How Can The Entertainment Industry Benefit From Upgradable NFTs?

NFTs are becoming the new black in the entertainment industry. Increasingly more companies and artists are starting to realize the lucrative potential of non-fungible tokens. NFL has partnered with Dapper Labs to create NFTs of the top highlights in a season, TikTok has launched its first NFT collection with its best creators, while Christie’s shook the fashion world with its first NFT-auction and the sale of Beeple’s artwork’s token for a whopping $69 million. 

In the first half of 2021 alone NFTs helped to generate $2.5 billion in sales.

As the NFT market flourishes, new types of virtual tokens will come into the arena. The latest concept to catch the entertainment industry’s eyes - upgradable NFTs pioneered by Wakatta, an NFT-focused blockchain created by Sensorium Galaxy metaverse developers.

As the name implies, upgradable NFTs evolve over time, allowing different creators to own progressing versions of the same token and its corresponding content. The question is can it facilitate collaboration in digital space? 

Let’s look at the specific use cases in art, film, music, fashion or gaming. In visual art, upgradable NFTs enable creators to legitimately use other artworks as the basis for their own new pieces. Imagine Beeple modifying the Mona Lisa so it conveys the messages of climate change.

Similarly, musicians can simplify the co-creation process giving total or partial access to their NFT-protected content to be overwritten or utilized on other compositions. In the film, screenwriters can retain control over spin-off creations.

For fashion brands this concept allows to manage partnerships in digital collections (think, for example, of the recent appearance of Balenciaga merch in Fortnite). And in gaming users are able to equip their characters with new accessories (weapon, clothes etc.) “owning” their customized version.

In theory, the concept should boost a new wave of collaborations across industries. In practice, there’s already the first player to see upgradable NFTs in action - Sensorium Galaxy. The digital metaverse built in collaboration with Jay-Z’s Roc Nation and chart-topping artists like David Guetta, Armin van Buren, and BlackCoffee will integrate Wakatta blockchain within a few months, Alex Blagirev, Sensorium Deputy CEO announced at TOKEN2049 event in London.

“Successfully onboarding millions of users into the metaverse will heavily depend on content quality, accessibility, but also user experience. With NFT mechanics deeply integrated into the Sensorium Galaxy virtual economy, we simply can't rely on a network that charges users over $100 in minting fees and is regularly congested. That's why we intend to migrate to Wakatta — a solution with fees as low as $0.001 per transaction and capable of handling thousands of transactions per second.”