The convergence of cinema and NFTs
Cinema, at the very core of it, is a technical medium. It has always imbibed new technologies.
Be it VHS, CDs, DVDs, Blu Ray, and now streaming services, cinema has evolved itself and adopted the latest and most popular technology medium to reach its viewers in the easiest possible ways.
Now, with non-fungible tokens (NFTs) coming into the ‘picture’, we wonder how cinema could adapt and imbibe this technology.
Think of it like this. A Netflix or an Amazon Prime account will not give you a personal feeling of that film you love. You can stream a Pulp Fiction or a Goodfellas or a Shahenshah, but there’s no real personal connection, like owning a DVD box set or a VHS cassette.
That’s where NFTs come into play. NFTs will have you own a piece of cinema and establish a personal connection with them.
Last year, movies did not do very well in theatres. While the OTT platforms saved the day, NFTs gave a very important boost to the industry.
According to an EY report, revenue from theatres plunged by 80 percent to $378 million in 2020. Since November 2021, industry players have raised around $4 million by selling NFTs, going on to show NFTs are here to stay and will add to the revenue streams of the Indian cinema industry.
Indians have a very close and intimate relationship with cinema. We adore our actors; we celebrate and worship them. NFTs now give us a chance to own a piece of that heritage.
Blockchain technology can be used to bring a fan’s cherished cinematic and artistic moments to life. Be it Amitabh’s Shahenshah Jacket or a poem written by Javed Akhtar, the canvas here is wide, and we can see it broaden as more items and tokens for fans are introduced from the cinema.
NFTs as investment
Another aspect of the cinema and NFT convergence is the resale value. While fans can own NFTs, they can trade them too in a very active market. NFT collectables are a rage, not just in India but around the world.
From fashion brands to independent creators, everyone is a part of it and rightly so. NFTs have a huge potential to democratise the economy, and everyone is taking note of this.
Cinema is just the starting point because most people can relate to it. However, there is an avalanche of other industries waiting to rush in and take advantage of this new, game-changing technology.
With Web3.0 coming alive, NFTs are only going to increase. We will see more creators coming out with their art in a tokenised form, making a personal connection with their fans.
With its universal appeal, cinema will always be at the forefront of the NFT game. Everyone wants to own the Shahenshah jacket or a personally signed Kamal Haasan poster. Tokenisation and creating NFTs of these items make this possible. The fact that these can be traded on platforms only goes on to add to its appeal.
This convergence of art with technology is a new dimension, and we are glad to be among the first movers in this space. It’s a new and exciting universe that enables a personal connection for viewers.
A win-win for all
As a new monetisation method for creators in the world of cinema, NFTs are here not just to stay but will become an integral part of the creator economy.
It is a great opportunity for fans and investors alike to make use of this brilliant new technology that connects the fans to their stars and allows individual investors to widen their horizons on the road less travelled.
There’s something for both the artist and the collector in the alluring world of NFTs.
Besides offering personalisation and ownership to the fans, NFTs in the cinematic universe ensures the performer’s visibility, the unparalleled potential of revenue, and the preservation of the art from possible deterioration.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)