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Tag: NFTS

  • GUEST COLUMN: Marketing in the metaverse – A giant leap for the advertising world

    GUEST COLUMN: Marketing in the metaverse – A giant leap for the advertising world

    Mumbai: The pandemic made digital engagement very mainstream. Nowadays, people are up for exploring the variety of tech innovations available in the virtual space. During the pandemic, they switched from offline engagement to online engagement, whether in the field of shopping, eating, gaming, lifestyle, etc. This switch resulted in wide online social traffic, especially in the immersive gaming experiences through the use of augmented reality (AR) and virtual reality (VR).

    With 4.8 billion active internet users worldwide, the online social sphere is growing to accommodate new kinds of communication, engagement, and entertainment for a tech-savvy generation. A recent concept that has come alive in the online social sphere is metaverse. It is backed by a fully working virtual economy, much based on cryptocurrencies and digital items and assets such as nonfungible tokens (NFTs).

    Metaverse, the internet’s evolution, is emerging as a potential tech innovation in the spheres of marketing and social connection. It encapsulates a set of immersive virtual experiences where people can exist and engage with each other on virtual platforms. It builds rich user engaging virtual spaces using augmented reality (AR), virtual reality (VR), blockchain, and digital media principles. Merging the virtual, physical and augmented reality in real-time, metaverse allows interaction in a virtual 3D environment through avatars.

    The worldwide metaverse market is worth $63.83 billion in 2021 and is expected to be worth $1,527.55 billion by 2029. It implies growth at a CAGR (compound annual growth rate) of 47.6 per cent between 2022-2029. Prodigious companies are eagerly investing in the metaverse market. Therefore the marketing and advertising companies have found their newly developed fondness for the metaverse. And true enough, the newly developed concept projects ample opportunities for tech-savvy entrepreneurs and brands to advertise themselves through it.

    Metaverse creating value in advertisement wold

    Marketing space has continuously evolved in time from radio to television to the internet and now metaverse. The early days of social media saw a rise of social marketing agencies likewise for metaverse, these agencies will have to, urgently, explore virtual and metaverse practices lest new metaverse dedicated companies prop up to better engage customers.

    Marketers constantly seek out customers, whether in person or online, therefore, the expansion of metaverse will undoubtedly be one of the primary future playgrounds for the digital advertising sector. Experiments through influencer marketing are also being undertaken in the metaverse for engaging customers in metacommunities. Virtual reality will revolutionise business and marketing attitudes by serving as a medium for invention, discovery, identification, expression, connection, and socialisation.

    Some companies have already taken a lead. Big brands like Google, Facebook, Microsoft, Puma, Gucci, Nike, etc are making their way into the metaverse. For e.g Nike’s Nikeland, a virtual universe that offers sports venues, digital showrooms where people can dress their avatars, etc. Or M.A.C cosmetics that provide virtual make-up facilities or Fortnite, which introduced in-game concerts for its players. These moves will strengthen their digital foundation more.

    Some apparent benefits make it clear why the companies must explore the metaverse to create value in the advertisement world. Metaverse is believed to have a high engagement rate. Tech-savvy gen-z and millennials who engage in it are the future customers. They spend their significant time on the internet. Companies and brands must step into the world of metaverse to advertise and capture this expansive lot of audience. Furthermore, because it is a novel concept in the market, it is less expensive than standard advertising modes. Therefore, the first-mover advantage will have a cost-benefit for the businesses.

    The data-driven interaction is another benefit. The data collected in the virtual 3D environment will come from real people that are operating as avatars. This data can be analysed and used to forecast or make business scaling strategies both for the online and offline market. Not only tech companies and business industries, but even government entities are keen on investing in the multiverse. Several innovative advertising methods have been explored so far. Use of non-fungible tokens, collectibles, cryptocurrencies, in-game activities, and virtual billboards are some to name.

    Direct to avatar sales values at $54 billion and innovative entrepreneurs are already envisaging the ways for new income streams. From real estate purchases to online AR / VR-based offices to gaming, all is happening in the metaverse. Silicon Valley sees it as the next generation of the internet. Facebook has made a significant investment in its growth. Snapchat has incorporated augmented reality components into its services. Thus, it is bound to become a parallel reality because technological innovation is here to stay.

    Data privacy, security and copyright issues are challenges that will prevail for now, but that must not prevent companies from exploring. Smart advertisers will succeed in any reality if they focus on matching their needs with the needs of their customers to produce useful experiences.

