Why NFTs Aren’t Dead – and How the Right Ones Will Transform Entertainment | PRO Insight

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.

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Peter Csathy

Peter Csathy is a WrapPRO contributor writing about the intersection between tech and entertainment/media. He's chairman of Creative Media (https://creativemedia.biz/), a boutique media, entertainment and tech business advisory and legal services firm. His monthly “Fearless Media” newsletter (https://www.getrevue.co/profile/pcsathyweekly) covers the future of entertainment, media and tech; and his weekly “NFT Legal Update” newsletter (https://www.nftlegalupdate.com/) covers Web3 and the NFT ecosystem. You can follow him on Twitter @pcsathy.