Movie Critics In The NFT Era: Rethinking The Value Of Reviews

September 12, 2023 by Mimi Phan

Movie buffs, gather round! Ever wondered how those movie reviews you read or watch come into being? Or how they can make or break a film’s fate at the box office? Well, fasten your seatbelts, because we’re diving into the glitzy, sometimes gritty, world of Hollywood movie reviews. And just when you think you’ve got it all figured out, we’re throwing in a curveball—movie critics in NFT spaces!

Movie Critics: Hollywood’s Secret Ingredient

Movie critics are like the seasoning on a dish: they can enhance the flavor, or sometimes overpower it. In Hollywood’s ecosystem, critics serve a bunch of roles. First off, they’re gatekeepers. When a critic gives a movie a thumbs-up, it can drive ticket sales and create buzz. Studios love this because, let’s be honest, who wouldn’t want free advertising? On the flip side, a bad review can tank a film before it even gets a fighting chance. That’s a lot of power!

Critics also help the audience navigate the ever-growing sea of movies. Think about it: who has the time to watch every single new film out there? Critics filter the must-sees from the maybes and the definite no-gos. They also provide a way to discuss films on a deeper level, delving into themes, cinematography, and performances that the average moviegoer might not notice. For the cinephiles among us, critics offer a way to dive deep into the art of filmmaking.

However, critics aren’t always in sync with public opinion. Ever seen a movie that critics hated but audiences loved? Yup, that’s because film is subjective. Critics offer one perspective, but it’s not the end-all-be-all.

What if there were no movie critics, you may ask? Well, imagine a world without GPS or compasses. Everyone would be left to rely solely on marketing, trailers, and word-of-mouth to decide what to see. That could lead to a lot of hit-or-miss experiences at the movies.

Studios might lean even more into safe, formulaic films, thinking they’re what the audience always wants. The world would lose that valuable counterpoint critics provide, which challenges Hollywood to be better, bolder, and more innovative in its storytelling. Critics are a vital part of Hollywood. They keep the industry on its toes and offer moviegoers a roadmap through the endless maze of films.

How The Hollywood Review System Works

The film review system is like Hollywood’s report card, except the grades get posted before most people have even taken the “exam” by watching the movie. So, here’s the lowdown on how it generally works.

Step 1: Critics usually get to see movies before the general public through special screenings. This happens around a week or sometimes even a month before a film’s official release date. After that, there’s often an “embargo”—basically a deadline the studio sets saying, “Hey, don’t talk about this movie until this specific date!” The embargo lifts a few days or sometimes even just hours before the film hits theaters or streams online. That’s when reviews start popping up like popcorn.

Step 2: The big-name critics from major outlets like The New York Times, Variety, or The Guardian will post their thoughts first. But these days, it’s not just about the pros. You also have a ton of YouTubers and TikTokers, plus everyday people posting reviews on platforms like Rotten Tomatoes, IMDb, and Letterboxd.

Movie Critics In NFT

NFT stands for “Non-Fungible Token,” a type of digital token that can represent digital ownership, including that of films and movie memorabilia. It’s not unusual to see NFT films in marketplaces like OpenSea. But how would the review system work for NFT films?

Well, that’s a head-scratcher. First off, ownership changes the rules and raises some questions. For example, if you own a film NFT, aren’t you more likely to give it a good review simply because you have a personal stake in it?

Some other things to consider:

1. Will critics see these films before the general public? If the film is sold as an NFT, and each copy is unique, what’s stopping critics from also having to buy it? Free screenings might become a thing of the past.
2. Where would these reviews go? NFT films might not make it to platforms like IMDb or Rotten Tomatoes. Instead, reviews might just show up in niche blockchain forums or crypto websites, which means they won’t reach the average moviegoer right away.
3. NFTs can be sold, resold, and transferred instantly. If you don’t like a movie, you could sell it before the credits even roll! This fast-paced trading could make the review process chaotic, with opinions changing quickly.

How Would an NFT Film Reviews System Work?

Alright, let’s get our thinking caps on! The main issues with adapting Hollywood’s review system to Web3 films are personal film ownership, screenings for critics, platforms, and how quickly NFTs can change hands.

The Solution

1. Ownership: If you own the NFT, you could get a prompt to review it within the platform where you bought it (like how Amazon asks you to review products you buy). To make sure people are honest, Web3 film reviews could be incentivized.
2. Special screenings for critics: NFT movie critics should be able to watch the film without owning the NFT. They could get a unique link that expires after one viewing, allowing them to write their reviews before the film is released to the public.
3. Finding the perfect platform for reviews: NFT films will most likely need their own hubs—something like Rotten Tomatoes but for web3 and blockchain-related content.
4. Real-time updates: Since NFTs can change hands so quickly, these hubs could have real-time updates to show reviews from each new owner.

So there you have it: an efficient review system tailored just for NFT films. We’re excited to see what the future holds for this space!

Featured image by Towfiqu Barbhuiya on Unsplash