Non-fungible tokens (NFTs) have been one of the fastest-growing trends, and momentum is still strong, also thanks to the overlap with the metaverse sector. Analysts from investment bank Jeffrey expect the NFT market to hit $80 billion by 2025, up 128% from the current figure at $35 billion.

The ability to exchange unique assets and prove ownership without intermediaries has initially attracted a lot of digital artists, but NFTs are not only about digital art. Recently, the trend has penetrated the entertainment industry, as NFTs have much to offer there as well. Today, there are several NFT marketplaces and ecosystems aimed at celebrities, including musicians, actors, athletes, and artists.

Rap Star Jim Jones to Launch NFT Collection Drop on Mogul Productions

One eloquent example of NFTs’ use in entertainment is Mogul Productions, which provides an NFT marketplace focused on film financing. It recently partnered with American rap star Jim Jones for an NFT collection drop that will take place live during the 2022 NFT LA Conference, scheduled for March 28-31. The collection, called “Digital Money,” will enable fans to enjoy unique experiences, such as owning the world’s first crypto song in the form of an NFT.

Mogul has developed a cross-chain NFT marketplace and is promoting itself as the only global NFT marketplace and decentralized finance (DeFi) platform focused exclusively on the entertainment industry. Its goal is to help NFTs adoption in music, film, and television, creating unique experiences for fans and enabling them to have a say in the production process. NFTs help celebrities better interact with their fans and expand their communities.

Besides Jim Jones, Mogul has partnered with other big names in entertainment, helping artists connect with their fans in a more direct way. The platform is backed by a team of producers that has produced over 95 feature films that generated an aggregate of $425+ million in box office revenue. Their productions have earned an Oscar from 5 nominations, 1 Emmy from 3 nominations, 1 BAFTA Award, 1 European Film Award, and 3 Golden Globe Awards, among others.

NFT Platform Lets Fans Engage with Favorite Football Players, Other Celebrities

Another NFT and metaverse platform focused on entertainment is Overeality, which has launched only recently and is still in development. It relies on a multi-chain infrastructure optimized to run metaverse applications. The platform hosts several so-called Communities, which are virtual spaces in the metaverse focused on specific entertainment activities. For example, the first community is dedicated to football, and Overeality has already teamed up with several football stars that joined the metaverse to provide NFT experiences. Fans can engage with some well-known players, including Real Madrid forward Vinicius Junior, Colombian star James Rodriguez, and Atletico Madrid player Joao Felix.

Overeality has built a proprietary blockchain to support fan economies. Its fan-driven marketplace enables creators to launch their works to their communities, with fans being able to decide on what they want to see produced.

Traditional Entertainment Companies See Potential in NFTs

Besides the new startups entering this emerging market, traditional record companies with a long history are also leveraging NFTs to keep up with the demand for new forms of communication between artists and fans. For instance, legendary UK 90’s dance labels Fresh and Freskanova Records are launching a brand new NFT label called FRESHA. The move is meant to celebrate 30 years of producing hits. On March 25, FRESHA will release a collection of royalty-share NFTs based on some of the best club hits. The collection, dubbed 90’s NOW, will be available on OpenSea, the largest NFT marketplace out there.

FRESHA founder and CEO Dave Morgan stressed the great potential of NFTs:

“ The world of NFTs is the biggest opportunity in music since the MP3, and the launch of FRESHA as a new NFT label signals the start of an exciting new era of freedom for both labels and artists, and represents a chance to give back to the creators while building an exciting new future for music and art, both on the creative and commercial side.”

NFTs can become really powerful instruments for the entertainment industry, helping artists better monetize their work. Celebrities can tokenize music, film, activities and engage directly with their fans. Platforms like Mogul, Overeality, and FRESHA are some of the few examples of companies that drive the future of digital assets in entertainment.