FANDOM 3.0

Are you ready for the next evolution of fan culture?

This article contains elements of our Entertainment Industry Update, detailing what FANDOM 3.0 encompasses, why the trend is relevant now, which brands are driving the movement, and of course, your key takeaway.

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Web3 as a gateway to immersive experiences

In the age of web3, there are more opportunities than ever for fans. They can interact with creators on decentralized platforms, and enjoy a new level of engagement and collaboration. This shift has also given rise to new forms of fan-driven content creation and curation, with fans empowered to shape the cultural conversation.

Entertainment brands that recognize these emerging communities and invest in authentic engagement strategies will be well-positioned to tap into this growing cultural force.

Why now?

The entertainment industry and fandom are inextricably linked. Shows, movies, music groups and other forms of cultural expression can capture consumers’ hearts and inspire action, whether that’s K-pop fans ensuring their favorite band tops the chart or Shrek enthusiasts dressing up and raving all night long.

But fans are also claiming space in virtual worlds, interacting with celebrities and peers in more personal ways. Despite the chilly crypto winter, in 2022 overall sales volume of NFTs nearly matched the 2021 peak and, in February 2023, NFT trading volume more than doubled to USD 2 billion compared to Q2 2022. So while there are bumps in the road, brands and fans are figuring out how to tie NFTs to perks and physical utilities.

Blockchain-based solutions will also open up new avenues to create, own and exchange digital assets related to franchises, celebrities and cultural phenomena. As the driving force behind fandoms, digital assets present new opportunities for entertainment brands to create immersive experiences and engage with fans — and bring in revenue. Are you ready for Fandom 3.0?

MoonPay

NFT minting platform enables interactive experience for The Masked Singer fans

MoonPay’s NFT minting platform, HyperMint, partnered with Blockchain Creative Labs (BCL) in February 2023 to provide digital collectibles for The Masked Singer. BCL and MoonPay launched a voting and token-gated viewing experience called The Masked Singer Experience, allowing fans to play along with the show using digital collectibles. Viewers could scan on-air QR codes to claim a free Loyalty Pass and vote on the contestants they thought would advance to the next round. The upgraded experience awards points based on the accuracy of the votes cast and grants access to exclusive video content, a points leaderboard and an online rewards store.

Ant Group & NBA China

Ant Group and NBA China partner up to create original online content on Alipay

In February 2023, Ant Group and NBA China launched a strategic collaboration to create original online content and customized consumer experiences on Alipay for NBA fans in China and users on Ant Group’s platforms. Ant Group and NBA China will develop original video content, joint membership, an NBA mini- program, joint marketing campaigns, digital collectibles and social responsibility initiatives to engage fans and communities. The collaboration marks the first time for NBA fans in China to gain access to NBA video content on Alipay. As part of the collaboration, the brands will also launch an NBA content matrix on the Alipay app.

anotherblock

Streaming royalties for hit song offered as non-fungible tokens via web3 startup

The US-based web3 music startup anotherblock sold 300 royalty-linked NFTs through its platform in February 2023. Each token provides the holder with a portion of 0.0033% of the streaming royalties for Rihanna's 2015 hit single "B**** Better Have My Money." The tokens were offered at USD 210 each and sold out in minutes. The buyers of the NFT received unique artwork, a custom music track, and a real-world legal contract specifying the terms of the streaming royalties. The royalty payouts are expected every six months, based on streaming revenue, with the first payout due in February 2023.

Your key takeaways

Gone are the days when fans would just sit back and watch their favorite shows. Now, they want to be part of the action! From digital collectibles to on-air QR codes, the pressure is on for entertainers to up their game. Consumers already expect immersive experiences: can you surprise them by throwing NFTs into the mix?
For several months in 2022-23, Chinese NBA fans were left high and dry when a boycott prevented NBA-related content from being aired on local broadcasts. This partnership allows fans to access exclusive NBA material and connect with like-minded enthusiasts. As a brand, it’s essential to create engaging experiences in the spaces your consumers are already spending their time. Even for the die-hard fans, new platforms will feel like an airball.
anotherblock is a triple win for collectors: not only do they enjoy a status hit (both online and offline), but they also become part of a community of fellow owners who share an interest in the song. In addition, they can expect to receive extra income every six months from the streaming revenue. Initiatives like this ramp up the excitement around fandoms co-owning assets they truly care about.

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