Netflix has caused a stir by asking its users about NFTs. This has led many CryptoTwitterers to anticipate that the streaming giant is looking for ways to engage in the NFT space. But how likely is this prediction?
NFTs and Streaming : a match made in heaven?
Stoner Cats is an example of how Netflix and other streaming giants could utilise NFTs. To watch the show, potential viewers must purchase Stoner Cat NFTs, with each NFT costing around 0.35 ETH. Such a model could overturn the subscription model and turn NFTs into a lucrative model for streaming giants like Netflix.
Additionally, NFTs can be used as marketing tools for high-profile TV shows and movies. This would be in line with Netflix’s current trajectory; especially, since Netflix is currently focusing on building franchises, not unlike the Marvel Cinematic Universe.
NFTs can also create communities of super fans that affect the direction of specific products. For example, an NFT could serve as a token of sovereignty that gives NFT holders the right to vote for a show or to have access to exclusive parts.
According to Mitch Chitch, co-founder of GFT, “This is just the beginning or the courtship phase of this new relationship. IP owners can now target and engage their customers directly through a completely direct value chain, resulting in greater returns.” That enables them to give more value with more frequency and more pleasure to customers.
Collectively, NFTs can serve as a tool for IP owners and streaming giants to quench their thirst for a steady stream of content. Entertainment giants like Disney and Marvel have already used NFT. Clearly, it is time for Netflix to do the same.
Would you like to enter the world of NFT?
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