- Warner Bros. Taps a Web3 Firm to Release LOTR NFTs
- Entertainment Giants Bet on the Metaverse Despite Market Slump
Warner Bros. is set to drop an NFT collection for the legendary Peter Jackson’s film ‘Lord of the Rings: Fellowship of the Ring,’ the production company announced Thursday. ‘The Fellowship of the Ring (Extended Version) Web3 Movie Experience’ will become available for preview and purchase on Friday.
Warner Bros. Taps a Web3 Firm to Release LOTR NFTs
Warner Bros. teamed up with web3 firm Eluvio to release ‘The Fellowship of the Ring (Extended Version) Web3 Movie Experience’ – a non-fungible token (NFT) bundle based on the iconic Peter Jackson film. LOTR fans will be able to preview the experience and buy NFTs on Oct. 21.
The NFTs represent an all-in-one web3 experience, each including a 4K copy of The Fellowship of the Ring, several hours of behind-the-scenes footage and photographs, as well as LOTR-inspired augmented reality (AR) collectibles. Eluvio created the NFTs and is hosting them on its Ethereum-compatible Content Fabric protocol.
“The core digital assets themselves, not just the token, are on the blockchain.”
– Michelle Munson, Co-Founder and CEO of Eluvio.
“Fans of The Lord of the Rings can now acquire, participate, and trade in an epic living media experience that will undoubtedly surprise and delight them,” said Munson. “It’s truly designed for a mass consumer audience, not just Web3 enthusiasts, which is why it should, and does, feel so remarkable and engaging.”
– Munson added.
Warner Bros. will release a limited number of LOTR NFTs, which can be purchased using a credit card or cryptocurrency. The collection will come in the Mystery Edition and Epic Edition, priced at $30 and $100, respectively.
Entertainment Giants Bet on the Metaverse Despite Market Slump
The company’s entry into the metaverse comes amid a sharp NFT market crunch in 2022 as investors try to steer clear of risky assets due to record-high inflation and recession fears. NFT sales have plummeted 68% year-over-year in Q3 2022, after experiencing a boom in 2021.
But that did not stop entertainment giants and other major companies from investing in the metaverse, which is projected to be worth $1.5 trillion by 2029. Earlier this month, iconic video game maker Konami announced plans to hire “a wide range of talent” to create unique metaverse and web3 experiences.
Eluvio’s spokesperson said Warner Bros. intends to turn more of its iconic films into NFTs in the future. Furthermore, the studio could use the Movieverse as a marketplace for film enthusiasts to trade digital assets and collectibles with each other.