Could Netflix make the leap into crypto?
A tweet from streaming giant Netflix posted on January 21 has sent the internet into overdrive as speculation grows about whether Netflix will support NFT.
The growing success of NFTs has encouraged many industries to venture into non-fungible tokens and explore their wide popularity. With a market capitalization of nearly $40 billion, the likes of Nike, Adidas, Ubisoft, and countless other big companies are dipping their toes in the crypto water, albeit with mixed responses.
Netflix and NFTs could be a groundbreaking partnership if it ever becomes a reality. So let’s look at how the following partnership might manifest in the future.
NETFLIX AND NFTS
In a tweet on January 21, the Netflix Engineering account tweeted a post asking its users their thoughts on NFTs.
The tweet went viral, gaining massive traction and attention, both good and bad. This led many users to wonder if Netflix is launching its own NFTs.
Since blockchain technology cannot store long-form videos, the option to convert long-form videos like NFTs is out of the picture. However, Netflix can still take inspiration from Stoner Cats, an NFT show produced by American actress Mila Kunis.
The program allowed users to watch the episodes when they purchased a Stoner Cat NFT priced at 0.35 ETH. This lucrative method can help drive the integration of NFTs and the widespread use of NFTs worldwide.
Similarly, Netflix could also release NFTs of its iconic series characters. This may include the introduction of premium limited edition NFTs of some of their most famous characters or fan merchandise. While many leading brands have already launched their products as NFTs, it wouldn’t be a surprise if Netflix wants to join the growing bandwagon as a leader in the growing NFT space.
Many users quickly responded to Netflix’s tweet stating that NFT technology is inevitable.