Los Angeles is taking NFTs to a new level. California has the highest Google search numbers in the world regarding NFT-related searches. This obsession with NFTs and the growth of the space is making a significant impact in L.A., which acquired the nickname “NFT Town.”
What are NFTs?
Non-fungible crypto tokens are unique digital assets and can not be swapped out for one another in the same way a $1 paper note can be swapped for any other $1 note. Think about a piece of art; it is not the same as any other art piece and is therefore unique and has its own value compared to other pieces of art. NFTs can come in many forms; they can be a piece of art that is the most common at the moment. Other forms might include digital assets like a music file, a domain name, a collectable item within a computer game, a ticket that gives you exclusive access to an event, or even digital copies of a piece of code that can be used as passive income on certain cryptocurrency blockchains.
The Largest NFT Market
The industry’s explosive growth is driven by businesses based in Los Angeles, and many of those companies are creating strategic connections with record labels, entertainment companies, brands, and artists to bring them more exposure to the blockchain and the metaverse. NFTs, for now, seem to be making a big impact on virtual spaces as many big brands are interested in advertising inside the metaverse and offering their own versions of NFTs. There are a plethora of NFT markets online; one of the best NFT marketplaces out there can be found here.
The Hollywood scene is also getting involved in NFTs, like the launch of the “Walking Dead” NFT collection, where fans get to own exclusive images and get early access to exclusive collectable items that include cinematic materials and are connected to characters and scenes in the show.
Other Hollywood projects like Reese Witherspoon’s company Hello Sunshine have been signing NFT deals with TV and film projects, as well as Dick Wolf, the producer of Law & Order, getting involved with Curio marketplace to release an interactive NFT storytelling project. Even Bob Iger, former chairman of Disney, has joined the board of Genies to create wearable NFTs for the metaverse. Major entertainment companies are also getting in on the action as Fox Entertainment released their Miss Masky NFT collection related to the hit reality TV show The Masked Singer; fans will be able to buy and trade Masked Singer NFTs via the Eluvio platform.
It’s not only the big Hollywood companies getting involved; celebrity personalities have been joining the craze as well. Snoop Dogg is one of the more active celebrities in the space by releasing his own NFT collection, “A Journey with the Dogg.” The collection is based on Snoop’s memories of his earlier years inspired by art from the NFT movement and includes one of his original tracks called ‘NFT.’
A long list of celebrities is getting into the space, and the list is growing longer by the day. Even Johny Depp has released his original art pieces in an NFT collection called “Never Fear Truth,” where fans can earn dividends on the NFTs they own when these NFTs get involved in other online projects, making them a part of a community with utility.
The Future of NFTs
This NFT movement is growing well beyond just a fad. The utility that the blockchain and NFTs offer artists and creators to enable them to take control over their own projects and finances without the need for middlemen, like a managing agency or record label, is just too attractive to be ignored. It literally puts the power back into the hands of those who are the creators of their original content, directly connects them with their fan base and finances, and gives them complete control over it all. It seems that the technology behind it is a game changer for how the industry will operate in the future, and the landscape is quickly changing.
NFTs are here to stay, and those getting in early will no doubt reap the rewards.