Blockchain technology is arguably the most disruptive technology to appear in decades, providing a platform with applications limited only by imagination. Breaking new ground in this arena is Marvin Williams, President of HQ Global Education (HQGE) and CEO of its subsidiary Big M Entertainment Pictures (BMEP) with the application of non-fungible tokens (NFT) to the branding and monetization of film production assets. “NFT and the underlying components of blockchain technology allow BMEP to provide unprecedented access to our projects in real-time,” William said. “Film enthusiasts can engage with the film, even own a still from the project, as the film is being created.”
Changing the game
This adoption further increases marketing power, as viewers begin to feel connected to projects in a new way, as if they, too, are involved in the evolution of their new favorite film. Scenes can be shot during the day and turned into NFT almost immediately. They can then be sold or distributed across the internet to build buzz in a new and tangible way.
Funding for film productions can be a lengthy, complex process, involving teams of people working around the clock worldwide to secure investors, distribution, and purchasing rights. NFTs stand to put the process directly into filmmakers’ hands in a new and powerful way. “Collectors and fans of artists, actors, directors, and creators of all kinds can be involved in the success of a film by helping to fund it, and in the process, come away with their own small piece of the final product, of history,” Williams said.
And NFTs aren’t just for artists. Many are aware of the $69.3 million sale of Beeple’s digital artwork, and social media was abuzz in April 2021 when Jack Dorsey, CEO of Twitter, sold his first-ever tweet as an NFT for $2.9 million. Digital highlights of basketball games are being sold and traded, and even charities are joining in with NFT- driven fundraising. Autograph, a company founded this year by NFL legend Tom Brady, is entirely built on the utilization of NFT to bring superstars in sports, entertainment, and pop culture together with their biggest fans.
Startup companies stand to benefit greatly, with the ability to reclaim the investment process while building buzz around their products or services through digital assets. The market is still volatile, experiencing wild swings by the tens of millions, but that’s what many find exciting about it. “In fact,” Williams added, “startups and small companies are better suited to adopting NFT, because they are more nimble, more able to pivot, unburdened by bureaucracy. That’s why Big M was able to enter this space so readily and bake the creation of NFT-ready assets into our process. We see something, we like it, we move on it.”
Green blockchain approach
A common criticism of blockchain activity is the adverse environmental impact due to increased power demands on the network. Williams is committed to leaving a lighter footprint by implementing a fee-for-transaction strategy, rather than relying on gas. By building the fee into the price of the token, no mining needs to occur, thereby bypassing that pressure on local power grids. “Our process means that only tokens that are sold incur the fee and no gas is required. Also, it doesn’t make sense to pay for gas and tax the system for a token that might or might not sell,” Williams said. His approach is indicative of a perspective that ensures both fiscal and environmental responsibility in balance with groundbreaking evolution.
Williams and the team at Big M are focused on uplifting the voices and experiences of real people through various feature films, docuseries, and documentaries. “BMEP prides itself on the ability to stay nimble and meet the needs of filmmakers in a unique way,” said Williams. “At this stage in our evolution, we have found our brand to mesh well with documentary filmmaking. I look forward to bringing that approach to major motion pictures.” On April 7, 2021, stock prices for HQ Global Education (HQGE) rose by 40% following the release of multiple collections of digital art on the OpenSea.io marketplace.
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