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Exploring the value of NFTs in entertainment: The rise of digital collectibles

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The integration of blockchain technology and non-fungible tokens (NFTs) into the existing model was a topic of discussion during a panel session at the London Blockchain Conference 2023. This conversation highlighted the potential for exciting use cases in the streaming industry. However, it also raised some concerns about the applications of blockchain.

Ryan Kavanaugh, CEO of Proxima Media, spoke from a Hollywood perspective and highlighted an interesting observation. He pointed out that numerous theater chains, pay-per-view companies, and tech-based firms have already integrated blockchain technology into their operations, even if they don’t explicitly refer to it as “crypto” or “NFTs.”

Kavanaugh emphasized the inefficiency and frequent delays in the accounting process for royalties and payments within the entertainment industry. This often puts content creators at a disadvantage. He envisioned a future where blockchain technology offers real-time visibility into earnings, eliminates unnecessary intermediaries, and ensures fair compensation for creators.

Moreover, Kavanaugh predicted that digital collectibles would hold the same value as physical ones, particularly among teenagers and young adults. He pointed out successful companies like Roblox, Fortnite, and Minecraft that have already tapped into this trend.

Tony Mugavero, the CEO and co-founder of RAD NFTV, stressed the significance of simplifying the management of ownership rights. He envisioned a platform where creators could effortlessly designate payment beneficiaries through a user-friendly interface, with smart contracts automatically distributing payments when revenue is generated. 

Mugavero highlighted the transparency offered by blockchain, which allows for auditing and appropriate compensation. As a benefit, the original creator or owner of an NFT could receive resale royalties, he mentioned.

Brooklyn Earick, CSO of RAD NFTV, emphasized the importance of seamlessly integrating blockchain technologies into existing platforms without overwhelming users. The goal is to make it easy for people to utilize these technologies, Brooklyn suggested.

Ryan Kavanaugh acknowledged the issue of transaction fees but stressed that the current problem extends beyond costs. He shared an example where promoting an NFC-enabled sweatshirt, rather than an NFT, allowed for easier acceptance.

He believed that streaming firms would resist the concept of decentralization because it poses a threat to their control. However, he anticipated that the industry would eventually embrace blockchain technologies as unions and guilds advocate for transparency and financial systems powered by blockchain in the entertainment industry.

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