    The author is Wing Communications CEO and founder Shiva Bhavani

  • GUEST COLUMN: Film and TV revolution through NFTs and metaverse

    GUEST COLUMN: Film and TV revolution through NFTs and metaverse

    Mumbai: Technology and entertainment have historically gone hand in hand. For every new technology that came about, the world of entertainment has usually been at the forefront and adapted it to its advantage. Take the example of any technology in the past, starting from VCRs to DVDs to Blu Ray and now to 3D cameras, Imax cinemas; the entertainment industry has always made the best use of it.

    Today, as we see newer forms of technologies like NFT’s, blockchain and metaverse emerge, the entertainment space is already eyeing different ways how to make the optimum use of it. Ranging from sports collectibles to music collectibles, in-game purchases in video games and NFT sales rose to more than $17 billion globally in 2021.

    Bollywood and NFTs

    The Indian entertainment sector, too, has started to explore ways in which it can include these new, pathbreaking technologies. Given the connection that Indians share with Bollywood, it is no surprise that we have seen a lot of interest when it comes to collectibles featuring celebrities. Domestic marketplaces are turning over both physical and digital assets, and the collectors who are bidding for these assets are spending big.

    In terms of revolutionising the entertainment space, NFTs have allowed studios to find another avenue of monetisation. Big Budget films that are made for hundreds of crores, now have another way of recovering their costs by selling digital assets. Additionally, studios that have a ton of memorabilia from films that are a part of our social and cultural fabric, now have the option to convert these collectibles into NFTs and add another source of revenue to their existing models. Smaller films too have an additional avenue to recover costs through selling NFTs to fans. With NFTs, even smaller films that have a cult following can reap decent amounts of revenue.

    Bollywood enters metaverse

    There are many questions about the metaverse. Can things be worth anything in a virtual place that does not even exist in reality? While that can be said for social media as well, Bollywood has literally marked its territory in the metaverse. Producer VashuBhagnani’s Pooja Entertainment recently purchased virtual land on metaverse for $5,613. The production house is calling the space Poojaverse and it plans to provide users with a movie theatre-like experience. Another example is singer Daler Mehndi who bought land-titled ‘Balle Balle Land’ for an undisclosed amount. The singer plans to open an NFT store in the space where he plans to sell both digital art and merchandise as both virtual and digital products. Reportedly, the singer will have live concerts in the virtual space and even have interactive games.

    Another exercise of the entertainment industry’s tryst with metaverse is the ALTBalaji’s reality show titled “Lock Upp.” Even though it is using the metaverse as a way of marketing rather than being an actual metaverse based on a blockchain, it does have features where viewers can experience the unique world of the show, complete tasks, and win real money. With viewers always looking for a personal connection with celebrities, connecting with their favorite actors or artists in the metaverse becomes something very special for them.

    While NFTs are faring much better than the metaverse space, as technology evolves, the entertainment sector, like always, will not fail to take advantage of this unique opportunity and cash in on this revolution.

    (About Author: Abhayanand Singh is the Vistas Media Capital and Fantico group CEO and co-founder)

  • Category first & insight-driven: Viacom18 kids cluster’s approach to marketing explained

    Category first & insight-driven: Viacom18 kids cluster’s approach to marketing explained

    Mumbai: Viacom18 kids cluster’s month-long campaign around Nickelodeon Kids’ Choice Awards (KCA) is culminating on 27 March. Last year, when the broadcaster hosted the event virtually due to the coronavirus pandemic, it saw a remarkable level of engagement with 1.5 million votes. This year, the network has taken category innovation a step further by launching a metaverse experience in ‘Decentraland’ where a screening of KCA will take place.

    The multi-platform event will be broadcasted across 14 channels including TV (Nick and Sonic), social media handles, and OTT platforms (Voot, Voot Kids, JioTV, and JioTV+). Viacom18 has also partnered with DTH operator Tata Play to air the event via its service Tata Play Fun Learn.  

    Talking about the category-first move and metaverse experience, Viacom18 head of marketing kids’ entertainment cluster Sonali Bhattacharya shares, “Users can either rent or buy virtual land there and use it as they see fit. We’re the first to launch a metaverse experience that is desktop friendly. So, you don’t need a piece of hardware like an Oculus VR headset to be a part of the screening.”

    “Events such as KCA were an opportunity for the network to interact with kids on the ground, however, even as we come out of the pandemic, parents still reserve concerns regarding the safety of their children. In Decentraland, kids would be able to engage in social activities they couldn’t on the ground such as jumping a trampoline or playing in a ball pit albeit virtually,” Bhattacharya adds.

