Web3, NFTs, and TV — How They Relate
Remember when TV was the only medium of entertainment?
Entertainment and technology go hand in hand, there was a point in time when one couldn’t exist without the other. That has changed. As technology advances, entertainment adapts and takes on a new form. This is the case for television, which was once THE number one form of entertainment for audiences, it has now changed to just “background” noise.
Over the last ten years, TV networks had to get creative to maintain audiences entertained and to keep their shows and names relevant. From acquiring streaming services, adapt their shows for streaming services, while entering the social media world, Web3, and NFTs. Networks understand audiences are now getting entertainment from different sources, and as attention span decreases, so does their viewership and their spending.
Adapt or wave goodbye to their $$$
So, how can television networks remain relevant when consumers move into Web3? It starts with maintaining the essence of Web3, which is to decentralize the internet, a secure way for creators and fans (audiences) to enjoy it and benefit from each other. It’s the opposite of what we know about television, it’s a one-way street. They create what we consume. In comparison, Web3 is a two-way street, it gives fans the option to create, purchase, and own their art.
An easy way for TV networks to test the waters of Web3 is by partnering with marketplaces such as OpenSea, to create and sell NFTs. It gives them the opportunity to connect with fans and take fandom to the next level. Why NFTs? What’s the hype with them? Penghao shares more on it here.
The best example I have seen thus far is from AMC Networks and The Walking Dead. I’m biased because I was a big fan of the show. It sadly lost me after season four, I couldn’t tell you why. But what I can tell you is that after looking at their partnership with OrangeComet, I want to get back on the bandwagon of The Walking Dead. AMC Networks has created The Walking Dead NFT site with three main elements: The Walking Dead NFT Wallets, The Walking Dead NFT Marketplace, and The Walking Dead NFT Discord Channel. All through the Eluvio Blockchain.
“An online community for fans of The Walking Dead, NFT & art collectors at every experience level. This is your opportunity to join an exclusive community, build collections, and earn rewards!”
If you are not a fan of Web3, the metaverse, or NFTs, you must be asking yourself — okay what do I do with this? This is the best part. AMC Networks is launching “The Walking Dead Lands” on the metaverse! The date is TBA, sometime in 2023. This is the network’s way of rolling the lands slowly. Fans can collect plots of land, accessories (Daryl’s motorcycle), avatars, and even “packs” which include multiple elements that can be used on the metaverse.
You can call me a nerd if you would like, but how cool is that? The best part is that through OrangeComet, fans have multiple methods of payment via Eluv. Personally, this is one of the most important things because not everyone is comfortable with cryptocurrencies. I will not mention more about it because I am not an expert on the topic, but I do know that cryptocurrencies are what make the world of Web3 spin.
Essentially, it’s imperative that TV networks work with fans and creators to create, sell, and own their art they won’t thrive on Web3. It’s extremely difficult for them because it’s what they are known for, which is to own the rights to everything. But as we see brands evolve and join the metaverse, it will be interesting to see how networks, shows, and artists make a name for themselves on new platforms. How are they rewarding artists and fans? Would you buy NFTs from your favorite shows?
