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GUEST COLUMN: Film and TV revolution through NFTs and metaverse
Mumbai: Technology and entertainment have historically gone hand in hand. For every new technology that came about, the world of entertainment has usually been at the forefront and adapted it to its advantage. Take the example of any technology in the past, starting from VCRs to DVDs to Blu Ray and now to 3D cameras, Imax cinemas; the entertainment industry has always made the best use of it.
Today, as we see newer forms of technologies like NFT’s, blockchain and metaverse emerge, the entertainment space is already eyeing different ways how to make the optimum use of it. Ranging from sports collectibles to music collectibles, in-game purchases in video games and NFT sales rose to more than $17 billion globally in 2021.
Bollywood and NFTs
The Indian entertainment sector, too, has started to explore ways in which it can include these new, pathbreaking technologies. Given the connection that Indians share with Bollywood, it is no surprise that we have seen a lot of interest when it comes to collectibles featuring celebrities. Domestic marketplaces are turning over both physical and digital assets, and the collectors who are bidding for these assets are spending big.
In terms of revolutionising the entertainment space, NFTs have allowed studios to find another avenue of monetisation. Big Budget films that are made for hundreds of crores, now have another way of recovering their costs by selling digital assets. Additionally, studios that have a ton of memorabilia from films that are a part of our social and cultural fabric, now have the option to convert these collectibles into NFTs and add another source of revenue to their existing models. Smaller films too have an additional avenue to recover costs through selling NFTs to fans. With NFTs, even smaller films that have a cult following can reap decent amounts of revenue.
Bollywood enters metaverse
There are many questions about the metaverse. Can things be worth anything in a virtual place that does not even exist in reality? While that can be said for social media as well, Bollywood has literally marked its territory in the metaverse. Producer VashuBhagnani’s Pooja Entertainment recently purchased virtual land on metaverse for $5,613. The production house is calling the space Poojaverse and it plans to provide users with a movie theatre-like experience. Another example is singer Daler Mehndi who bought land-titled ‘Balle Balle Land’ for an undisclosed amount. The singer plans to open an NFT store in the space where he plans to sell both digital art and merchandise as both virtual and digital products. Reportedly, the singer will have live concerts in the virtual space and even have interactive games.
Another exercise of the entertainment industry’s tryst with metaverse is the ALTBalaji’s reality show titled “Lock Upp.” Even though it is using the metaverse as a way of marketing rather than being an actual metaverse based on a blockchain, it does have features where viewers can experience the unique world of the show, complete tasks, and win real money. With viewers always looking for a personal connection with celebrities, connecting with their favorite actors or artists in the metaverse becomes something very special for them.
While NFTs are faring much better than the metaverse space, as technology evolves, the entertainment sector, like always, will not fail to take advantage of this unique opportunity and cash in on this revolution.
(About Author: Abhayanand Singh is the Vistas Media Capital and Fantico group CEO and co-founder)
eNews
Piyush Thakur steps down as Inshorts’ chief revenue officer
Former vice president and cro says exit marks a new chapter after close to a decade of building revenue and partnerships at Inshorts Group.
NOIDA: Piyush Thakur has stepped away from Inshorts Group after nearly 10 years with the company, marking the end of a long tenure that culminated in his role as chief revenue officer.
In a farewell note, Thakur said he was “turning a new page” after almost a decade at Inshorts, calling it one of the hardest professional decisions he has made. He added that his exit was not driven by uncertainty about the future, but by reflection on a long association with the company.
Thakur joined Inshorts in October 2016 as vice president and spent around seven years in the role before being elevated to chief revenue officer in April 2024, a position he held until April 2026.
He said his tenure was defined by “thousands of mornings, late nights, product debates and breakthrough moments”, as the company evolved into a large-scale digital news platform used by millions.
In his note, Thakur emphasised that Inshorts’ growth was a collective effort across teams, adding that engineers, designers, sales teams and customer support staff all contributed to building the platform. He said the company’s success was not the result of individuals but of “everyone who stayed, passed through, and left their mark”.
Before Inshorts, Thakur worked across several digital media and business development roles. At ESPN, he served as senior regional manager from October 2015 to October 2016, focusing on growth initiatives, strategic opportunities and video distribution.
At Times Internet, he worked for nearly three years, including as head of business development from April 2015 to September 2015 and chief manager from January 2013 to March 2015. His responsibilities included monetisation of mobile platforms, managing media and developer partnerships, and driving revenue across digital properties such as The Times of India and The Economic Times.
Earlier, he worked at Brandmovers as head of business development from June 2012 to June 2013, handling digital, mobile and social media marketing solutions, client development and strategic consulting. During this period, he also worked on advertising revenue, brand strategy and CRM-based solutions.
At Inshorts, Thakur’s role focused on revenue strategy, mobile and media partnerships, and growth initiatives across platforms. His profile highlights experience in mobile product management, digital business models, partner ecosystems and revenue expansion in high-growth environments.
