Non-Fungible Tokens: An Opportunity for Movie Memorabilia
In December of 2019, Sotheby’s held an online-only auction dedicated to rare Star Wars collectables. The auction came just days ahead of the premiere of Star Wars: The Rise of Skywalker. It was the second online-only auction that Sotheby’s held for the Star Wars franchise (the first auction garnered over $77K). This second auction was anticipated to be even stronger. It was.
Some pieces of film memorabilia in the second auction went for well over $100K (like the rocket-firing Boba Fett that went for just shy of $190K after buyer premiums). Obviously, this auction brought in hundreds of thousands of dollars for the franchise as well as sizable premiums for Sotheby’s. The film and auction were widely successful.
Despite the success, however, the film collectible experience stopped just shy of a massive, unexplored opportunity. An opportunity so massive, but one that Star Wars, Sotheby’s, and nearly every other filmmaker on the planet is still overlooking.
Film collectibles can be tokenized using Non-Fungible Tokens (NFTs).
At Mogul, we understand that people love film collectables but we also understand the potential of how NFTs can improve the film collectible market. Mogul will work together with our showcased films to distribute rare NFTs on our platform. Our users will also be able to earn STARS tokens and spend those on one-of-a-kind NFT collectibles in the Mogul Rewards Marketplace.
What exactly is an NFT? Visit our website to learn more about cryptocurrency.
Non-Fungible Tokens: Major Potential For Film Merchandise
NFTs have exploded onto the scene as one of the most exciting and promising utilizations of blockchain technology. NFT technology has the potential to grow the community around our films even larger, and offer film fans a one-of-a-kind collectible that will be special to them.
In this article, we will introduce you to:
- The world of NFTs
- Discuss the variety of applications
- Explain how Mogul can help you earn rewards with NFTs.
If you want to learn more about how blockchain can be used for film, visit our website.
Fungible vs Non-Fungible Tokens
To understand the difference between tokens that are fungible and non-fungible, it is critical to first understand the meaning of the terms ‘fungible’ and ‘non-fungible.’
Fungibility is an economic concept that describes two items that are mutually interchangeable. Two of the same items. When something can be exchanged equally for another of the same type, it is considered fungible. For example, one dollar bill is the exact same as another dollar bill. These are considered fungible. A fungible token, therefore, is a token that is interchangeable with another token. One bitcoin is the same as another bitcoin.
Non-fungible means the opposite; nonfungibility is a true one-off, anything unique and truly one-of-a-kind is considered to be non-fungible. Think about a priceless work of art, such as a Picasso or Warhol. Each of these paintings is unique to itself. There will only ever be one Mona Lisa. A non-fungible token is one that has unique properties that make it different from every other token.
Different Types of Assets That Can Become NFTs
Any type of asset that is unique can be digitally represented with a non-fungible token. This unlocks an entire universe of possibilities for NFTs for film collectibles. The following are examples of different types of NFTs:
One of the best-known uses of NFTs to date is CryptoKitties. Launched in 2017, CryptoKitties is a digital trading card game. Users breed and raise virtual cats with 12 unique attributes, called “cattributes,” such as shape and fur pattern. These unique CryptoKitties are actually wildly popular NFTs running on the Ethereum network. Each kitty is 100% unique.
The virtual market for these NFTs has transacted mind-boggling amounts of money. As of January 2020, the total amount of money spent on CryptoKitties is just shy of $28 million. The most expensive CryptoKitty ever sold is worth around $282,000 today.
Digital art has seen a revolution this year through NFTs and Rarible, a platform that rewards users for buying and selling digital collectibles. The platform’s native token RARI is one of the top-performing NFTs in the world. According to Cointelegraph, nearly $1 million of NFTs are sold per week on Rarible!
A competitive crypto card game called Splinterlands is one of the most popular blockchain games. In September 2020, Splinterlands was the number one decentralized application on the State of dApp website with 100,000 daily games played. In total, there have been over 3.5 million transactions made to the Splinterlands smart contracts. Recently, the game launched a Booster Series featuring exclusive in-game add-ons. It has a total in-game valuation of over $5-million dollars.
Potential Use for Film Posters and other Film Merchandise
It is a well-known fact that film posters are highly collectible. The current record for a movie poster is $690,000 which was paid at a London auction for a 1927 poster of Fritz Lang’s Metropolis. In many cases, film posters can be extremely valuable. In some rare instances, they can fetch prices normally reserved for works of art. However, it is not only old movie posters that have value. Even the 2003 teaser posters for Kill Bill printed on mylar foil are worth an upwards of several hundred dollars.
This collectible market for movie posters is an ideal use case for NFTs. Even further, NFTs can be used to prove the authenticity of the film poster which helps to avoid counterfeiting. The film poster could even use a QR code to send the authenticity token directly to your digital wallet.
Earn Rewards for One-of-a-Kind Film Collectables
Users can earn rewards on the Mogul platform that are redeemable for prizes, some of which include NFTs!
With the power of blockchain, Mogul has built a Monoplasma-based Rewards Program where users can earn unique film rewards, such as NFTs, on the platform.
Unlike fungible tokens such as Bitcoin and Ripple, NFTs are a digital representation of one-of-a-kind items. From movie posters to works of art, the potential use cases for NFTs are endless, and now Mogul is bringing NFTs to film.
What is a non-fungible token?
A non-fungible token is a token that represents something completely unique. These tokens have attributes that make them one-of-a-kind. NFTs use blockchain technology to verify their authenticity and digital scarcity. Mogul is very excited to bring all of the potential of NFTs to the film industry for our community.
ABOUT MOGUL PRODUCTIONS (MOGUL)
Mogul Productions, established 2019, is a blockchain-based film financier and production company with a presence in Canada, the United States of America and Europe. The Mogul platform connects contributors, film industry professionals and fans through technology that allows all users to engage and participate with each project throughout theirs entire lifecycle, from financing through to production and distribution.