NFT Craze Catching On in Media Industry

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A digital asset called non-fungible tokens saw a massive spike in popularity over recent months, and many are starting to take notice. VIP media analyst and correspondent heidi_chung explores whether the NFT trend is just a fleeting fad or here to stay

Perfection is rarely achieved in movies, but this heaven-sent concert doc hits the sweet spot. Over two days in January 1972, the Queen of Soul, Aretha Franklin — she was 29 at the time — sweeps into the New Temple Missionary Baptist Church in Watts in front of a congregation and testifies to God in song. The blessed thing took nearly half a century to come out because director Sydney Pollack failed to sync the image with the sound.

The sudden interest in NFTs is likely part of the reinvigorated interest in the crypto space amid the COVID pandemic. Now the main question is whether the NFT trend is just a fleeting fad or here to stay. NFTs are types of digital assets in a blockchain with completely unique codes, and they can transform digital objects such as music, art, videos, images and even tweets into assets that can be owned and sold. Unlike bitcoin and other crypto currencies, NFTs cannot be traded for one another.

While NFTs have been around for years, sales only started to gain traction over the past month or so., there have been over 160,000 NFT sales in just the past month, and things have gotten so hot lately the largest NFT marketplace, OpenSea, announced that transaction volume on the platform grew over 100 times in the last six months, with monthly sales on OpenSea hitting $95.2 million in February.

Many industries are seeing NFTs creep into their marketplace, but entertainment and media are seeing the bulk of activity and interest.back in August 2020, but it wasn’t really talked about at the time. Then in late February and early March of this year, things really took off.

 

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