In Olyverse, NFT holders will dictate the development of non-fungible audiovisual projects.
Non-fungible tokens or NFTs, those digital assets that have captured the attention of the world's biggest artists and brands, are finding a special place in the film industry.
Companies and producers like Pixel Vaults, Arad Productions, and Ridley Scott are working to bring NFTs to the world of cinema. Big stars in the film industry, like Reese Witherspoon and Mila Kunis, are also getting familiar with NFTs, with the goal of bringing them to the big screen.
Now, the Spanish actor of “La Casa de Papel”, Álvaro Morte, has presented Olyverse, the first film production metaverse that will explore the applications and use cases of NFTs in the film industry.
The goal of Olyverse is Developing NFT-based films, where the owners of these digital assets can participate in the creation of scripts and stories and decide on their development and outcome.
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Olyverse was introduced by entertainment company Olyseum in the city of Madrid, Spain, this week, as a means to empower NFT owners, giving these assets a new use case focused on the artistic expression and the cultural interest.
“Non-Fungible Story”, a collaborative artistic expression based on blockchain
Olyverse has launched its first blockchain and NFT-based production, titled “The art leader.” This is the first Non-Fungible Story (NFS) ever created.
The NFS represents a new blockchain-based film format, completely innovative, in which famous stars and their fans can collaborate on a common narrative through the blockchain.
As NFS allows users to create and consume content, while also being able to participate in the development of stories, Open the door to unprecedented participation in the film and art industry.
The Olyverse metaverse seeks to revolutionize the world of entertainment by integrating art and culture fans into its collaborative metaverse platform through NFTs. It also offers non-fungible token holders the chance to be part of a membership club where they can share their enthusiasm for art and cinema with others, both fans and big-screen stars.
NFTs and Web3 in the film and television industry
NFTs are becoming an area of growth and innovation for the film and television industry.
The potential that brands and companies see in these digital assets to revolutionize their businesses has driven the injection of millions of dollars in investment. An example of this has been the media and entertainment giant Warner Bros and the sports entertainment chain ESPN, from The Walt Disney, who have joined the NFT club to explore their potential and benefits.
From granting exclusive rights to watch a movie or series episodes to royalties and governance rights to decide by consensus how a plot develops, companies in the entertainment industry are implementing the different use cases and opportunities that NFTs have to offer.
During the presentation of Olyverse, neuroscience engineer Carlos Grenoir, who participated in the creation of this metaverse, pointed out that NFTs and Web3 are decentralizing contributions and opening the doors to a more collaborative ecosystem, where new avenues for collective creation are emerging.
“Today we take another step and venture into the world of art and cinema with Olyverse, a co-creation ecosystem”, Grenoir said.
In addition to Olyverse, Olyseum plans to create a social engagement platform, where fans can directly interact with actors and movie stars, as well as integrate Play to Earn (P2E) game mechanics to deliver the greatest possible utility and value to its community.
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