    Since last year, Viacom18 kids cluster has been very active when it comes to social and digital engagement with kids, remarks Bhattacharya. “A whole lot of engagement is happening on YouTube and there’s a surge in influencer marketing that is happening on platforms such as Instagram and MX Takatak. We are regularly engaging with kids and are in touch with the best and safest influencers in the category. As a responsible kids’ brand, we take the choice of influencers and bloggers very seriously as there is a lot of content out there that is not ideal for kids’ consumption,” she tells.

    The network collaborates with influencers like Siddharth Nigam, a former child artist who played the lead in “Aladdin – Naam Toh Suna Hoga,” who creates peppy dance videos that attract a lot of viewership from their desired audiences i.e., 8–12-year-olds. During the pandemic, Nickelodeon conceptualised campaigns such as ‘Nick Says Dance,’ “Nick Jr Creatively Yours,’ and ‘Sonic School of Cool’ to engage kids getting bored at home.

    Talking about the insight behind the campaigns, Bhattacharya says, “Kids love one-upmanship and we should foster that in a safe and healthy manner. We realised that the biggest space that a child could exercise this was in school which was snatched away from them because of coronavirus. We said let’s do ‘School of Cool’ virtually where our influencers would engage kids as teachers would in classrooms and teach them lifehacks in a fun way. That campaign really struck a chord with kids and even now that it has ended, you see a certain amount of organic engagement with it.”

    The network also partnered with food brands such as 99pancakes, Smokin Joe’s, and Belgian Waffles which displayed the network’s popular IPs on their packaging. “What happened was that family time increased with both parents and kids staying indoors during the pandemic. There was a surge in cooking and home delivery in homes. We thought why not tie-up with food brands, who were more than happy to have our characters on their packs, and it gave us a channel to reach parents and their kids meaningfully,” states Bhattacharya.

    “We have a big tie-up in the North that we’re trying to scale. The challenge in a country like India is that one size doesn’t fit all. You have to approach every market differently,” she further says.

    For an audience that is easily distractible and a challenge to reach, category innovations such as these are the heart and soul of kids’ channels. Despite being aware that there is a massive audience of kids on social media platforms, Bhattarchaya claims that it is difficult to attribute and measure their engagement with the target group. “Kids cannot even be on social media platforms until they’ve crossed the age of 13 but we all know that a very large part of consumption on YouTube, Facebook and Instagram is completely driven by kids. Whenever we do a tentpole, it is a 360-degree marketing approach where we harness the power of our channels that reach 52 million kids every day. We leave no stone unturned and use our handles on YouTube to the fullest for online engagement. Unfortunately, we still don’t have a tool that can carve out how much of that reach has come from a nine-year-old, or whether the engagement is coming from Instagram versus another digital platform. I’m sure it is a matter of time before the code is cracked.”

    The summer months are a critical time for kids’ entertainment channels who see some of the highest viewership during the quarter. Viacom18 kids’ cluster is planning to release new episodes of its tentpole shows “Bhoot Bandhus,” “Chikoo Aur Bunty,” “Motu Patlu,” “Rudra,” and “Shiva” accompanied by high decibel marketing campaigns. It also has a series of made-for-television movies lined up that work really well with kids, according to Bhattacharya.

    When queried whether the network is looking to resume ground initiatives once again, Bhattacharya replies in the affirmative. She says, “We do wish to incorporate some on-ground activity in the summer months. We’re keeping our fingers crossed that nothing crazy happens. Today in Bombay, Delhi, and tier-II cities things are looking relatively safer and we’re hoping to come back with the entire touch-feel-play experience.”  

    “It’s been an exciting journey and Nick has remained the top kids’ channel for eight years in a row,” she concludes.

  • Binance announces strategic partnership with SM Brand Marketing

    Binance announces strategic partnership with SM Brand Marketing

    Mumbai: Blockchain ecosystem and cryptocurrency infrastructure platform Binance has signed a MoU to build a comprehensive partnership with SM Brand Marketing (SMBM), a subsidiary of a South Korean entertainment company SM Entertainment.

    As part of the comprehensive partnership, Binance and SMBM will establish a global Play-to-Create (P2C) ecosystem. The partnership will begin with cooperation in the NFT sector and the creation of a joint eco-fund.

    Conceptualised by Soo-Man Lee, the music executive of SM, P2C allows users to reproduce content using IP. “By using the tools and IP provided within the e-commerce and metaverse platforms, users can recreate content and products in the forms of games, music, dance, and goods,” said the statement.

