Non-Fungible Relationships.

Published by Caitlin Burns
January 12, 2022
Non-Fungible Relationships.
Non-Fungible Relationships.

A guide to NFT opportunities that build new revenue streams by empowering fans.

While many innovations have promised they’re the next big thing in media experiences, NFTs (Non-Fungible Tokens) are the first innovation in a decade to deliver immediate returns on that promise. Major Hollywood studios, game companies, and publishers are now using NFTs to promote film releases, monetize their archives, launch original franchise story worlds, and even explore new distribution methods or formats.

Never before have studios, networks, and publishers of story worlds had the mechanisms to reduce exposure and let fans into the creative process that they do with NFTs. In this series, we’ll guide you through all the creative possibilities that NFTs hold for IP holders, broken down by some of the primary ways NFTs are being leveraged by rights holders.

Feel free to read all the way through, or bounce around to the sections that interest you most:

  • Part 1: A Primer on NFTs and Franchises

  • Part 2: Activating Scarcity: Using Collections and Archives to Connect with Fans.

  • Part 3: Being There: Proof of Attendance, Marketing, and Events

  • Part 4: Games, Play to Earn Experiences & Customization

  • Part 5: Original IP, Licensing, and Fundraising

  • Part 6: Transformative Works, Tremendous Potential

  • Part 7: Where Will NFTs Take Your Storyworld?

Part 1: A Primer on NFTS and Franchises

For something inherently intangible, the effects of NFTs (Non-Fungible Tokens) are already very visible. Major Hollywood studios, game companies, and publishers have already used NFTs to promote film releases (see Warner Bros.’ Space Jam 2: A New Legacy or Legendary’s Godzilla vs. Kong), monetize their archives, launch original franchise story worlds, and even as new distribution method for films themselves.

What lessons can be learned from these early ventures, and how can IP holders best take advantage of the opportunities NFTs represent moving forward? What lessons can be learned from these early ventures, and how can IP holders best take advantage of NFT opportunities?

The Fundamentals

In the simplest terms, an NFT is:

  • A piece of art

  • Connected to a direct agreement (a smart contract)

  • Recorded on a public registry (a distributed ledger)

All of those elements work together to form an NFT, and from this simple structure, empires can be built.

A piece of art

An NFT can be any static or animated digital asset file (often a .jpg or .mp4), with the potential to interact with traditional digital systems in myriad ways. NFTs can also be linked to objects and experiences in the physical world, as we saw with Damien Hirst’s The Currency, a project that forced collectors to irrevocably choose between a digital or physical version of the same artwork. 

Connected to a direct agreement (smart contracts)

The smart contract is where the NFT magic happens. It can establish ownership, transaction fees, residuals, and dictate how the art can change and engage with different systems over time. You can create a smart contract with any parameters you like. Your smart contract could include a fixed NFT asset that’s locked in time forever. Or your smart contract could be designed for change, allowing a piece of digital art to be updated over time, be used as a ticket or passkey to a future event, or even establish a personalized experience for a fan across platforms. The possibilities are as vast as your creativity. 

Recorded to a public registry (distributed ledgers)

Finally, your contracts are recorded on a shared database of smart contracts between all the computers in a system, called a distributed ledger (like the Bitcoin blockchain or Ethereum). By creating a shared database, the system can reliably verify who the true holders of the smart contract are, since any bad actor would have to fool not just one centralized database, but every individual computer in that system. Put them all together – the art, the smart contract, and the system to verify that contract – and you’ve got a more direct relationship between a story world and a fan than ever before.

“If you didn’t have the rights to distribute a work before, you don’t have them now.” – Rebecca Tushnet

IP Ownership Is Clear and Maintained

While NFTs represent a new medium and way to integrate direct agreements into experiences, it’s important to note that there are clear legal parameters for use. “From an IP perspective, NFTs don’t change anything.” Wrote Rebecca Tushnet in, Harvard Law Review, “If you didn’t have the rights to distribute a work before, you don’t have them now.”

If a franchise distributes NFTs, they maintain the ability to determine, update, or revoke permissions for the use of that NFT. With full ownership as a baseline, smart contracts are groundbreaking in their ability to give audiences a stake in the financial growth or even the narrative direction of a story world. Even if an NFT holder sells or trades, the IP owner can retain core permissions granted by that NFT – thanks to the distributed ledger.

