The 2022 series, Krapopolis, hails from Rick and Morty co-creator Dan Harmon and includes a marketplace for digital fan-oriented transactions such as GIFs, character art, and more. This came on the heels of a May announcement that the company’s animation studio Bento Box Entertainment ( Bob’s Burger’s) was developing the first-ever animated comedy series curated entirely on blockchain. The jaw-dropping, eye-opening transaction immediately elevated the decreasingly niche crypto asset to mainstream relevance.ĭespite NFT sales reportedly sinking as much as 95% this past month after reaching a fever pitch peak in May following months of increased traction, the new unit of value has moved beyond its origins and into Hollywood’s world of media and entertainment.Įarlier this month, FOX (FOXA) Entertainment announced that it was investing $100 million in a “creator fund” for the NFT space through a new business venture called Blockchain Creative Labs. Their surge is perhaps best punctuated by recent blockbuster art sales, including a $69 million purchase of 5,000 all-digital works by Wisconsin-based artist Beeple. NFTs, or nonfungible tokens that are impossible to fake and represent unique one-of-a-kind value, have become the latest creation yielded by an ever-fluid online economy. As the economy evolves in conjunction with cryptocurrency, it serves as a catalyst of change from within for the surrounding industry. This digital overhaul has even made standard currency an anachronism in its own time as crypto value such as bitcoin surges in usage, popularity, and widespread acceptance (Kansas City Chiefs tight end Sean Culkin become the NFL’s first player to convert his entire salary to bitcoin in April). We live in an increasingly interconnected digital world that has altered the very ways in which we communicate, work, shop, consume entertainment, and live. Hollywood hopes to unlock the hidden value in NFTs.
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