    Within the P2C ecosystem, these contents and products can be converted into NFTs, allowing users to earn profits while also gaining recognition for their originality. The P2C ecosystem is a step forward from the existing Play-to-Earn (P2E) model, it added.

    “Binance is happy to be working with SMBM to advance the current P2E ecosystem into a P2C ecosystem,” said Binance NFT global head Helen Hai. “We would like to provide SMBM with the robust technology that can support the numerous Kpop global fans who enjoy recreating content based on their favorite Korean celebrities and want to earn passive income through their hobbies.”

    With the strategic partnership, Binance and SMBM will collaborate to create an ecosystem where global creators can easily participate in recreation using IP and profit from their original content and projects in a transparent manner. The P2C ecosystem created through recreation will also enhance the creative culture within the K-pop industry. Fans, artists, and companies are brought together to join forces on these e-commerce and metaverse platforms, the statement said.

    Binance and SMBM will be working jointly on the blockchain mainnet, NFT, and eco-fund to establish the P2C ecosystem. Binance will also provide the technology infrastructure for the overall blockchain and NFT ecosystem. Meanwhile, SMBM will provide the vast IPs managed by SM, including EXO, Red Velvet, NCT, aespa, and more, and support with content planning and platform construction, it added.

    “By combining together SM’s production capabilities, SMBM’s e-commerce platform capabilities, and Binance’s technology infrastructure, we expect this comprehensive partnership will bring great innovation in the establishment of the P2C ecosystem and expansion of businesses in the blockchain industry,” stated SMBM CEO Sung-su Lee. “It is also an opportunity for fans to build a new participatory creation culture through recreation and to gain economic benefits by being on the blockchain.”

  • BBC, NFTS work to put new documentary talent on TV

    BBC, NFTS work to put new documentary talent on TV

    MUMBAI: UK pubcaster BBC is awarding development deals to three National Film and Television School (NFTS) documentary filmmakers.

    The BBC and NFTS established the development deal to bring the inspiring new visions of young filmmakers to the screen. Now in its fourth year, it sees the brightest new documentary talent from the NFTS being fostered by the experience and expertise of the BBC.

    The new documentary filmmakers to benefit are Leon Dean, Luke Sewell and Ilian Metev. Their work impressed selection panelists Richard Klein, Krishan Arora (independents executive for BBC Vision), Charlotte Moore and Kate Beetham (executive producers, documentaries).

    The development deal provides funding for the graduates to work with independent production companies and BBC Factual executives to develop their ideas further.

    NFTS director Nik Powell said, “In the last few weeks, there have been three authored documentaries written, directed and often also produced and crewed by recent graduates of the NFTS in major BBC strands – Storyville and Wonderland. This demonstrates to us and the BBC just how successful this arrangement is.”

    The BBC‘s Krishan Arora says, “These deals will allow NFTS graduates to learn from experienced TV executives about developing documentaries for television, and to get a chance to put their ideas to the acid test of BBC commissioning. It‘s a highly competitive field but this ‘on-the-job‘ training will hopefully equip the students well for their future filmmaking careers.”

    NFTS head of the documentary division Dick Fontaine says, “These BBC deals are great for us, of course, but even more valuable is the weight the BBC is putting behind the series Wonderland, not only supporting new authored films but leading the audience to them.”

    Leon Dean says, “Being awarded a BBC development deal is a tremendous opportunity to build my skills as a filmmaker and work with the company responsible for some of the greatest documentaries. Thank you BBC!”

    Luke Sewell said, “I‘m over the moon to have been awarded a BBC Development Deal. It‘s such a fantastic opportunity for a graduate of the NFTS. I can‘t wait to get started with my project.”

    Ilian Metev was equally excited and had this to say about his award, “I am very grateful for the BBC‘s faith in my project and truly inspired to embark on this new journey.”

    Previous recipients include 2005 graduate Daniel Vernon whose film, The Man Who Loved Sherlock Holmes, was made under the deal and was broadcast by the BBC on Boxing Day in 2005.

    Daniel has continued to make ratings winning programmes for the BBC – most recently The Man Who Eats Badgers and Other Strange Tales from Bodmin Moor and The 92-Year-Old Danger Junkie, both shown earlier this year as part of BBC Two‘s Wonderland strand.

    Says Daniel, “The development deal was a really good start for me after graduating from the NFTS – it gave me a chance and the space to continue pursuing my own ideas.

    “Most importantly, it helped put me in touch with commissioning editors where I was able to directly pitch ideas. Following the two films for the Wonderland strand, we are now planning future projects.”