As entertainment companies have begun employing greater creativity and tech edge in Web3, NFTs have emerged as a tool for audience engagement and franchise extension, said Bitski’s Hassan. She added that a project’s viability may vary by intention. Potential projects created purely as revenue drivers may reflect the unpredictable nature of crypto economics. However, Web3 ventures built on fan engagement and extending the reach of creative endeavors can operate successfully regardless of market values.
AMC Networks has taken to the metaverse to construct NFT-based worlds for its franchises “The Walking Dead” and just-premiered “The Immortal Universe of Anne Rice.” While these projects also include the collectible-buying process, each NFT will manifest in an upcoming digital environment that fans will be able to explore via their purchases.
Fans can collect NFT avatars, plots of land and motorcycles that will be elements in “The Walking Dead Lands” metaverse when it launches. An official date hasn’t yet been announced, but it will roll out over the course of months and years. These items currently range in price from $25 to well over $1,000 each on NFT marketplace OpenSea.
“The NFTs that we are creating and selling are not merely collectibles,” said Clayton Neuman, VP of games at AMC Networks. “These are things that are building up towards this metaverse, which will be a digital destination online where fans can gather ... and these NFTs will have utility in that space.”
Beyond the project’s value in superfan engagement for AMC’s franchises, Neuman also said it has drawn new audiences curious to see innovations in the Web3 space and to teach one another how to use them.
“The project is accessible enough and the community was open enough to help onboard the newcomers and show them how the whole system works and why it’s beneficial to them,” said Neuman. “Especially as AMC grows its business in the SVOD space with offerings like AMC+, we see fostering this really highly tuned-in digital audience is a huge advantage—and we see Web3 as a way to create a direct relationship with that audience.”