Drive in-Theatres could be replaced by Metaverse Theatres: Red Lab Replay report

The Red Lab Rediffusion report titled “Web 3.0 – a new revolution in the world of Indian cinema” examines how convergence will be here sooner than we imagine.

The NFT rage has also gripped Indian cinema. Many movies are riding the NFT wave for movie promotions with actors launching their own NFT series to connect with their fans“, says the report.

The film industry has recently embraced a number of new technologies. With the introduction of new cinematic techniques, equipment and more, filmmakers have had to adapt or risk being left behind. From streaming services to virtual reality, the industry is set to see a surge in popularity for the use of non-fungible tokens.

They have the potential to completely revolutionize and transform Bollywood. Salman Khan ventured into the NFT space where he launched a series of 200 NFTs based on the Dabang film series. The actor had also launched Chingari’s $GARI token, a short video app, and became the brand ambassador for the platform’s NFT marketplace.

After Bollywood’s Bhaijaan, South Indian actors like Rajnikanth and Kamal Hassan have also decided to ride the NFT wave. Rajnikanth launched a series of NFTs based on his 2007 film, Shivaji the Boss. Kamal Hassan took it a step further and celebrated his 67th birthday by launching an NFT series and creating a digital avatar to enter the Metaverse.

NFTs have also recently excelled as a tool for promoting films. Two NFTs honoring the recently released Hindi film starring Amitabh Bachchan “Jhund” have been produced by the makers of the film. These NFTs, which cost over Rs 2.15,000 each, were created in association with the US NFT Superstar Xchange marketplace. The Tezos platform would be used to introduce NFT.

Additionally, the movie 83, which celebrated India’s victory in the 1983 World Cup, also introduced a line of 83 collectibles, which included tangible cricket memorabilia that had been personally signed, clips video, animated digital avatars and never-before-seen posters and photos.

In addition to movies, artists are adopting the NFT trend to connect with their followers. Another of the first celebrities to join the NFT movement in India was Amitabh Bachchan where he sold his NFT collection, which included a recording of him reciting poems written by his father, for a whopping Rs 7.18 crores.

Besides making a lot of noise in the Indian film industry, KGF Chapter 2 was the first to do so in the metaverse. No less than 500 NFTs were sold in the first 10 minutes of the sale.

In order to get the NFT and Metaverse license for a soon to be released Pan India movie, NFT companies from Singapore and Dubai are turning their attention to South India.

The first Tamil player to enter the NFT market is Southern Star Arya, which offers NFTs for purchase.

Fans bidding on NFT art forms will debut on Minnal, a new NFT platform in Tamil Nadu. The first is a preview set for later this month, featuring 27 Arya NFT artforms.

R Madhavan’s Rocketry becomes the first Indian film to reach an all-time high of 10,000 NFTs according to VistaVerse in partnership with Rocketry – The Nambi Effect to introduce spectacular and desirable NFTs to the metaverse. |

This partnership resulted in making history by becoming the first Indian film with 10,000 NFTs claimed.

NFTs will revolutionize the film industry

NFTs could potentially revolutionize the film industry in several ways.

Assistance with financing projects

NFTs can be used to fund film projects. By selling NFTs associated with a film or an actor, filmmakers can raise funds to finance their project. This could be done in a number of ways, such as selling an NFT giving its holder access to exclusive BTS content.

Make movies more immersive

The way we view movies is going to be changed by Metaverse, and NFTs will play a big part in the same, as they can potentially be used to create more immersive experiences and potentially allow viewers to become part of the experience of narration.

Non-fungible tokens (NFTs) allow artists to seek support directly from individuals rather than relying on studios. Creators can begin to establish a dedicated fan base early in story development due to the community that forms around the NFT collection. Additionally, artists do not have to give up their intellectual property or creative freedom, as individuals rather than studios are funding the initiative.

In short, NFTs give artists the opportunity to retain their creative freedom while establishing an ongoing revenue stream supported by a loyal following. This community-centric model transforms nearly every aspect of storytelling.

Access to the collaborative economy

A new way of doing business based on the sharing of resources and expertise is commonly referred to as the “collaborative economy”. Through NFTs, collaborative and participatory methods of filmmaking could be established.

For example, filmmakers could offer their audiences a new way to support the films they love in addition to giving filmmakers access to the funding they need to create their films.

NFTs as a source of additional income

NFTs gave a very big boost to the industry when movies didn’t do very well in theaters According to a report by EY, theater revenues fell 80% to $378 million in 2020. selling NFTs, continuing to show that NFTs are here to stay and will add to the revenue streams of the Indian film industry.

NFT as an investment

Another aspect of cinema and NFT convergence is resale value. Fans can trade NFTs in a thriving market in addition to owning them. NFT collectibles are popular all over the world, not just in India.

NFTs will only increase with the take-off of Web3.0. More artists wishing to interact personally with their followers will publish their work in symbolic form.

Drive-ins could be replaced

Wearable technology can collect body language in real time through wearable sensors and possibly other means such as video footage and AI.

Users will interact through their personalized 3D digital avatar in shared virtual spaces; these spaces can go as far as the given collective imagination of the creators of the platform can go.

Digital avatars will be able to express emotions in a way very close to life, filling the void that static emojis, animated gifs and stickers couldn’t fill. This cross-industry web revolution is no different than the film and online entertainment industry as a whole.

If the right cards are played, popular streaming services can gain a huge competitive advantage with the Metaverse.

Previous Community Resource Fair Benefits Mid-Ohio Valley Organizations and Residents | News, Sports, Jobs
Next Dearborn Heights Libraries to Host Open Houses at Both Locations - Press & Guide