In the ever-evolving world of blockchain and digital collectibles, now would be the right time for a brand or group of likeminded brands to be the forefront of an exciting NFT journey. As we venture into this transformative landscape, I aim to share some insights and trends that are shaping the future of entertainment, collectibles, and more. In today’s environment, creating or partnering with a new NFT platform represents bold steps into the future of digital realms and winning the hearts of fans and collectors. As companies explore this space, NFTs continue to evolve, reshaping entertainment and collectibles in unimaginable ways. The hype around immersive proto-metaverse experiences and NFTs is waning.
To mature the market, companies need to find innovative ways to add value. It's my forecast that large cross-product companies will lead the "how to" of NFT collectable marketplaces, offering a broad range of products and services, from buying and selling to storage and gamification. NFT-based bundles of products and services can become the currency of companies' reputations and a building block for multigenerational relationships. This approach allows customers to gauge real product knowledge, understand value, and provides reasons to return and continue their engagement. Enhancing sellers' reach and retention of multi-targeted audiences through valuable, relevant, and consistent digital experiences will be crucial. From digital content to feature films, music, and virtual reality, entertainment content has the power to shape attitudes and create a lasting impact. Kidults and Eldertainment are fueling the toy renaissance.
"Kidults" are driving global toy sales, introducing their children to brands of their youth. This trend presents opportunities for nostalgia-driven collectibles and entertainment. Toymakers are tapping into "eldertainment," creating toys and games geared toward senior citizens, offering memory-boosting and connection experiences. In the full version of the thought-letter, we dive into various “working” NFT collectable markets, from Mattel's dedicated NFT marketplace to Marvel Studios' Ekos Genesis and more.
Did anyone notice that User Experience was lost the last time we did the NFT thing and the future(s) worlds of NFTs, and I foresee that simplicity must be key. Choosing a user-friendly wallet is crucial for collectable novices. For that reason, I recommend that all collectable and luxury NFTs are built on the Ethereum network and why the ERC-721 standard is significant. We look at how Mattel's dedicated NFT marketplace represents a new chapter in collectibles and entertainment.
I explorecollaborations in the entertainment industry and major players entering the NFT space. Asia's tech-savvy population is driving demand for digitized experiences, with K-pop stars and entertainment companies entering the metaverse. In contrast, Western entertainment companies are exploring alternative technologies like blockchain. Entertainment agency Roc Nation, owned byJay-Z, recognized the emergence of fans looking to connect more deeply with their favorite music artists through NFC chip & blockchain technology. With a client base including the likes of Rihanna,Alicia Keys and Megan Thee Stallion, the company is poised forsuccess, even in a space as nascent as Web3.
One Of the New Problems: Royalties. In this week’s newsletter, we discuss the evolving landscape of NFT royalties and how marketplaces are adapting to competition and artist rights. In conclusion, your company could be poised to lead the way in shaping the future of digital collectibles and entertainment.
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Plus, if you're looking to strategize for 2024 and beyond in the world of blockchain and digital collectibles, consider hiring me, Richard Bukowski, to review or rewrite your strategies.
Let's navigate this transformative journey together.
