Netflix has set tongues wagging by asking its users what they think about NFTs. This has led many CryptoTwitterers to predict that the streaming giant is looking for ways to get involved 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 and the rise of the superfan
NFTs could also create communities of superfans that influence the direction of specific productions. For example, an NFT could serve as a governance token that gives NFT holders the right to vote on the direction of a show or access exclusive episodes.
According to GFT co-founder Mitch Chait, “This is just the beginning or the courting stage of these newfound relationships. IP owners can now target and engage their customers directly, through a fully disintermediated value chain, driving efficiencies on their end, which enables their ability to give more value with greater frequency and delight to customers.”
All in all, NFTs can serve as a tool for IP owners and streaming giants to satisfy the thirst for a constant stream of content. Entertainment giants such as Disney and Marvel have already jumped on the NFT bandwagon. It’s clearly time for Netflix to do the same.