New NFT Trends That Could Drive The Entertainment Industry

NFTs quickly took the world by storm, having been applied in all sorts of industries. Building on the foundation set by blockchain and leveraging the power of pop culture, NFTs quickly became a favorite of the entertainment industry.

From Stranger Things releasing NFTs ahead of the latest season to Coachella unveiling NFTs as entry passes this year, the entertainment world is exploring what NFTs can do in a big way. But what are we to expect from the future?

Even as NFTs solidify their presence in entertainment, a number of trends are emerging within the space. Here are the top NFT trends that could dominate entertainment.

NFTs as play-to-earn games

One aspect of the entertainment world that has heavily embraced NFTs is gaming. GameFi, which offers games while leveraging blockchain technology, has become particularly popular in the last few years. One of the reasons for this has been the rise of play-to-earn games. These kinds of games allow players to earn rewards for their participation.

These rewards can be anything from NFTs themselves to actual cash and naturally, the world has taken notice.

There are several newly-released games that have become shining examples of what can be done when play-and-earn NFTs games are given a chance. One of these is BeaRex, a blockchain-based game that utilizes the classic ‘runner’ setup.

This, essentially, offers players the best of both worlds in that they can engage in play-and-earn. BeaRex also intends to release a multi-series and NFT holders will get a profit from its distribution.

While there is the play-to-earn aspect, it also uses the free-to-play model which is combined to form the play-and-earn system that BeaRex runs on. What this means is that users can either choose to play for free without having to buy an NFT or they can buy an NFT if they want to earn rewards for their efforts.

This, essentially, offers players the best of both worlds in that they can engage in play-to-earn or abstain as they like. BeaRex also intends to release a multi-series in the future.

Watch-to-Earn

It’s no secret that users’ attention is big bucks for advertisers in this day and age of free online content. Streaming sites, influencers, and many others are making millions by attracting and retaining viewership. But these financial benefits are rarely directed back at the audiences.

There have been efforts over the last few years to level the playing field within the blockchain industry. It all started with platforms like Brave, a blockchain-based browser, that gives its users crypto for watching ads. The NFT space is now getting in on this idea with giants like Coub.com — an ahead-of-its-time video platform created 10 years ago, which is visited by over 100 million users every year.

Coubs are 10-second videos that went viral long before TikTok took over the market. These video snippets are usually packed with pop culture references and prime meme material. While Coubs have been shared on the internet literally every second for years, the upcoming product version based on Web-3 technology is expected to reinvent the interaction model by rewarding those who create and watch such videos.

With the Coub NFT Marketplace, users will be able to mint clips as NFTs and sell them. The holders will receive crypto rewards whenever the content is interacted with through views, likes, comments, or reposts. And, most importantly, NFT collections will bear inherent value, which will allow users to track statistics and predict the future potential of a particular clip and, therefore, the profit it can yield.

Conclusion

NFTs are still on the rise despite the crypto downturn; from Madonna and Justin Bieber joining the trend, to model Bella Hadid releasing her own collection, Hollywood has caught the fever. But as digital collectibles become even more popular, it is imperative that all creators, even the less known ones, have a shot at success.

This is what Growth Channel, an automated marketing intelligence platform, is trying to do. The NFT marketing space is fast emerging but given the number of resources being poured into the industry, smaller projects risk being shut out of the market.

But Growth Channel is planning on persisting. It firmly believes that by identifying the right audiences and marketing channels for NFT promotion, inside and outside of Hollywood, the industry will continue to thrive.

“NFTs are an exciting but complex space, especially for the new and aspiring entrepreneurs who just don’t know where to start. We provide those projects with the clear go-to-market strategy and advertising solutions to reach their audience and hit the project milestones” says Maryna Burushkina, Founder and CEO at Growth Channel.

Growth Channel supports NFT and Web3 companies in data-driven market research, addressable audiences, and digital advertising with access to 150+ channels for audio, video, mobile, native, and DOOH.

With a few avenues of potential growth the jury is out on the overall long term effect of NFTs but so far the sector has found several niches that it’s capitalizing on across the entertainment industry.