that be approved and/or kept under control?
When it comes to NFTs, there is a real market in 2021. But will that market be used to make entertainment? I think so far.
To make a project more popular, NFTs could be used. They could also be used to pay for it before it even starts. This point of view could give the creator more control over their work and take power away from studios and labels, but it could also give the audience more power.
It could help up-and-coming artists, but you might also wonder why someone would buy NFTs linked to an unknown person or project. Work would seem to have to be done before there could be a possible tie-in with NFTs.
Lionsgate recently signed a deal with Autograph to make NFTs for some of their biggest franchises, like John Wick, The Hunger Games, and Mad Men. Autograph will help them make NFTs for these big franchises.
Jenefer Brown, the Executive VP and Head of Lionsgate Global, said that NFTs are a great way to build mixed-reality worlds, deepen user engagement, and build a community for our hundreds of millions of global consumers to create one-of-a-kind digital collections. Autograph is the best place to find this out.
From an individual point of view, NFTs can also be used by artists of all kinds to potentially make a lot of extra money that hasn't been available in the past. The whole idea and practice of merchandising could also be thrown off.
After working for an NFT marketing company for a while, Arvin Khamseh started working for the company in October of that year. After he helped an Italian artist start a new business, he went on to start his own. "I didn't know at the time, but this would be a big thing for me," Khamseh said. The consultant has launched more than 400 NFT projects with different brands and people of different sizes.
He said that even though NFTs are easy to start, making them work is a whole different thing.
In the case of NFTs, it's important to make sure that you have a marketing expert who knows how to do things. NFTs are easy to make, but they often don't work because people don't know how to market a project. Khamseh added to the list of things that were done.
There are a lot of artists who don't know very much about business, so they are just guessing.
He also talked about the importance of having a pre-launch strategy. Speed isn't always a big part of traditional art and media, but NFTs are all about how quickly you can start.
One of the main reasons people fail is that they don't move quickly enough. You only have a few weeks to get the word out about your launch.
Khamseh said that the need for speed is partly because of the way NFTs are right now. There are a lot of people making NFTs. If you don't move quickly, you'll lose the support and attention of other people and projects.
To move quickly, he relies on a lot of data. It's easy for him to figure out when his client's NFT will go live because he only looks at three main things: how many people are on Discord, how many people follow him on Twitter, and how many people are on his whitelist. "You need the right amount of each." So, a project with 10,000 NFTs needs at least 30k people on discord for it to work. The most important thing is that your followers are interested and ready to act.
"A lot of people don't have the mental strength and dedication to finish a project from start to finish." If you miss it once in the NFT space, you're done.
When you do this, one part of it is having the money to do it. You should set aside at least $60,000 for marketing alone to run a good NFT project, says Khamseh. You have to do a lot of marketing to get people to buy things. They do exist, but they're not the main thing.
As the NFT industry gets more stable, we'll see a lot of people try out what works when they start campaigns in and around the entertainment industry.
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