In fact, the more NFT-based experiences are built, the more audience members are incentivized to participate within the rights agreements of a franchise. Pirated content, or content published without the consent of the right-holder, doesn’t carry any benefits within a franchise ecosystem. Whereas NFTs that come from the IP Owner can unlock a whole world of connected experiences that benefits everyone.

For all creative businesses, NFTs are going to affect the way their business models operate. Whether they’re part of the way audiences transact with products or the way that marketing teams reward super-fans. The opportunities to bring audiences into the ecosystem for fundraising, play, development, and revenue growth for franchises are clear and major brands are moving now to take their position in the marketplace.

NFTs can be much more than one-off releases. They can offer a sustained, always evolving point of connection between franchises and fans that can be constantly evolved and expanded.

Part 2: Activating Scarcity: Using Collections and Archives to Connect with Fans.

Most NFT drops in 2021 are focused on fine art and graphics, either one-of-one artworks purchased at auction or in marketplaces. Some of the biggest stories of this first wave of NFTs involved what happened after the auctions in custodial and secondary marketplaces as NFTS were traded – NFT art started developing value quickly. When Damien Hurst launched The Currency — the pool of 10,000 total artworks were originally sold at a value of $2000.00. Within 1 month the value of transactions from secondary sales was over $25 Million. And because blockchain is uniquely able to track every sale beginning from the first, Hirst set up the NFT system so that every transaction returned a percentage to the original artist. Hirst also set a decision in place for all Currency collectors – will they keep their NFT or will they choose to receive a physical version of the purchased artwork. Hirst’s upcoming exhibition, LG x Damien Hirst: A History of Painting, at Frieze London will kick off a 10 month period in which holders will choose between NFT digital and physical artworks. If the NFT owner chooses the NFT, they may have access to future benefits and experiences, and the physical version of the artwork will be destroyed. For those who wish to keep only the physical artwork, the digital opportunities and any future opportunities granted to this exclusive club of owners become closed forever as the NFT is “burned”.

Franchises are activating archives and story worlds to create new collectible products and revenue streams.

Beloved brands are transforming their IP into NFT collectibles for new and historical projects, like 2021’s Space Jam: A New Legacy Collection on Nifty’s. The drop of this collection in the lead-up to the film’s release was both promotional and revenue-generating, with fans receiving the NFTs through marketing outreach and social sharing, or purchasing them through the marketplace. As rare cards become more valuable over time and common cards are combined to create more rare NFTs on the marketplace, ongoing revenue is returned to the IP Owner in perpetuity as users trade these cards.

These collections are a strong emerging line of business for The Matrix Resurrections Warner Bros. released 100,000 avatar NFTs that could be transformed by selecting a red pill or blue pill. With a floor price of $50 per NFT, the primary sale of these collectibles netted $5 million USD, with anticipated revenue from secondary market sales this revenue is meaningful from a consumer product perspective.

Some brands have focused on activating assets from their archives to auction, like Mattel’s Hot Wheels – a natural fit as NFT collectibles. Other brands are kicking off marketing campaigns with NFT drops, seeing the opportunity to drive fan engagement with collectibles that can sustain the cost of their creation, and have a long-tail revenue benefit from secondary sales activity. Other high-performing NFT experiences are based on collection mechanics. Imagine if Nintendo earned a fee for every fan that re-sold a valuable Pokemon card, or Ty still received a percentage on every Beanie Baby resale.  NBA Top Shots crossed the 1 million user mark in May 2021 with over $700 Million in revenue at that time. The mechanics are familiar to any baseball card collector, but with the ability to create NFT highlights of games, adding layers of collectibles that promise to become Gen-Z’s version of a Ty Cobb rookie card.

For companies with archival content or established story worlds, the opportunity to create collectibles in the NFT space is a new revenue opportunity worth pursuing.

What does this mean for franchises, brands, and story worlds? Activating archives, collections, and campaigns with NFTs mean exploring the tension between new sales revenue and becoming part of a larger experience. 

  • Collections and auctions are profitable in the short term – and still provide revenue when NFTs are bought and sold by the purchaser back to the IP owner who minted the collection.

  • NFTs also confirm membership in an informal (or sometimes formal) club of NFT holders, that can be reached directly through “airdropping”, or be connected to experiences unlocked by connecting that wallet to other digital experiences with specific NFTs as a key.

