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

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

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.