Is Netflix getting ready to enter the NFT industry?

Netflix asked its Twitter users for their opinion on non-fungible tokens (NFTs). This prompted many in the community to discuss that the movie giant is looking for ways to apply the new technology to its industry. But maybe Netflix just wanted to stir up interest around their studio?

NFT and streaming – more than a happy alliance?

Stoner Cats is an example of how Netflix and other streaming giants can use NFT. To watch the show, potential viewers must purchase a Stoner Cat NFT, with each NFT worth around 0.35 ETH. Such a model could revolutionize the very concept of subscription and turn NFT into a profitable model for streaming giants like Netflix.

In addition, NFTs can be used as marketing tools for famous TV shows and movies. This will be in line with Netflix’s current trajectory; especially since the film studio today is focused on creating franchises not unlike the Marvel Cinematic Universe.

NFT and the rise of the superfan

NFTs can also create communities of superfans who in part influence the decisions of their “stars”. For example, the NFT can serve as a governance token that gives NFT holders the right to vote on the show’s next story arc, or fans can access exclusive episodes.

According to GFT co-founder Mitch Chait, “This is just the beginning. Those who are willing to enable their users to interact through non-fungible tokens will be able to engage them directly through a completely de-intermediated value chain, increasing efficiency on their end, allowing them to deliver more value with greater frequency and delight customers.”

Overall, NFTs can serve as a tool for IP owners and streaming giants to satisfy their thirst for a constant stream of content. Entertainment giants like Disney and Marvel have already joined the NFT. Clearly, it’s time for Netflix to do the same.

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