Hirst’s landmark NFT drop showcased not just the financial possibilities of giving your audience a piece of the project to buy and sell at will but showcased how the exclusive group is created amongst owners. Collectors of NFTs have been self-organizing into purchasing groups called DAOs (Distributed Autonomous Organizations) who coordinate their purchasing power – especially for high-value purchases, seek to direct the path of creative works or corner the market on NFTs with potential future utility. For example, a new DAO called Red DAO is looking to corner the market on luxury fashion NFTs that users will ultimately wear on avatars in virtual spaces – a goal years in the future, but that NFT investors want to capitalize on now.

NFT purchases not only give audiences financial incentives to participate but establish membership in an exclusive club, with benefits that grow over time. Purchasing an NFT is not simply purchasing a piece of art for the digital frame on a wall, but can also mean purchasing a ticket to an experience much larger than the sum of its parts. With the acknowledgment that ownership has its benefits, the choice to keep or sell their tokens will be an increasingly difficult question to answer for collectors. While NFT auctions and NFT collections play with scarcity and high barriers to entry, NFTs do offer opportunities to engage a much wider audience for engagement and profit opportunities which we will explore in the next sections of this series.

Part 3: Being There: Proof of Attendance, Marketing, and Events

While one-of-one NFTs, where franchises open their archives and create exclusive collections, presents an opportunity to develop value through scarcity, open edition NFTs opens up opportunities that allow NFTs to become flexible digital tools that can enhance relationships with fans.

Open editions are NFTs that are minted in high quantity, that are provided or offered for purchase to a wide audience. These open editions are still potentially scarce, only available in small numbers – they can be offered as promotions, or limited-time-only purchases, or as exclusives based on participation in an event or experience.

Marketing teams are looking at their giveaways and events and finding opportunities to connect with audiences who register for events. Take DC Comics’ 2021 FanDome drop, where all registrants received a free limited edition NFT just for registering, and could earn a second NFT by sharing on social. Notably, with NFTs, the fan connection doesn’t have to end at the conclusion of the event. That NFT could then help maintain and grow long-term connections with fans by letting them join an exclusive game or unlock customized experiences weeks, months, or even years after the event. These drops not only open up the opportunity for fans to get a valuable NFT asset that can be bought and sold, but create a new relationship between the story world and the NFT holder where the new content can be directly distributed to users with those NFTs in their wallets. Membership in these clubs has its benefits.

The most obvious benefit is that NFTs distributed through marketing promotions – even when given away for free – are collectibles that can be potentially bought and sold by the NFT holder, with the IP Owner seeing a revenue return on investment for giveaways that lacked a long-tail of revenue.

For teams looking to enhance live or in-person activities, NFTs can be delivered using Proof-of-Attendance Protocols that confirm a user’s participation in a virtual or physical event. By connecting their wallet to an online experience, NFTs can become passkeys or customize experiences that connect with other digital, or location-based systems.

These drops may also include status symbols like a “Day One” redemption for a new product or initiative, or reflect achievements within an existing engagement ecosystem. Fans have always enjoyed personalizing their digital space based on their most beloved story worlds. Sharing an NFT image as a unique avatar – a hot trend on Twitter for the members of the Bored Ape Yacht Club (BAYC) –  based on their unique NFT apes is a status symbol that showcases membership in this exclusive club.

Once an NFT is in a user’s wallet, new benefits can be added to the smart contracts, assets can adapt or take on new utilities. NFTs that evolve over time or adapt – like the Mutant Ape Drop for those same BAYC NFT holders that transformed their apes in time for Halloween – are exciting opportunities for creators and marketers alike.

Creatively, these implementations are at the beginning of their creative growth and audience impact. These promotions are seeing significant successes, with Warner Bros.’ Space Jam 2: A New Legacy drop with Nifty’s with fans redeeming over generating over 146K NFT redemptions through social sharing alone.

As new layers, mechanics, and privileges being applied to these branded NFT drops, the value of these promotions will only increase – inviting fans not to simply engage passively as part of their fandoms, but participating in revenue growth for IP Franchises that can be tracked and become part of those team’s bottom lines.

Brands and story worlds can use NFTs to connect directly with their audiences – suddenly a digital asset becomes a treasured and useful tool that can develop value, connects fans to more exclusive experiences, and becomes the key to a wider personalized and customized experience with a beloved story world.

