The major film studio Warner Bros has announced the launch of an NFT film version of the beloved film The Lord of the Rings: The Fellowship of the Ring (Extended Version). This is the first of a series of films turned into NFTs from Warner Bros to be used on their new Web3, WB Movieverse site.
The news of Warner Bros creating NFTs movies represents the first time a major studio has released a film in this form. Other major film and entertainment studios will soon follow Warner Bros studios’ steps.
How does a Lord of the Rings Fan Get Hold of This NFT?
Fans of the Lord of the Rings series can purchase the multimedia NFT as of the 21st of October, 2022. The NFT is used with the WB Movieverse site, and fans can engage with the film through two different menu options. The first menu is The Mystery Edition which is priced at $30. The second option is The Epic Edition, which is priced at $100.
As the general public doesn’t hold NFTs and the blockchain in high regard or needs to learn how the NFT market works, Warner Bros has tried to make the purchase of their first NFT as smooth for their customers. Warner Bros partnered with Eluvio, a content blockchain, to help release the first significant studio NFT film.
Fans need to head to web3.w.com and create an account with Eluvio media wallet by using their email address or MetaMask wallet. These wallets act like digital vaults that let users purchase content using cryptocurrencies or credit cards.
What Does The Lord of the Rings NFT Contain
Both editions of the NFT come with a 4K Ultra High Definition version of The Lord of the Rings: The Fellowship of the Ring (Extended Version). It also includes interactive themed navigation, explorable image galleries, a discoverable “Augmented Reality” collection, plus much more.
The Mystery Edition NFT will have 10,000 editions that are up for grabs. Each NFT will contain one of three interactive navigation menus themed on one film’s famous locations. The locations are as follows: The Shire, where the Hobbits famously live, Rivendell, often described as “The Last Homely House East of the Sea,” and the Mines of Moria, was often described as the greatest of the Dwarves.
The Epic Edition will have 999 NFTs released, including the same three interactive location-based menu themes as the Mystery Edition. However, the Epic edition will include more interactive image galleries and other features.
What Does The release Of the Major Studio NFT film Mean for The Industry
The release of The Lord of the Rings: The Fellowship of the Ring film as an NFT will prove that studios can profit by making limited edition versions of their movies that can be traded. As the creators of the NFT, Warner Bros will benefit from the NFT every time it is bought and sold, thus becoming a source of revenue.
The movie and entertainment industry can study this experiment as a way to release content for fans to enjoy while also turning a profit. As NFTs can change the streaming services’ release content as the interactive style of Warner Bros The Lord of the Rings: The Fellowship of the Ring, NFT can serve as a model for other studios to release content for fans to enjoy.
Another way the release of The Lord of the Rings: The Fellowship of the Ring NFT can change the industry is by helping smaller studios or indie films fund their projects. Instead of crowdfunding, small studios can create NFTs of their movies for people to collect or trade. The concept has already been explored by the film Zero Contact, starring Sir Anthony Hopkins. Zero Contact is the world’s first feature-length film released as an NFT. Fox Entertainment and Dan Harmon, creator of Rick and Morty, released a collection of NFTs that allow fans to give creative directions to a new show in development.