If you have been on the Internet at all in the past year, chances are you’ve heard the term “NFT” thrown around a few times. While there is much confusion surrounding NFTs, the reality is quite simple: an NFT – or a nonfungible token – is a proof-of-ownership of some sort of digital asset. The examples that have caught the most media attention have been NFTs in the form of digital artwork – like the Bored Ape Yacht Club, which was worth over $1 million at its peak.
Putting strange images of monkeys aside, NFTs are capable of so much more than expensive drawings. As the technology that enables NFTs to function seamlessly continues to mature, the potential use cases for NFTs will quickly increase. From event tickets, to real estate transactions, to project funding and more, NFTs offer a pathway for verifiable ownership, exclusivity, and uniqueness to enter the digital space. Zooming beyond one-time interactions with an NFT, this type of blockchain technology even allows for ongoing use cases – such as a chain of title that is distributed, immutable, publicly accessible, and easily transferable.
The backbone of NFTs is Web3 – an umbrella term for the varying bits of blockchain technology, cryptocurrency projects, and smart contracts that are interacting with each other to create a new layer to the world wide web. A former Goldman Sachs executive has predicted that the total Web3 market cap will grow from $1 trillion to $300 trillion in the next decade, and he’s not alone. There is a growing consensus that Web3 projects will interact with all layers of Web2 – the Internet as you understand it today – and the projects that adapt Web3 early will be the projects with the best chance of success in the near future.
The more you look into Web3 and NFTs, the more obvious it is that this is the future for every industry. This is especially true for film financing, music financing, and multimedia production in general.
How blockchain technology improves film financing
From indie film makers auctioning off their movies as a set of NFTs, to NFTs being used as a form of intelligent digital movie ticket, filmmakers are already realizing the potential for NFTs to improve how movies are made. Despite these noteworthy examples, we’ve barely scratched the surface of how blockchain technology, NFTs, and Web3 more broadly can drastically improve the filmmaking process.
For example, Fox has invested over $100 million into blockchain technology to cement itself as a first-mover in this space. Their thinking? Create new ways to interact with fans, sell merchandise, and keep movie watchers engaged with content even after the credits roll. This was showcased in 2021 with the feature-length film Zero Contact, which made history as the first feature film to be released via nonfungible token.
Film makers looking to finance their projects should seriously consider leveraging blockchain technology in the financing process. From auctioning off NFTs of characters and scenes, to crowd-funding film production through token offerings and unique digital experiences, blockchain technology and Web3 offers a way for filmmakers of all sizes to finance their projects and create their vision.
How blockchain technology improves music financing
It’s not just filmmaking that’s using blockchain technology to improve processes: music production is getting in on the action as well. Anyone who has taken a close look at how little artists are paid for plays of their songs understands that it is difficult to make money as a musician. Unless you have a profitable tour schedule, or a big-name record deal, you’re stuck grinding it out for small scraps.
Blockchain technology and NFTs change this equation completely. Already we’ve seen exciting examples of small-time artists making large sums of money through NFT sales, like Young and Sick making nearly $1 million through NFT sales, or Zack Fox making nearly $100,000 through his own NFT collection. These artists, and so many others, are finding new ways to connect with fans, build a brand identity, and create new income streams.
Musicians and small-scale record labels should look to leverage NFTs and blockchain technology to improve their music financing processes. Fans are itching for new ways to own the music that they love, and blockchain technology offers a way for musicians to sell their creations directly to fans, complete with certificates of authenticity (almost like a digital autograph). From exclusive listening events based on NFT ownership, to special tracks becoming unlocked to specific blockchain addresses, the possibilities to offer new experiences for more funding are nearly endless when music makers use blockchain technology.
How Ample supercharges film and music financing through the power of Web3
If you’re wanting to get started with Web3 and blockchain technology, but don’t know where to start, Ample should be your first destination. At Ample, we are passionate about giving you all of the tools to make music, movies, and everything in between. We were built by artists, for artists, and we pay close attention to the finer details that we know artists need.
The Ample platform offers ways for you to build NFT collections, raise funds, stream and distribute content, and so much more. With an easy-to-use design, and a responsive support team ready to answer all of your questions, Ample was built from the ground-up to be the last fundraising platform you ever need to use.
Ready to get started with Ample? Our team is excited to meet you and find ways that we can help your project get more funding, reach new audiences, and be more successful. Reach out to our team by emailing us at pratt@ampleplatform.com, and don’t forget to follow us on social media at the handles below.
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