Non-fungible token (NFT) platform VeVe has partnered with entertainment distribution company Metro Goldwyn Mayer (MGM) and EON Productions to launch digital assets for the upcoming James Bond movie. EON has been producing James Bond films since 1962 and holds the copyright to the franchise.
The new movie, “No Time To Die”, is expected to launch on September 30, almost 18 months after its first predicted release date. The debut was delayed multiple times by the Covid-19 pandemic.
From a marketing perspective, promoting a movie with several launch postponements is far from ideal. Consumers are getting bombarded with new entertainment options daily, and creating and retaining interest in not-yet-available content is a challenge.
As the movie finally reaches theaters, the launch of the NFTs is an effort to promote it once again.
“As one of the longest-running and most successful film franchises of all time, James Bond continues to evolve and innovate to meet the demands of our devoted audiences around the globe,” said MGM’s Chief Marketing Officer Stephen Bruno. “We are thrilled to partner with VeVe to create the first-ever digital collectible from ‘No Time To Die,’ and offer fans an exclusive opportunity to own a piece of cinematic history.”
An advantage of using NFTs to market the new movie is that, since digital assets have been more or less trending over the last couple of months, it is likely to be a topic of conversation. That’s especially the case for those active in the NFT sector.
Other movie productions are also using digital assets to promote launches, such as Warner Bros’ blockbuster movie Dune. The strategy creates some excitement around the launch, gets people talking about it, and does not necessarily require extensive upfront costs. It also supports a rhetoric of building a community of fans around the intellectual property, which encourages long-term interest and loyalty.
On the other hand, NFTs still attract a very niche audience potentially lacking in diversity.
Meanwhile, VeVe has partnerships with other mainstream franchises, including Marvel, Batman, Adventure Time, Monster Hunter, Star Trek, Jurassic Park, Fast and Furious, Back to the Future, and others. In the mainstream entertainment NFT industry, they are one of the competitors with the strongest portfolio.
Meanwhile, other brands using NFTs to promote the launch of a product include Neopets, rum brand Bacardí, and fashion brand DKNY.