The entertainment company has big plans to create a WB ‘Movieverse’ and adapt other films in its archives into multimedia NFTs.
The “Lord of the Rings” film franchise is moving on-chain with the launch of a new Web3 movie experience.
Warner Bros. Home Entertainment, the production company behind the fantasy film series, is releasing a non-fungible token (NFT) collection tied to the original “Lord of the Rings: The Fellowship of the Ring” movie. The interactive experience is currently available to preview and will be open for purchase beginning on Oct. 21.
In partnership with Eluvio, a utility-focused blockchain aimed at enabling the internet for video, the launch will encompass two NFT tiers — the “Premiere Mystery Edition,” which has 10,000 collectibles priced at $30 each, and the “Premier Epic Edition,” which has 999 collectibles priced at $100 each. Each NFT allows collectors to watch an extended version of the film, access special features and discover augmented reality (AR) collectibles.
This is the first drop on the new WB “Movieverse” marketplace and is a part of Warner Bros.’ larger effort to tokenize major motion pictures in its archives.
“This initiative has important implications as a potential new way to handle movie distribution directly to fans; engage those fans through communities and tradable marketplaces; and demonstrate the practical utility of Web3 and NFTs,” Jessica Schell, executive vice president and general manager of Warner Bros. Home Entertainment, told CoinDesk.
While Web3-native entertainment has been on the rise in projects such as Mila Kunis’ “The Gimmicks” or Kevin Smith’s upcoming film on the “Secret Network,” Warner Bros.’ latest initiative may re-engage a community of fans through new Web3 technologies. The entertainment company also recently partnered with pop culture retail brand Funko to offer a physical and digital comic book collectible.
“It’s truly designed for a mass consumer audience, not just Web3 enthusiasts, which is why it should — and does — feel so remarkable and engaging,” said Michelle Munson, CEO and co-founder of Eluvio.
The platform’s non-fungible-tokens are booming despite the bear market, the report said.
Reddit non-fungible tokens (NFT) have dominated conversation in cryptocurrency markets this week after they generated $2.5 million in daily trade volume and prompted 3 million people to sign up for NFT wallets on the social media platform, Coinbase (COIN) said in a report Wednesday.
NFTs are digital assets on a blockchain that represent ownership of virtual or physical items and can be sold or traded.
“Facebook, Instagram and Twitter all have NFT integrations, but those initiatives focus on ‘showing off’ NFTs purchased from marketplaces and adding your favorite as a profile picture,” however, Reddit’s NFT marketplace makes it a direct participant, the report said.
Reddit’s strategy also focuses more on its community as it gives extra features to NFT owners and supports creators, the note said. It is airdropping — or giving away — NFTs to the more active users on the platform.
The role of the Polygon blockchain is also key, Coinbase said. As a layer 2 blockchain, it is compatible with Ethereum, while allowing users to transact more quickly and for lower network fees, thereby “addressing two major barriers to crypto adoption.”
Even as NFT sales volumes have plummeted this year, dropping 97% from the January peak, Reddit’s success shows the potential for these tokens, the note said. The company is likely to capitalize during the current slowdown, and has already started teasing its Halloween avatar collection, the note added.
It joins a growing list of platforms that are choosing to forego royalty requirements as the default, including X2Y2 and Magic Eden.
Non-fungible token (NFT) marketplace LooksRare said in a statement on Thursday that it will no longer require collectors to pay royalties to creators when purchasing digital collectibles.
The platform, which has the fifth-largest trading daily volume among NFT marketplaces according to DappRadar, said that rather than supporting royalties “by default” it will instead distribute 25% of platform fees to creators and collection owners. Buyers can now “opt in” to pay royalties at checkout.
The platform’s “Trading Rewards” distribution ratio has also been updated to favor sellers.
“The growth of zero-royalty marketplaces has eroded the general willingness to pay royalties throughout the NFT space,” the company explained, adding that its new royalty structure is meant to be “a competitive solution that still benefits creators.”
LooksRare’s decision follows a trend of NFT platforms dropping requirements for artist payouts. In August, marketplace X2Y2 ended its royalty requirements, making them optional at the discretion of the buyer. And earlier this month, Solana blockchain-based marketplace Magic Eden followed suit.
While conversations around whether buyers should be obligated to pay royalties to NFT creators for their art, LooksRare specifies that its 25% protocol fee will still support both parties by sharing the burden associated with listing tokens on the platform.
“The industry is trending towards zero royalties, but it’s still our responsibility to support creators in the new landscape,” LooksRare said in the statement.