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Hollywood Blockchain

from The Observer

The Hidden Value Hollywood Hopes to Unlock With NFTs

By Brandon Katz

Marvel Fox NFT
Hollywood hopes to unlock the hidden value in NFTs. Pixabay

We live in an increasingly interconnected digital world that has altered the very ways in which we communicate, work, shop, consume entertainment, and live. This digital overhaul has even made standard currency an anachronism in its own time as crypto value such as bitcoin surges in usage, popularity, and widespread acceptance (Kansas City Chiefs tight end Sean Culkin become the NFL’s first player to convert his entire salary to bitcoin in April). As the economy evolves in conjunction with cryptocurrency, it serves as a catalyst of change from within for the surrounding industry.

NFTs, or nonfungible tokens that are impossible to fake and represent unique one-of-a-kind value, have become the latest creation yielded by an ever-fluid online economy. Their surge is perhaps best punctuated by recent blockbuster art sales, including a $69 million purchase of 5,000 all-digital works by Wisconsin-based artist Beeple. The jaw-dropping, eye-opening transaction immediately elevated the decreasingly niche crypto asset to mainstream relevance.

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Posted on July 1, 2021 by Editor

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