On May 23, Variety hosted a luncheon with Electromagnetic Productions (EMP), Galaxy and OP3N about the use of NFTs in the entertainment industry during the Cannes Film Festival. During the summit, Mark Kimsey, co-founder and co-CEO of NFT production studio EMP, shared what he saw as the potential future dynamics crypto can have within the film world.
“The more mainstream dynamic is gonna be, here’s a $10 NFT, and yes it will trade in the secondary market, and what’s interesting is good movies will trade up, maybe not-so-good movies will trade down, but I don’t think it’s going to be wild pricing,” Kimsey said during the summit. “I think when it gets to that point, people will develop interfaces like Netflix did, that mainstream audiences will be like ‘this is super easy to use, it’s super easy to access my content, I kind of like the secondary market dynamic.’ Some people would want to buy and collect and own, and other people might use the automated sell button that says, ‘I’ll watch it and as soon as I watch it, sell it.'”
Kimsey was one of several NFT executives who spoke to Variety senior entertainment and media reporter Matt Donnelly for a panel discussion during the summit. Other executives included Helen Hai, head of NFT and Fan Token at Binance; Jaeson Ma, co-CEO of Op3n; and Sam Englebardt, co-founder of Galaxy Digital and founding GP of Galaxy Interactive. During the conversations, the executives talked about what role NFT’s can play in film, what implications that may have for consumers and the common misconceptions that people have about NFT.
During the panel, Hai shared her advice for people interested in crypto, saying that it is important to do research and not hop on trends before venturing into the NFT space.
“I think there’s so much FOMO in crypto,” Hai said. “Everybody thinks ‘Oh that superstar did an NFT job, I need to do it. My friends got an NFT, the price went up, maybe I should buy it.’ Actually, the first thing I always tell my friends, ‘You need to read more about blockchain and crypto.’ Investing is something you need to understand first before you put your money in.”