NFT Execs Discuss Future of the Crypto at Cannes Film Festival

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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.”

 



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