Part 4: Games, Play-to-Earn Experiences, and Customization

While many NFTs will gain value over time as collectibles, NFT experiences can enhance marketing campaigns and are changing the way game experiences are designed. NFTs are changing the business model for gaming, with some original titles rapidly showing that when players are allowed to buy, sell, trade, and in-game assets they can earn incredible real-world value for creators and players. Franchises can give players a stake in the project’s success through new games and experiences.

While many NFT gaming projects have been announced recently, NFTs were part one of the most famous experiences in the history of early blockchains, 2014’s CryptoKitties. Where players purchase adorable cat images, then breed them to create more valuable cats that can be traded, sold, or purchased. Other entrants in the NFT game space have similar merge & burn or crafting mechanics that have proven wildly profitable.

Axie Infinity regularly tops the charts as the most profitable NFT project, having earned its publisher, Sky Mavis over $2 billion dollars as of September 2021. With simple mechanics that allow players to acquire cute characters, Axies, breed them into more valuable characters, then trade or sell those characters. The cost of entry for new players is as high as $600, but with the potential to earn their monthly incomes through gameplay, plenty of new users are willing to play-to-earn. Significant in-game earnings are considered taxable income for players, the fact that players can earn enough from games to pay taxes is a signal that these models are powerful and exciting.

Franchises are taking notice, and with an established story world, the opportunity to create experiences that benefit financially from players’ gameplay, grow value over time, and benefit the bottom line of publishers is breathing new life into licensed video games. While first-to-market games like Axie Infinity are setting a high bar for players with 1.5 million daily active players, more experiments will follow. By combining simple mechanics, a financial incentive, and globally recognized story worlds, play-to-earn games are becoming a major genre.

Other projects are building crafting mechanics into their collectible releases by gamifying the opportunity to collect more rare NFTs – like Nifty’s Goon Squad update for Warner Bros.’ Space Jam 2: A New Legacy that allows players to burn their existing collectibles to earn a rarer NFT. Other teams are looking at ways NFTs can be used to customize or personalize experiences across platforms, connect with modding or gear APIs.

Other games like The Missing Watcher, make use of alternate reality game (ARG) formats allowing players to join a central character on a journey of exploration that yields drops over time. Projects like Epic Hero focus on battle and quest mechanics familiar to casual gamers and collectible card game players.

What will this all mean? New game types, more customization and experiences that integrate NFTs as access points, customization keys, in-game assets and fueling new game types with NFT collectibles. For players, the value of playing an NFT-based game includes the opportunity to potentially earn rare and valuable NFTs through gameplay. The idea that playing in your favorite game world can have a real-world opportunity to earn money is extremely exciting. For franchises, this is an opportunity not only to create new lines of business but an opportunity to connect with fans on a deeper level by letting them play in worlds built on NFTs.

As major franchises take a look at these new economic models, the opportunity to use NFTs can connect players across titles, maintain ongoing relationships with their audiences and create new lines of revenue for IP owners.

Part 5: Original IP, Licensing, and Fundraising

New projects in the NFT space are already drawing the attention of traditional studios and talent agencies, with UTA signing CryptoPunks, Meebits and Autoglyphs for representation, signaling interest in film and television licensing. While discovering new talent in trendy technology spaces has always been a part of Hollywood dealmaking, it’s never been a guarantee of evergreen success. Remember the Grumpy Cat movie?

Emerging NFT intellectual properties are characterized by a community-first mentality. Projects like the Bored Ape Yacht Club (BAYC) are at least partially directed by the NFT buyers who engage with the project. While they have much in common with fandoms, these networks of distributed users – also called DAOs (Distributed Autonomous Organizations) – influence the price points and fluctuations of NFT value and have a major voice in the development of NFT platforms and networks. The same way that business and creative decisions are influenced when fans love or hate a particular character, or a game is a massive hit, DAOs have a huge impact on what creators make in the NFT space, and the ability to respond to DAOs is at the speed of the internet. Building spaces for fans to participate, play-to-earn, and influence the paths of a story world has never had a stronger profit motivation. While it may take years to see how these influences will change the mindsets of major studios and publishers, the benefits of building these spaces in an existing franchise will show revenue success or failure quickly, at relatively low production budgets.

BAYC is one of several NFT projects that are being licensed into traditional media formats following the announcement of UTA’s representation of Cryptopunks and several other NFT projects in August 2021. BAYC’s representation by talent agency CAA is focused on the narrative of Jenkins the Valet and explores deals in well-trod ground: book publishing, podcasting, film, and television on traditional formats, not necessarily on a blockchain. The way that the Jenkins the Valet book is set to be written, and the manner of its creator shares are more innovative.

