Recently Warner Bros. (WB) announced the launch of its newest NFT. A “multimedia living movie experience” of Lord of the Rings: The Fellowship of the Ring . Here's what you need to know:
The Details
- NFTs will include an extended version (3 hours, 48 minutes) of the movie
- It includes: 4K UHD, 8 hours of bonus footage, and commentary, image galleries, and hidden AR collectibles
- WB says they will offer viewers a "superior experience" through dynamic menu options
- The two primary options are "The Mystery Edition" ($30 | 10,000 copies) and "The Epic Edition" ($100 | 999 copies)
- WB partnered with content blockchain company Eluvio. Fans must create a media wallet to buy the NFTs
The Strategy
- Onboard new LOTR fans to web3 - an area of inevitable expansion for all companies and brands
- Use the tech to enhance the movie-watching experience.
- Give customers more choices and means of engaging with the production
- Showcase the power of NFTs via a less familiar use case, compared to PFPs
- Tap into consumer curiosity to know more about films they love
- Partner with a well-known web3 startup to drive validation in a still new market for WB
The Review
On the surface, buying a movie for $30 to $100 might seem steep by today’s world of streaming services. Let alone 11,000 of them for a 20-year-old release.
So what is WB actually offering to LOTR fans through this first NFT film release?
- Extended, never-before-seen content, from one of the most popular movie trilogies of all time
- A dynamic viewing experience with elements of choice and direct participation
- A collectible asset that may:
- have historical significance as the “first-ever” LOTR NFT
- provide access to future bonuses, discounts, and opportunities ("utilities")
- appreciate in value over time; and
- be easily, bought, sold, and/or traded
A reminder that new releases on Apple and Prime will cost upwards of $29.99, and will include none of the above features.
Not their first-foray into NFTs, WB clearly knows the value of web3. They know the importance of onboarding existing customers to this new tech, while also appealing to new customers in web3.
Overall, I review this strategy as a 4.5/5 for Warner Bros - a business HIT.
They're appealing to web2 and web3 consumers alike by:
- Focusing on benefits (extended versions and bonus features) familiar to film audiences
- Implementing a unique use case for NFTs that we haven’t seen used much in the space
- Starting with a film that has massive, global appeal. Leveraging it against an increasing interest in web3 Media, Film, Storytelling and Lore
To learn more, [click here](https://www.vanityfair.com/hollywood/2022/10/warner-bros-discovery-is-releasing-a-lord-of-the-rings-nft#:~:text=The Lord of the Rings NFT will be available to,via credit card or cryptocurrency.) and to find out how to buy head to wbweb3.
Disclaimer: this article reviews Warner Bros. recent web3 business decisions. It is not a reflection or statement of my views on the company or other areas of their business.
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