Entertainment Industry Pushes To Shift Intellectual Property To Web3

Описание: The entertainment landscape has been progressively moving towards capitalizing on Web3 through popular franchises. The start of this shift however has not been without its challenges. The legal perspective around ownership is seeing ongoing litigation between Quentin Tarantino and Miramax, Nike NKE and StockX, and Hermes/Mason Rothschild. NFT issuers and holders, therefore, need to understand the complexities involved in what is, and isn’t, allowed once an NFT changes hands. For example, once purchased the underlying rights of an NFT aren’t generally given by the issuer. Instead, specific rights are given to display and exhibit the work. Under federal law, a full copyright holder is granted certain rights under ownership. Including the ability to reproduce and distribute the work, as well as introduce derivative projects. Generally, NFT holders can’t do this and subsequently fully commercialize their NFTs, which therefore brings the question of ownership to the forefront. With the sector in its infancy, in regards to its understanding and application of Web3, clearly, several issues still need to be ironed out. What is clear however is the mass potential of increased revenue. Marvel, for example, has been selling physical merchandise for decades and is seen as a tangible revenue stream for the company. Web3 has now made it possible for the company to sell items such as digital figures, key scenes and even potential original movie scripts, all tracked by the blockchain to guarantee originality. Unlike memorabilia of a physical nature, however, Marvel could make royalties from each subsequent sale of their product, once again, because of blockchain. Fox FOXA became the first studio to introduce an entire blockchain division in May last year with at least a $100 million investment into it. According to Axios, Scott Greenberg, the CEO of Fox's Blockchain Creative Labs division, "sees NFTs and other digital assets as an opportunity to create more fan engagement not just across all of Fox's properties, like Fox Sports, Fox Entertainment and Fox News, but third-party franchises too."The opportunities for virtual world creation become limitless with a substantial and potentially complete shift on the horizon from physical products to digital assets. As a result of the fact that tangible space is not needed in the digital sphere, monetization opportunities become rife. One of the changes we saw companies make over the past decade was the development of social media marketing campaigns around their products and services. Hollywood was no different in adopting that shift. Some media companies have gone so far as to invest heavily in intent-data and data remodelling solutions to enhance their customer experience and improve efficiency and conversion rates online. It is becoming apparent that there is a gold rush for companies to invest in this new age of data and implement emerging technologies.


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Article Link: https://www.forbes.com/sites/joshwils...


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