“Industries such as K-pop have a large fan base, and related NFTs are sold to them.” However, there are markets where it is offered to people simply for the sake of investing” says Kim a culture critic.
NFTs are digital tokens of real or digital assets that are unique and not interchangeable, based on blockchain technology. It ensures ownership of specific material and may be traded on the market, with the token’s value fluctuating according to market demand.
Earlier NFTs approach
Lotte Cinema and Warner Bros. collaborated to give NFT merchandise to the first 30,000 persons who purchased tickets for “The Matrix Resurrections” on December 22. By applying for one of six different Matrix-themed NFT items after purchasing movie tickets, moviegoers might get one of six different Matrix-themed NFT merchandise.
A spokeswoman for Lotte Cinema operator Lotte Cultureworks told The Korea Herald, “All of the 30,000 NFT items were given out to the spectators.” “NFTs are hot right now, so there’s no reason not to conduct another event like this.” Audiences appear to have applied for the NFT merchandise out of curiosity, according to the spokeswoman.
“Customers know what they’re getting with collector tickets, but it’s a little different with NFT products.” “At least for now, most people want them because they are interested.”
He was referring to collectible movie tickets, which are premium printed movie tickets that are frequently given to a small number of spectators by Korean movie studios.
In December, Cho Sung-film kyu’s “Long Day” began selling NFT products on the platforms MyPics and Klip Dops of Ground X, a blockchain subsidiary of the nation’s internet behemoth Kakao. Two signed posters and unique movie moments are among the items for sale on the marketplace.
When the special items were released, director Cho commented, “We anticipate NFT will open up new possibilities in the film market, which has been stagnated owing to the COVID-19.” NEW, a film distributor, took NFTs to a new level. NEW has begun selling 3,000 Generative Art NFTs on the NFT platform Opensea, which were generated with IP from the upcoming film “Special Delivery.”
During the presale period, which began on December 29, each NFT was worth 30 KLAY (a Kakao-created cryptocurrency) and 50 KLAY during the main selling period, which began on January 2. They were all shortly sold out.
“It’s not like regular NFT goods,” a NEW representative explained. “Others frequently sell non-framed versions of existing posters. We made new works of art that are valuable in and of themselves. Each of the 3,000 works of art is unique. They come from various backgrounds, have varied hair colours, dress differently, and so on.”
He went on to say that some of the artworks are already being resold on NFT platforms at a significantly greater price because of their rarity. It’s also a new way for the film distributor to improve the value of its intellectual property, according to the distributor.
“We get paid a set amount every time the NFTs are traded because we own the IP,” he explained. “As a result, we hope to use this technology not just on prospective films, but also on films that have already been released.”
Criticism to the NFTs move
Kim Hern-sik, a culture critic, expressed some reservations regarding the viability of NFTs in the Korean film industry.
“At the moment, many people are willing to invest in NFTs. As a result, the tendency is likely to continue,” Kim stated. “However, they are overheated, as are most trendy things.”
According to Kim, in order for NFTs to become a reliable source of revenue for the film industry, the content being offered must have a large fan following.
“There has to be a big fan base for NFTs to be absorbed into pop culture,” Kim stated. “Industries such as K-pop have a large fan base, and related NFTs are sold to them.” However, there are markets where it is offered to people simply for the sake of investing.”
For movies to have lasting value, Kim believes they must be appealing enough to develop a fan base for associated NFT items.
“NFTs are not disposable goods, they should have staying power to be meaningful,” Kim said.