Board Ape Yacht Club shows that NFT licensing opportunities are in some ways quite straightforward because their ownership parameters are already delineated. High Profile Board Ape Yacht Club owners are capitalizing quickly. Timbaland has announced a Metaverse Entertainment Brand based on several apes, while Universal Music Group has announced a Gorillaz-styled cartoon music group featuring other BAYC characters.

Other emerging productions are looking at NFT collectibles as a method of fundraising, building buzz, and even inviting NFT buyers into the co-creative process. One example currently making waves is Loot,  a new fantasy game selling NFTs that are – at launch – simply images of the names of potential objects and story elements. These tokens are designed to be “genesis” tokens, and their imagery and contractual capabilities are expected to update over time as the experience and story world are developed. A novel method of raising initial capital, and one that invites the audience to imagine what might happen next. Will involving audiences this early in their process lead to creative magic? Only the purchaser of an Obsidian Mirror of Scrying NFT can say.

There is a huge group of emerging projects that may be the next big story world being explored in the NFT space. The benefit for new creators include the fact that if you can sell a collection, you’ve now got revenue to spend on your next development cycle, and data that shows who your audience is and how engaged they are to share with potential partners. Projects like Duskbreakers, created by new media legend Bernie Su, integrated gaming into their launch allowing audiences to “play-to-mint” as well as purchase NFTs outright. Other projects are being closely watched as they grow, like Missing Watcher – which features ARG puzzle elements in its collection rollouts and Parallel, which is building a spacefaring universe from scratch with collectible card game NFTs as the core of the user experience.

NFTs projects showcase new ways that franchisees can connect with audiences, new licensing opportunities, and new ways to test content with audiences early that shows immediate revenue. Monetary incentives are shared between IP owners and NFT owners which makes the entire system more appealing and dynamic. There are many big names entering this field that are testing out different experience types and business models, and early experiments are seeing real success.

Part 6:  Transformative Works, Tremendous Potential

Finally, the ability to establish smart contracts with users may provide the basis for one of the trickiest hurdles in the relationship between franchises and fans: transformative works.  One of the major innovations of blockchains – the distributed ledgers where NFTs are hosted – is Proof-of-Work, where a developer contributing to the platform has their contribution enshrined on the ledger clearly. Can NFTs unlock an opportunity for Proof-of-Authorship in creative production? Can fan fiction work if your NFT confers an opportunity for you to expand on a storyline? Interpret or change art according to a new aesthetic within moderation parameters?

IP Owners can maintain their core rights, and if an NFT buyer is in breach of parts of the smart contract, permissions can be revoked. While this new complexity presents challenges, the financial upsides to exploring these parameters between audiences and IP is new territory emerging when existing media platforms are increasingly set in their ways.

The Bored Ape Yacht Club (BAYC) and their broad permissions to NFT purchasers that allow the development and adaptation of their NFT “Apes” has created an environment built for transformative works, and with enough clarity around agreements that individual NFT owners are able to establish licensing relationships on their own, with the consent of the BAYC per the smart contract in their NFT.

Jenkins The Valet the book, is an NFT project in and of itself, called the “Writer’s Room,” where individuals have bought NFTs that provide the opportunity to vote on the title, genre, and plot of a community generative book written in partnership with a “world-renowned author,” according to CAA. The 6,942 NFTs sold out in six minutes, grossing more than $1.5 Million in ETH. How many of these buyers plan to contribute to the authorship of the work, or would potentially have claim on downstream licenses from the work is an open question, and a compelling one.

Talent agencies are representing NFT owners and their collections, CAA has signed the NFT collector, 0xb1, whose collection of NFTs includes characters from a variety of NFT community storyworlds including Apes, Cool Cats, and Spunks by Spongenuity. In essence, fractions of NFT storyworlds that can enter into agreements directly. With Timbaland and Universal Music Groups announcing licensing agreements around NFT based characters as described in part 5, it’s clear that telling stories and building projects based on owned NFTs is a workable model for big budget projects with early movers excited to enter the market.

What does this mean for IP Owners with more traditional views of licensing and story world controls? The opportunity to engage audiences as NFT purchasers is not an all-or-nothing proposition. The same way established brands have considered User Generated Content (UGC), or fan fiction portals, smart contracts can include broad license and permissions or more limited permissions that can be added to or revoked. Watching as large IP holders with community-driven platforms like Webtoon and Wattpad, NFT smart contract systems provide a clear methodology to managing these increasingly complex opportunities in ways that can benefit IP owners and fans who want to create work in a story world.

