NFTs Used to Be the Future of Entertainment – Could They Be Again? | PRO Insight

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Scams and legal questions have tarnished the tech’s reputation, but no one’s come up with a better way to fix Hollywood’s problems with transparency and fair pay

Can NFTs transform entertainment and media? (Getty Images, Christopher Smith/TheWrap)

Remember NFTs, those collectibles powered by Web3’s blockchain that were meant to transform the world of entertainment? 

Two years ago, they were all the rage and did just that, with the Bored Ape Yacht Club leading the crypto bro pack and Ashton Kutcher’s and Mila Kunis’s Stoner Cats making inroads with the Hollywood crowd. But then, skeptics and cynics crashed the party and crypto winter put much of the NFT market on ice. 

So NFTs got a bad name, and legitimate players were forced to distance themselves from the term, repackaging the technology as “digital tickets” or “digital tokens.” Meanwhile, entranced by ChatGPT, Silicon Valley moved on to the promises of AI.