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Digital collectables and NFTs Entertainment impacts for the video ecosystem

Report by Tim Mulligan
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20,000 foot view: Non-fungible tokens (NFTs) have caught the attention of the wider media landscape. However, consumer awareness is niche with just        of consumers aware of what NFTs are. Despite this, NFTs represent the vanguard of paradigm shifts in consumer access and ownership of media. NFTs should be seen in the context of a wider digital collectable transition in aspirational digital entertainment. NFT functionality will become an operational must for smart TVs and video networks seeking wider engagement and retention with emerging TV show and film fandoms.

Key insights:

  • NFTs represent the emerging transition from physical ownership, to access-to- ownership, through to digital collectables

  • NFT awareness is currently low, with only        of consumers aware of them

  • In-game purchases provide an insight into the emerging digital collectable behaviour in entertainment that could be replicated in video

  • Media streamers, paid downloaders, and multiple video service subscribers all over-index for in-game purchasing, suggesting a natural progression to digital collectibles

  • Smart TVs represent a mainstream and secure platform for NFTs and other digital collectibles to be traded, promoted, and displayed

  • Ultimately, digital collectibles may become as utilitarian as streaming, with the focus shifting to the experiences powered by technology

  • Inter-operable digital identities that can be migrated between platforms and services will become the mainstream output of NFT technology in entertainment

Companies and brands mentioned:  Amazon, Amazon Fire TV Stick, Apple, Apple TV, Disney+, LG Electronics, NetEase Cloud Music, Netflix, Samsung, and Tencent Music Entertainment

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