Ownership and digital rights are a massive point of contention in Hollywood right now as actors, writers and other workers clash with studios over the use of new technologies such as Artificial Intelligence.
However, not all new technologies are seen in a negative light, and BSV blockchain-based companies like RAD are using non-fungible tokens (NFTs) to give content creators more power over their works.
- Brooklyn Earick (Chief Marketing Officer at Rad NFTV);
- Tony Mugavero (Co-Founder & CEO at Rad NFTV);
- Ryan Kavanaugh (CEO of Proxima Media);
Hollywood is risk-averse and wary of NFTs
Kavanaugh began the panel discussion by highlighting that Hollywood has historically been risk-averse and therefore blockchain and NFT adoption in the space has been relatively slow. However, he noted that all it takes is one or two creators to begin making money in the space before everyone jumps on board.
He joked that this is because Hollywood has traditionally lived somewhere between “fear and greed” – citing his decision to do a streaming deal with Netflix in 2010, back when the company was still primarily known for its DVD mail-order service and not the behemoth it is today.
Mugavero said that this issue is compounded by the perceived complexity of blockchain and NFTs and that it can be difficult to get studios on board with these new technologies. This means Hollywood studios are more likely to be on board with a blockchain-based product if they can see an immediate impact or appeal.
He emphasised the low cost of transacting on the BSV blockchain and said that no NFT project would achieve mass adoption by creators unless it was “fast, easy and cheap to use.”
Mugavero adds that one of the benefits of the technology is reducing the complexity around Hollywood accounting and using features such as NFTs and smart contracts to ensure that people are paid more fairly and openly.
NFT usability upfront – technology in the background
Earick said that an important part of driving this adoption is not ‘shoving the technology’ down people’s throats, but rather showing its use case and keeping the technology more in the background.
He pointed to games and services such as Fortnite, Roblox and Minecraft which have effectively already implemented their version of the Metaverse and NFTs – but are focused more on servicing players in clever ways rather than drawing attention to the technology directly.
Kavanaugh added that NFTs have been turned into a ‘dirty word’ because of the stigma attached to them due to bad actors in the past. Because of this, NFTs are likely to see significant adoption going forward but ‘under a different name’.
RAD has streamed innovative content with every major studio and broadcaster globally by licensing content or powering experiences in VR and web3, and has streaming apps on PlayStation 4 and 5, Android TV, iOS, and Meta Quest, and built a globally leading position in VR, distributing content to devices like PlayStation VR, HTC Vive, and Windows Mixed Reality.
RAD was also the first streaming service to offer an NFT subscription and launched its full NFT Stream Pass in December 2022.