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<p>We have all heard multiple stories of some popular<a href="https://www.buzzfeed.com/williambarrios/musicians-who-were-sued-for-plagiarism" rel="noopener noreferrer nofollow"> artists being sued</a> for copyright infringement, or issues of the difficulties faced by the majority of entertainers in the movie or music category. Over time, the development of the sector has been greatly hampered by these and numerous other related problems, necessitating an urgent response. Non-fungible tokens or NFTs appear to be the most perfect solution.</p><p>NFTs are one blockchain-based application that has some significant positive effects on the entertainment business like Hollywood. This is where blockchain technology is bringing great changes in human lives—in addition to facilitating seamless and easy transactions.</p><p>Non-fungible tokens (NFTs) are spreading out their applicabilities across several other human lives and sectors like gaming, fashion, and sports–moving far beyond collectibles and ownership rights. One of the leading industries where NFTs are used widely in entertainment, thanks to the way they revolutionize how creators protect their works, raise funds, and relate with their fans in a seamless way.</p><p>In case anyone here needs a refresher, let&#39;s briefly go over what this relatively new technology implies before we break down the many effects NFTs have on the entertainment business.</p><h2 id="header-0">What are NFTs?</h2><p>Non-fungible tokens (NFTs) are unique digital assets that use a piece of digital imagery protected by blockchain technology to demonstrate ownership of a certain commodity, whether it be real or digital. With a device and an internet connection, anyone may use this blockchain, which serves as a public ledger and the foundation for many other digital assets, including cryptocurrencies like Bitcoin and BNB, to instantly verify the legality and ownership of non-fungible tokens.</p><h2 id="header-1">What Impact Are NFTs Having on the Entertainment Industry?</h2><p>Creators and businesses are generating an income off of NFTs in a variety of ways since there are many instances that this blockchain-based technology is resolving issues in the multibillion-dollar entertainment industry.</p><h3 id="ip-protection">IP Protection</h3><p>The idea of using NFTs to stop the infringement of intellectual property rights is becoming more and more popular within the entertainment sector. These tokens&#39; ownership details are &#34;permanently&#34; stored on a blockchain record, which reveals their true inventor and subsequent owners.</p><p>Additionally, NFTs serve as exclusive clubs with material for their niche fanbase, enabling content producers to cap the number of owners of an asset at one, introducing a concept of scarcity to the digital world that has never existed before.</p><h3 id="direct-engagement-and-support">Direct Engagement and Support</h3><p>Non-fungible tokens enable direct, decentralized communication between creatives and fans, as well as a fan-to-entertainer support network that isn&#39;t typically true in the traditional entertainment industry.</p><p>This might be an extremely effective mechanism for generating new revenue streams for mainstream firms while also benefitting smaller independent creators by enabling a decentralized production cycle fuelled by the users. Meanwhile, some NFTs allow holders to participate in a movie or song creative, production, and distribution process.</p><h3 id="elimination-of-middlemen">Elimination of Middlemen</h3><p>Thanks to the decentralized structure non-fungible tokens (NFTs) bring to the table, some of the important decisions that shape the entertainment business may eventually transfer from studio executives to the audiences.</p><p>This is the reason why the majority of NFTs are <a href="https://medium.com/&#64;melega/what-is-a-dao-and-what-does-it-mean-for-the-future-1c33e7564a67" rel="noopener noreferrer nofollow">decentralized autonomous organizations (DAOs),</a> which incorporate an NFT-powered community and allow each holder to have a say in every action that needs to be taken, including fundraising. The community, or the supporters, may then decide how the funds are allocated.</p><p>Looking closely, the incorporation of NFTs into the entertainment sector allows both producers and viewers to communicate beyond the screen while removing persons and organizations that primarily function as a link between them.</p><h3 id="easier-fundraising">Easier Fundraising</h3><p>It&#39;s never enough to have a decent production in the entertainment industry—whether it be music or film—because money matters and determines a lot along the process. However, NFTs enable the development of a fundraising channel that would aid creators in overcoming financial limitations. NFTs can also be used by investors to fund creation, and as long as they keep the tokens, they will continue to receive rewards.</p><p>This arrangement, therefore, would improve both the fundraising process and the fan experience, enabling users to participate actively in the entire production process.</p><h2 id="header-2">Some Non-Fungible Tokens From Entertainers</h2><p>These are a few examples of iconic musicians&#39; top NFT projects;</p><h3 id="justin-lau-3lau">Justin Lau (3LAU)</h3><p>Justin Lau, also known as <a href="https://3lau.com/" rel="noopener noreferrer nofollow">3LAU</a>, is a musician who sold an album as a collection of NFTs. Instead of selling his Song directly, 3LAU opted to auction it off through a music NFT project. As a result, he broadcasted the digital assets live and announced the NFT release on his social media platforms, particularly on Twitter and Discord.</p><p>Fans were lured by the 3 LAU digital assets&#39; substantial prizes, which included limited-edition vinyl, unreleased music, concert tickets, and more. The singer has also established <a href="https://royal.io/" rel="noopener noreferrer nofollow">Royal</a>, a music industry marketplace where fans can purchase shares of their favorite songs.</p><h3 id="masterm-masterm">MasterM (MASTERM)</h3><p><a href="https://www.masterm.world/" rel="noopener noreferrer nofollow">MASTERM </a>is a decentralized project that combines Crypto, Music, and non-fungible tokens (NFTs). This iconic artist has released several songs streamed millions of times on Spotify and many other traditional music-streaming platforms. Masterm has also released an exclusive collection of his NFTs, which are available on both <a href="https://opensea.io/MasterMofc" rel="noopener noreferrer nofollow">OpenSea </a>and <a href="https://rarible.com/mastermnft" rel="noopener noreferrer nofollow">Rarible</a>.</p><p>Additionally, MasterM has launched a BSC-based fan crypto token called MASTERM (MXMX). This $MXMX is listed on the <a href="https://melega.finance/swap?outputCurrency&#61;0xc93B7e6d6445f8e7de92abDDbFBC8057CdCaA1a6" rel="noopener noreferrer nofollow">Melegaswap exchange</a> and majorly serves as a special Liquidity Generator and Reward Token that constantly rewards its holders.</p><h3 id="puff-music-entertainment">Puff Music Entertainment</h3><p><a href="https://puffmusicentertainment.com/" rel="noopener noreferrer nofollow">Puff Music Entertainment (Puff ME)</a> is also a collection of 6,100 one-of-a-kind NFTs known as “Puffs,” powered by the Ethereum Blockchain. One hundred Genesis Puffs and six thousand Generative Puffs each make up the Puff ME collection. Each Puff non-fungible token is purposely created and unique–with over 80 different attributes and characteristics that can be combined into innumerable new combinations.</p><p><a href="https://nftcalendar.io/event/puff-music-entertainment-nfts/" rel="noopener noreferrer nofollow">Puff NFTs,</a>as usual, will give owners access to a number of benefits, including the Sing-To-Earn platform, the virtual metaverse clubhouse, and its flagship currency, $PUFF.</p><h2 id="header-3">Closing Thoughts</h2><p>Perhaps NFTs have helped to democratize the entertainment sector by encouraging young artists to release their work without worrying about intellectual property theft or middlemen profiting unnecessarily from their works. Additionally, NFTs have spawned musicians with a specialized, highly targeted audience. As such, these artists can produce exclusive content for their NFTs for a particular audience or for all of their fans, as the case may be.</p>

Non-Fungible Tokens (NFTs) and their impact on the Entertainment Industry

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