Hollywood is going through massive, prolonged disruption, dramatically changing filmed entertainment as we’ve known it. No matter if you’re a consumer, producer, or creative, you’re experiencing an industry that is being turned upside down. And while the internet was the flame that lit the fuse, today it’s new, emerging technologies like Web3, blockchain, and nonfungible tokens (NFTs) that are causing turbulence in the entertainment business and disrupting Hollywood’s underlying business model.
I recently joined a discussion on “The Disruption of Hollywood” on the UltraLight Podcast, hosted by Wes Sherwin. Our conversation focused on how digital technologies are changing the game in Hollywood. My co-panelists were the actor, writer, producer, and animator, Jon Heder (you will recognize him from his iconic “Napoleon Dynamite” role) and screenwriter, producer, professor, and entrepreneur, Justin T. Winter. The conversation was lively, enlightening, and eye-opening.
A Foray Into the Metaverse
Heder and Winter are involved in an animated series, “Order of the Tigons”. They’re making a collection of digital art collectibles based on the series that will make travel to the Metaverse even more special. In fact, Heder created and drew the Tigon, an animal hybrid, especially for the Metaverse.
“ . . . I thought it’d be fun to piggyback off the popularity of a similar drawing I did that was made famous by a movie I acted in a number of years ago,” Heder explained, referring to “Napoleon Dynamite.” (Many people don’t realize that he created art that’s seen in the film.)
At the heart of this endeavor, Heder created a collection of 7,777 unique digital art collectibles (2D NFTs). Each one is completely unique and crafted from his original hand drawings. Winter, along with his cousins Brian and Matt, will be producing the project for Verified Labs.
People who travel to the Metaverse to interact with these mythical creatures can “mint” their own Tigons. That means that they can “adopt” and take home a Tigon within the Metaverse. The first 777 digital art collectibles were released on February 4, 2022, with the remaining 7,000 released on February 11, 2022. They can be purchased using cash or Theta Networks, TFUEL cryptocurrency at Theta Drop.
Why It’s Disruptive
Don’t miss the underlying, disruptive model here. The collection of NFTs is being sold to collectors and consumers who want to own a digital collectible affiliated with the series, creating funding for the project itself. Different than crowdfunding, the money generated is based on the value of the Tigon NFTs as digital collectibles.
While the technologies we discussed in this podcast episode are still new, they are changing the filmed entertainment industry and hold the potential to fundamentally transform Hollywood’s business model in the future. Regardless of the industry you’re in, you’ll find that the technology trends that disrupt entertainment are often early signals for other industries, so take a listen and enjoy.
Want more tech insights for the top execs? Subscribe to the CXO channel: