A tweet from streaming giant Netflix posted on January 21 has sent the internet into overdrive as speculation grows over whether Netflix will support NFTs.
The soaring success of NFTs has encouraged many industries to venture into non-fungible tokens and explore their widespread popularity. With a market cap of nearly $40bn, the likes of Nike, Adidas, Ubisoft, and countless other huge companies are all dipping their toes in the crypto-water, albeit with mixed responses.
Netflix and NFTs could be a groundbreaking association if it ever becomes a reality. Let's take a look at how the following association could manifest in the future.
Netflix and NFTs
In a January 21 tweet, the Netflix Engineering account tweeted a post asking its users about their thoughts on NFTs.
The tweet went viral, gaining huge traction and attention, both good and bad. It prompted many users to wonder whether Netflix is launching its own NFTs.
Since blockchain technology cannot store long-form videos, the option of turning long-format videos as NFT is out of the picture. However, Netflix can still take inspiration from Stoner Cats, an NFT show produced by American actress Mila Kunis.
The show permitted users to watch the episodes when they purchased a Stoner Cat NFT priced at 0.35 ETH. This lucrative method can help boost NFT integration and mainstream NFT usage across the globe.
Similarly, Netflix could also launch NFTs of its signature series characters. This may include introducing premium limited edition NFT of some of its most celebrated characters, or fan merchandise. While many leading brands have already launched their products as NFTs, it wouldn't be a surprise if Netflix too wants to join the growing bandwagon as the leader in the growing NFT space.
Many users were quick to respond to Netflix's tweet asserting that the NFT technology is inevitable.