VIP+ charts NFT activity in entertainment — who's seizing the massive new revenue opportunities, and what pitfalls await?
The companies included in VIP+’s NFT analysis have barely scratched the surface of the intellectual property they own, which means many organizations will be just starting to create roadmaps for NFT drops to take place in the next decade.
NFTs offer the promise of walking away from the licensing era and going back to consumers owning what they buy. This is especially promising for entertainment companies, as it offers the promise of two additional revenue streams, even if only one should be adopted. The premise of the NFT smart contract, which allows the NFT creator to set a permanent royalty fee for resales when minting the NFT, also is attractive to media companies. Note that a resale fee doesn’t need to be included, but many independent artists do so as it means that they will always profit from the value of their work increasing over time.
If entertainment companies really move ahead with incorporating smart-contract resale fees into their content, there will be an inevitable backlash once consumers find out that selling a movie for $5 doesn’t yield $5, and it will give a perception that once again big corporations are using tech to exploit consumers.did not implement resell revenue
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