Web3, NFTs and the Future of Cinema
In our pilot episode on Web3, NFTs, and the future of cinema, Jan and Martin are talking to David Justin, founder of BLOCKTIVITY, a Strategic Consulting and Marketing company helping Media & Entertainment companies unleash the power of Blockchain and Web3. We’ll be tackling this highly complex topic to make it more digestible and walk away with some clear hypotheses of what it all could mean for cinemas.
Join us to find out more about:
1. What web3 technology is, beyond the myth and the hype
2. Why this new technology matters to the cinema industry and practical examples already happening in our space
3. What you can do to stay in touch with new developments
In this episode, we cover:
4:15 Definitions of Web3, Blockchain, and NFTs
Web3 is a new set of technologies that gives us a new set of building blocks for how we build products and services on the internet. A blockchain is a secure but public database that allows users to own digital assets, which requires a mindset shift from how we’ve been using the internet for the past few decades.
Blockchain provides users with ownership and privacy. In the physical world, we have two ways to access an object – rent it or buy it. Up until this point, we could only rent access to online content. With NFTs, we can now own an online digital asset like we could own an object in the physical world. With web3, blockchain, and NFTs, you can be represented by your digital wallet that features things that you enjoy – sports teams, artwork, club memberships, etc. – as your digital persona.
16:50 Web3 and the cinema industry — digital ownership, loyalty, and why it all matters
Younger audiences have access to many more leisure opportunities than audiences did 20 years ago. As an industry, cinema has to collectively work together to establish cinemagoing as a priority for younger audiences.
There is a drop-off in intention from when a viewer sees a film trailer on social media to actually purchasing a ticket to see that movie in a cinema. Web3 offers an open standard for value transfer and identity that could potentially serve as a method to close the gap between purchase intent and conversion.
You cannot create customer loyalty with just an account number in your customer history. Cinema has to offer audiences more than just showing a movie on the best screen with the best sound system. Web3 can help extend the moviegoing experience before and after an audience sees a film.
28:47 Practical examples of Web3 projects from Disney, Paramount, Warner Bros, and more
Major studios like Disney, Paramount, and Warner Bros. are promoting their movies with NFT collections and are discovering the audience engagement level with NFTs. Web3 and NFTs offer the opportunities to create structures to reward and connect with super fans.
37:44 Web3 and community building for cinema audiences — How tech companies can help
The traditional production process of the film industry was top-down – creatives got together, raised funding, created a movie, and then pushed the movie to the general public. Web3 allows for a different path. A community of people could create a scenario, fundraise, and shoot and distribute a movie through digital collaboration.
Web3 offers the opportunity for a community to build its own entertainment collectively. A series could allow NFT owners to insert their own characters into the narrative, or vote on decisions a character is faced with between episodes.DX launched online ticketing in the early 2000s, but it took a few years to gain traction. We launched apps and mobile ticketing in 2011, and that also took a few years before gaining traction. We think we will see the same thing here with Web3 – a period of experimentation, followed by market acceptance after best practices are established.
53:22 Practical steps to stay connected with the web3 space
Approach the topic with openness and curiosity, read about it, and follow the new projects happening in our spaceStart thinking about ways that you can enhance the experience you’re building, with web3 components
59:27 Recap and new projects ahead
Web3, blockchain, and NFTs are new technologies that offer real use cases and real benefits. They may not be fully established and ready to use yet, but the technology is advancing quickly. The time is right for the cinema industry to study and experiment with Web3.
At DX, we’re preparing an e-book on all things web3 and cinema with more thought provoking examples.
Resources
Discover the resources mentioned in our talk and more:
The Top Gun Maverick NFT collection
The DC Universe NFT Marketplace
Cinemark and Disney’s partnership for Thor Love and Thunder NFTs
The first film fully funded through NFTs: Calladita
Dan Harmon’s Krapopolis (creator of Rick and Morty) and the Krap Chickens “using blockchain to digitize the fan experience”
The Lord of the Rings release through blockchain
Shibuya — NFT artist Pplpleasr’s blockchain long-form animation project
Starbucks’ loyalty program powered by web3 experiences
NFT Paris meeting
IN/TRANSIT - Martin’s newsletter on the intersection of entertainment and web3
Be sure to follow our web3 & Cinema dedicated page to keep up to date with news, projects, debates, etc. (coming soon)
See you sometime in June for our next episode! Until then, don’t forget to:
👉Follow us on LinkedIn
👉Subscribe to our newsletter
More Movies
Less Noise
