NFTs: Future of Music and Film- Ryan Kavanaugh and Triller Enter
The future of the music and film industry is looking bright with Ryan Kavanaugh’s announcement that he will be entering into the Non-Fungible Token (NFT) space. Ryan Kavanaugh, who has been a prominent figure in Hollywood for decades, was recently appointed as Chairman of Triller Entertainment Group. He now joins other major players in this growing industry such as OpenSea which sold $1 million worth of digital goods on its first day alone. Ryan’s company will be developing NFTs along with their own creative platform to create memorabilia items based on current films and musicians which are not limited by time or quantity due to blockchain technology.
NFTs have been a major buzzword for months within the crypto community and have proved their value time after time as it is being applied to many industries. NFT’s are unique virtual items that cannot be duplicated or copied due to blockchain technology which allows for a transparent and secure digital ledger of each transaction. The cost of developing these virtual items falls dramatically due to the lack of storage and connectivity costs, making it accessible to anyone.
This is a major breakthrough for independent and amateur musicians and filmmakers that may not have the capital to develop their work into physical items such as CDs or limited edition prints. Ryan Kavanaugh himself has been involved in this sector for years with his company Relativity Media which distributed hit films such as “The Social Network” and “The Fighter.”
Ryan Kavanaugh is also the first member of the entertainment industry to use Blockchain technology to sell his own virtual items. Currently, he is auctioning off 10 percent of Triller’s NFTs on OpenSea. The starting bid is set at 2 million TRL which is currently valued at over $200,000 USD. We speculate that once Ryan Kavanaugh officially launches his auction, it will be the first of many auctions selling NFTs.
Original source to learn more: https://ideamensch.com/ryan-kavanaugh/