Web 3.0 has been a game changer for brands to increase monetization channels and fan engagement. Through the works of NFTs and the Metaverse, brands are able to engage with their fans like they never have before. For Bollywood celebrities and filmmakers, entering the Metaverse could increase the value of their branding.
In short, the Metaverse is a virtual society in which people can engage with each other digitally through numerous experiences. As companies begin to adopt this, we are seeing a rise in digital experiences where fans can engage in an event and earn NFT drops. Recently, Justin Bieber and Coachella have held concerts digitally which proved to be a large success, with Coachella having expected to bring in 750,000 people. In the past, Fortnite hosted a concert with Marshmello which had an audience of 10.8 million fans.
Companies such as Liveplex have been using this trend to help Bollywood celebrities and filmmakers to engage in fan experiences through the Metaverse. Streamers and celebrities are in a position to further their engagement with their audience through platforms such as this. Through Liveplex, streamers and celebrities have been able to engage their fans through original content such as speed dating, trivia, NFT coin drop rewards, exclusive early screenings, and after parties digitally where fans can meet the actors.
Streamers and celebrities are in a position to increase revenue streams for original content. Many times, there will be characters that have iconic wardrobe and makeup appearances in a film. Through Liveplex and the Metaverse, fans can buy the wardrobe of their favorite actors by using NFTs to wear both in real life and in the metaverse. Using this will allow content creators and streamers to monetize items that they originally were not able to. Engaging fans through this medium allows for actors to strengthen their fan base and create loyal fans that will return to watch the actor/actress in the future. Doing so puts value on the actor based on projected viewings which benefits the streamers.
For actors, celebrities, streamers and influencers, joining the Metaverse in Bollywood will result in benefits in the long term. Adopting these new technologies will position Bollywood to be strong during the rise of web 3.0. Currently, there are a few companies helping Bollywood transition. Liveplex has built a Web 3.0 ecosystem that will help actors and streamers alike to boost their content and revenue streams past what they are currently capable of doing.