Web3 Done Right: Token-Gated Access May Be the Ticket for Hollywood | PRO Insight

Keep it simple, give fans something new and memorable and don’t confuse them with talk about NFTs, crypto wallets and blockchain

In a recent column, I wrote about an example of what’s wrong in the NFT world from the creative community’s perspective. Specifically, OpenSea recently changed its resale royalty policies and now prioritizes buyers and sellers over the creators who built the value of its marketplace in the first place. This week, fortunately, I can point to an example of Web3 in Hollywood done right — something that places creators front and center and connects them directly with their fans and audiences to unlock new value. The formula is essentially more taste (exclusive access), but less filling (NFT jargon).

This week, “American Idol” creator Simon Fuller’s new “The Musical: Welcome to the Night of Your Life!” motion picture musical debuts exclusively via token-gated tickets on Web3 app OP3N. Fuller’s new musical features his international pop super group Now United, which has a rabid fan base, particularly in Brazil. (Full disclosure: I’m an advisor to OP3N.) 

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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://fearlessmedia.substack.com/) covers the future of entertainment, media and tech; and his weekly “AI & NFT Legal Update” newsletter (https://ainftlegalupdate.substack.com/) covers the AI and Web3/NFT ecosystems. You can also listen to his “Fearless Media” podcast (https://fearlessmediapodcast.buzzsprout.com/) and follow him on Twitter @pcsathy.