One NFT To Rule Them All: Warner Bros. Journeys Into Web3
Source: Investor’s Business Daily
Frodo Baggins survived the journey to Mordor and now his next big adventure is taking him to the blockchain. Warner Bros. Discovery (WBD) is launching Ethereum-compatible Web3 movie experiences and non-fungible tokens as part of the new WB Movieverse. The first release features The Lord of the Rings: The Fellowship of the Ring and will be available starting Oct. 21.X
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These «multimedia living NFTs» includes 4K UHD extended editions of the film, hours of special features, interactive content, multiple menu experiences and hidden augmented reality (AR) collectibles. It’s similar to buying a DVD with added features, except Warner Bros. says fans will be able to own and trade the experience on a community marketplace.
And Middle Earth is just the first stop for Warner Bros. The giant entertainment studio plans a series of Web3 movie offerings from its Warner Bros. Home Entertainment division.
The Fellowship Of The Blockchain
For the movie experiences, Warner Bros. partnered with Web3 content startup Eluvio. The Eluvio Content Blockchain enables publishers to monetize all kinds of entertainment — from shows and concerts to digital collectibles and metaverse experiences — for fans to enjoy. The platform offers digital asset management, 4K streaming, NFT minting and premium content trading.
Eluvio has worked with some of the biggest names in entertainment on their Web3 initiatives, including WWE (WWE), Microsoft (MSFT), SONY Pictures (SONY) and MGM Studios (MGM). In addition, the Eluvio Content Blockchain is interoperable with other blockchains, including Ethereum, and uses an eco-friendly proof-of-authority consensus, Eluvio says. In PoA algorithms, only trusted nodes in the network are selected to validate transactions.
However, the WB Movieverse platform won’t be Warner Bros. first steps into the crypto space. In August, it teamed up with social NFT platform Nifty’s to launch a collection of Looney Tunes NFTs featuring various images of the classic cartoon characters. And in September, it partnered with pop culture collectibles company Funko (FNKO) on series of DC Comics NFTs.
Meanwhile, Warner Bros. stock rose nearly 3% by Thursday afternoon before its third quarter results after market close. For the period, analysts expect Warner Bros. earnings to plummet from 42 cents per share to a loss of 22 cents per share, according to FactSet. And revenue is seen more than doubling to $10.45 billion.
Meanwhile WBD stock is down nearly 45% so far this year.