How NFTs might change the creative industry's business model
For creators of movies, music and art the emergence of NFTs as a new way to package, value and sell content opens up a brand new opportunity to design an alternative business model for the arts.
Indie filmmaker Kevin Smith has a new movie coming out soon called 'Killroy was here'.
It's a weird horror movie that will appeal to die hard fans of Smith, and people who live in places like Portland and certain parts of Seattle (like Belltown).
What's interesting about the movie however, is that Smith has announced that he will be selling the full rights to the movie as an NFT (non-fungible token).
Whoever buys the NFT will have 100% ownership of the film to do as they please with it.
They might then distribute the film for public viewing or maybe just keep it for themselves and never show the film to another living soul ever.
"We’re not trying to raise financing by selling NFT’s for a Killroy movie; the completed Killroy movie IS the NFT. And If this works, we suddenly have a new stage on which I and other, better artists than me can tell our stories.” - via
The duo who basically pioneered the art of being successful professional stoners - Jay and Silent Bob have also announced that they have set up the Jay and Silent Bob’s Crypto Studio where they will be selling all sorts of virtual stoner crypto paraphernalia to willing NFT buyers and fans.
For creators of movies, music and art the emergence of NFTs as a new way to package, value and sell content opens up a brand new opportunity to design an alternative business model for the arts.
It's important to have great content (obviously), but what this change also shows is that building a unique and compelling brand and audience around your content is key if you have any intentions of leveraging this option.
For artists it would be important to strategically explore this alternative as a part of more traditional models and weigh your approach according to what is viable for your individual context.
Selling NFTs is not going to work for everyone, but for creators with the right combination of factors playing into their favour, it's a game changer.
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Anthony D’Alessandro