While these projects won’t launch overnight for established brands and franchises, these are the questions being asked to determine the next wave of audience relationships:

  • Where are areas of my story world where audiences could create stories or play with characters to explore in this narrative?

  • What experience lends itself to this exploration best in the franchise at hand? Is a sandbox or RPG style experience a way to close off an era of story that fans can enjoy?

  • What are ways that audiences are already exploring your world (online role play, fan art or fan fiction (fic), etc…), and is there a way to enhance or amplify that fan experience without being overbearing?

These new campaigns, initiatives, or experiences could emerge as walled-garden storylines for audiences to play in, stand-alone games inside sprawling story worlds, or simply giving fans opportunities to monetize transformative works on controlled platforms.

NFTs offer substantial new potential for artists to be recognized, sustain their pursuits financially, and IP owners to build goodwill with fans who love their stories.

Part 7: Where Will NFTs Take Your Storyworld?

Franchise owners haven’t had an easy opportunity to create direct agreements with audience members at scale … until NFT smart contracts emerged. While an automated copyright review service can trigger microtransactions instead of take-downs if an IP Owner has opted-in on a platform, chasing fan behavior and granting permissions after the fact to healthy uses of content by fans is a huge allocation of time for franchises. Brands have been looking for ways to reasonably participate in fan co-creation that celebrates audiences’ love for their story worlds while protecting intellectual property rights for decades. No one wants to be the brand that breaks someone’s heart with a cease and desist when they could be increasing shareholder value by letting fans to share their love, build word of mouth and create earned media moments.

As NFT-based productions enter the marketplace in the next 12 months, they’re going to transform relationships of franchises with audiences – as substantially as social media did in the 2000s. NFT’s superpower is that they are not only a way to distribute and monetize assets, but they’re also creating a contract with the buyer… a contract that can establish a huge variety of usage parameters while still maintaining the seller’s ownership of related intellectual property. One of the biggest questions in franchise storytelling has always been – how can we connect with fans, and give them the opportunity to participate in the stories they love, while protecting the commercial needs of a production’s owners. With the ability to establish the rules of the road for IP ownership and usage, fans can take a turn at the driver’s seat on content distribution with everyone in the value chain enjoying the ride. TL:DR: What are the major points you need to start a conversation with your creative collaborators, business colleagues, or potential clients? The basics: An NFT is:

  • A Piece of Art: any digital asset (like a .jpg or .mp4),

    that is

  • Part of an agreement (a smart contract)

    and is

  •  Recorded on a public system (a distributed leger) 

Here are the opportunities:

Franchises and brands are looking at their archives and collectables in a new way and finding new revenue sources.

  • The bottom line for marketing experiences, consumer products, and events include monetization and long-tail revenue.

  • Play-to-Earn Games & Customization means players have a stake in a project’s success.

  • Audiences are increasingly engaging with NFT communities because they are empowered to participate in the ongoing revenue streams from these projects.

  • Original Intellectual Properties are looking at NFTs to create communities and buzz, fundraising opportunities, early marketing, and licensing.

  • Established IP and brands can create exciting new experiences with audiences beyond simple collectibles.

  • The direct smart contracts that NFTs contain are inspiring new models for authorship, licensing, and monetizing transformative works.

The most exciting aspect of this new ecosystem is that these opportunities are going to affect, and be answered with the creation of thousands of new experiments. The potential to use NFTs to connect, customize, integrate and personalize experiences are vast. The next step for any team interested in exploring NFT-based projects is to reach out to a team like Palm NFT Studio to learn more about how these tools can be used for particular projects and goals. Even for experts, the NFT landscape is a vast territory and collaboration is the way artists, companies, technologists and audiences are navigating it together. Welcome to a whole new world.

About the Author: Caitlin Burns is the Director of Story for Palm NFT Studio, where she’s responsible for leading teams of creators building new experiences for original and major franchise IP using NFT platforms and mechanics. A pioneer of Transmedia Storytelling, she has spent more than a decade creating multiplatform content strategies for well-known IP like Pirates of the Caribbean, Tron, Halo, and more in addition to work for companies including Sony, Showtime, and Wieden+Kennedy. Caitlin is also recognized as a global specialist in emerging media production and sustainable development. You can see more about her work here.