While the non-fungible token trading market has been in freefall, Hollywood and music companies are continuing to make deals based on the technology
We are in the midst of a jaw-dropping “crypto winter.” A massive chill fills the Web3 air. Non-fungible token (NFT) sales have dropped a shocking 97% since the beginning of the year. The much-trumpeted promise of NFTs transforming media and entertainment artist/fan and creator/audience relationships is in tatters. Shattered. DOA. Right? Wrong.
NFTs (units of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable) continue to present a transformational mass market opportunity for Hollywood, the music industry, and all artists and creators long-term. We are still only in the early innings — just stepping up to the plate, really. This will take time, but it’s happening.