Are NFTs Entertainment the new fan engagement tool?

An engaged fan base almost always equals more revenue. Think of everything from the early boy band fan clubs to the streaming parties hosted by today’s online fan base. These efforts often lead to greater visibility and, ultimately, more sales for the project or artist in question.

As a result, entertainment companies have struggled for decades to attract fans, whether through contests, giveaways, limited-edition products, and more. As we enter the web3 era, NFT is fast becoming a new way for companies to create fan engagement.

Why choose NFTs?

With all the different mediums that can be used to ensure fan engagement, why is the demand for NFTs higher these days? First, they are popular among young people. While almost every age group can be a fan of a project or artist, young people have historically been the most passionate fan base. So it makes sense to leverage the digital tools of which they are the biggest consumers.

After all, 20-year-olds are more likely to buy NFT collectibles than 50-year-olds. Then there’s the ease of distribution among fans. In the past, fans had to buy limited-edition items, such as from brick-and-mortar stores or for home delivery. For artists or projects with fans around the world, this can present some logistical challenges.

With NFTs, most of these challenges are eliminated. Because they exist in a virtual internet space, anyone anywhere in the world can easily buy them. Easier buying equals more money. Needless to say, these all help make NFTs some of the top fan engagement tools on the planet.

It is also more relevant as consumers develop their identities on digital platforms and require account security and ownership records.

“By using Gated or Access NFTs, we can provide certificates of authenticity in the Metaverse, enhancing utility functions such as accessing events or verifying ownership of items, combining digital identities and innovative in-platform inventory management can create interoperability and still be like any Other NFTs allow for portability,” said David Lucatch, CEO of Liquid Avatar Technologies and managing director of Aftermath Islands Metaverse.

The management, control and creation of ownership of digital identities and personal data and open standards are the future of interoperability. Products such as Liquid Avatar Technologies’ Meta Park Pass enable users to control personal identities and data to support interoperability among Metaverse players while advancing privacy and data governance rules.

NFT participation on the rise

So, are NFTs the new darling of the entertainment industry? Well, so far their participation can be broken down into: Collectibles and Benefit Distribution. In the case of collectibles, NFTs are often used as a tie-in to launch new projects to excite fans and reward their participation.

For example, DC Comics creates collectibles All NFTs of the Iconic Batman Hood Coinciding with Batman’s release earlier this year. These collectibles not only reward loyal fans of the franchise, but also help build more attention around the latest films. NFTs are also used as scavenger hunts for fans. Ahead of the latest season of Stranger Things, a scavenger hunt site has been created to tease fans with puzzles and riddles that hint at the new season and NFTs.

another Netflix
NFLX
Show, Love, Death, and Robots, and even place clues in scenes that can be scanned as QR codes and used to redeem NFTs.In summary, it can be said that the NFT boom has Comprehensive impact on the entertainment industry And take fan engagement to a whole new level.

In terms of benefit distribution, Coachella used NFTs this year to sell passes for specific events and experiences during the festival. People who buy them can do this by scanning a QR code,

Since NFTs are also used to offer rewards to customers, more marketplace options have emerged to handle the backend. After all, not every company can set up a department to calculate the logistics and coding required to roll out a collection of NFTs that offer benefits.

That’s where projects like Polarys come in. Polarys offers NFT-as-a-Service, a fast-growing niche that allows companies to provide end-to-end support for their NFT projects. With a single platform that requires no coding experience, businesses can easily create NFT campaigns from concept to execution. The nature of NFTs has its significance: By focusing on utility-based NFTs, Polarys hopes to offer its holders the possibility of earning tangible rewards. These include investing in assets to fans and creating Discord channels that only asset holders can access.

The marketplace aspect of the project also means that sales and invoices can be accessed from a single dashboard. For consumers, it means they can easily get perks and rewards like cash back from their favorite brands. This has huge implications for indie projects and smaller distributions that want to foster fan engagement but may not have the resources of DC Comics or Coachella. “

more than emotions

But while there are plenty of options on the market for users to interact with their favorite franchises through NFTs, there are also many NFT collections that offer more than nostalgia and an emotional attachment to the medium.

Bandit Project is a collection of NFTs with 3,000 assets offering its holders the opportunity to profit from purchases.Based on Binance Smart Chain, each NFT given to buyers is randomly selected, and the ecosystem revolves around native

$BANDIT token. Those who hold tokens can earn passive income by minting NFTs. Once a person mints an NFT from the Bandit Project, their funds are locked in a sense. From the day the NFTs are minted, they will receive a 1% ROI every day until all 3,000 assets are sold (this could even be more depending on the rarity of their NFTs).

Projects like Alóki are pushing the boundaries of those who want benefits outside of the virtual world. As one of the first Play-to-Own blockchain projects, Alóki allows users to play blockchain-based games where virtual sustainable actions are reflected in the real world. For example, if a tree is planted in the game, a real tree can be planted on real land in Costa Rica, which will add to the 11,000 trees already planted.

The company’s goal is to recreate a true community village on physical jungle land, complete with homes and social spaces that can host users who have been rewarded for fully-covered retreats. Award-winning sustainability architect Benjamin Saxe will help Alóki bring this vision to life.

The project has 750 acres of land, and players have the opportunity to eventually access or even own a portion of it through NFTs tied to real-world utilities.

NFTs: The future of entertainment?

With all the applications of NFTs taking root in the entertainment industry, it is safe to say that they should become the mainstay of the industry over time. From emotional collectibles for fans to practical tools for distributing benefits and access to the public, NFTs find their place in entertainment.

More importantly, new projects are pushing the boundaries of what NFTs can do and create more tangible value for consumers. With all of this in mind, NFTs have only scratched the surface of what they can do.