Virtual Reality Meets NFTs: The Future of Immersive Cinema

August 22, 2023 by Mimi Phan

Picture kicking back, popcorn in hand, as the lights go down. A hush falls over the crowd as the screen flickers to life, and you’re transported into another universe. This used to be the magic of a night at the movies. Now, though, it seems that the sparkle of the silver screen has dimmed, outshone by the convenience of on-demand streaming services. Why brave the elements to go out when you can curl up at home and binge-watch the latest must-see series?

Some may argue that the magic of going to the cinema, anticipating a movie, and the sense of being part of something bigger can’t be replicated in the solitude of your living room. But are these qualities enough to carve out time for a cinema trip in your busy schedule?

Well, if you thought cinema was dying, get ready for a twist. There’s a whole new trend promising to shake up the industry – we’re talking about immersive cinema powered by Virtual Reality (VR) and Non-Fungible Tokens (NFTs).

When you hear the word “immersive,” you’re probably thinking of being so engrossed in something that you lose track of time as you’re sucked into a whole new world. That’s the magic of immersive cinema – and VR is the magic wand.

This isn’t like the rabbit hole in Alice in Wonderland (though that would be pretty cool) – it’s more akin to the mesmerizing immersion of a good book: the experience you have when time ceases to exist, and you’re wholly consumed by the narrative. Now, just replace that hardback with Virtual Reality (VR) and watch the story unfold around you!

What is Virtual Reality (VR) Anyway?

Virtual Reality, or VR, is a 3D simulation that mirrors reality to some degree. It allows you to do things you may not be able to do in real life, like travel to every corner of the world. VR has been around for a while, floating in and out of conversations, games, and headlines – and it’s not just for gamers anymore.

Imagine exploring Mars or climbing Mt. Everest from the safety of your living room. Or experiencing a movie in 3D, where you’re not just a viewer, but a participant. Sure, VR has been on the scene for a hot minute, but the true potential of the virtual reality NFT is just being unleashed as Hollywood catches on to its capabilities. Combined with NFTs, you’re looking at a whole new crop of immersive experiences.

What are NFTs and How Do They Enter the Picture?

Think of NFTs as the unique, irreplaceable trading cards of the digital world. They can be anything from your favorite artist’s original doodle to that one Titanic clip everyone cries about. Even better, imagine owning a piece of the Star Wars universe or having a digital backstage pass to your favorite film set. That’s NFTs for you!

Over the last couple of years, these have become the “it” thing and top artists have adopted them. Case in point: Beeple was laughing all the way to the bank with $69 million from a single NFT sale back in March 2021. In entertainment, these NFTs are important for things like film financing, distribution, and community building, all of which can be sorted with film NFTs.

So, what’s a film NFT? Picture a movie made into a digital token that can be shared, owned, and sold. As you may have guessed, filmmakers and artists are always up for new ways to excite and engage their fans. As a result, several NFT-related films (such as Stoner Cats by Mila Kunis and Ashton Kutcher) have been released, with a lot more still in production.

Can You Use NFTs in the Metaverse?

Okay, before we move on: another star player is the Metaverse, a digital universe where real life meets fantasy. You can hang out with friends, build a virtual home, or even hold a job. And yes, it’s more than just a fancy word from a Meta marketing campaign.

The deal is that the Metaverse and film industry go together like peanut butter and jelly, with applications like film project collaboration with people worldwide, selling exclusive film NFTs, or hosting movie nights in your virtual theater. How’s that for a Friday night plan?

How NFTs, VR, and the Metaverse Create Immersive Cinema

The combo of NFTs and virtual reality can allow you to own a unique movie scene that you can relive in VR. You’re not just watching Harry Potter cast a spell, you’re casting it yourself! Being able to immerse yourself through NFTs and VR increases the thrill of the experience.

And it doesn’t end with VR. There’s also the realm of Augmented Reality (AR), where 3D experiences are added to your real world. If you’ve played Pokemon GO, you’ve had a taste of AR.

A fun example of NFTs in VR is the Multi-D NFT collection by Kleks Academy for their remake of the 1934 hit Polish film, The Kleks Academy. These Multi-D NFTs were 3D tokens that served as tickets to behind-the-scenes content or the chance to be part of a movie production.

All of this may sound like a 2015 Tumblr sci-fi dream, but you’ll be surprised to learn that Hollywood could be on the brink of making it all very real.

Benefits of VR NFTs for Movie Lovers

The combination of NFTs and VR will have several benefits for movie lovers, including:

1. More immersive experiences

2. Ownership of key film moments that they can relive

3. Better ways to engage with film communities

To sum up: technology will do what it always does – evolve. Hollywood will adapt, possibly with NFTs and VR. And as for the idea that movie theaters will fade into oblivion? Instead, they’ll evolve with a new suite of experiences.

The practice of combining NFTs with films is still new, and there might be a lot of people who have never even considered this a possibility. From memorabilia to funding, NFTs are being used in very creative ways in an industry that, at first appearance, may seem set in its ways. This is something film fans should be on the lookout for as the world of cinema continues to expand.

Featured image by Tima Miroshnichenko on Unsplash