CoinMarketCap Conference Recap: Entertainment in the Metaverse

While the metaverse can bring people together, these virtual worlds don’t really bring the mainstream audience.

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Director and Creative Director Paul Caslin, the CEO of crypto-driver in entertainment industry HELLO, mentioned that the widespread adoption of the metaverse in the entertainment block is just “waiting for the floodgates to open.” Caslin stated this in the panel discussion Track 2: Entertainment Enters the Metaverse! during the CoinMarketCap: The Capital Conference.

“Once one celebrity or one filmmaker does this, the floodgates are going to happen. Once it’s good for one person, it’s good for everyone. There’s a lot of people on the sidelines at the moment waiting to see what happens.”

Paul Caslin, CEO Hello Entertainment

However, he noted that while the metaverse can bring people together, at present, these virtual worlds don’t really bring mainstream audiences into the space and deliver entertainment that’s captivating.

He added that the current models in the industry are broken, Caslin pointed out that the “old studio model for TV and movies was broken because you had to know someone to get ideas off the ground.”

“The beauty of crypto and NFTs (non-fungible tokens) is that we are the audience, we are the producers, we’re the people who can produce these ideas.”

Paul Caslin

To address this and to put thrill and engagement with the integration of metaverse in entertainment, Caslin says HELLO wants to find ways of going about your day and participating in a thriller, or a gameshow. 

“We’re working on a couple of game show ideas where you will be able to feature as part of a show and earn real crypto and NFTs as part of that. In the real world, we’re tied to our physical forms, but in the metaverse you can go wherever you want or be whoever you want,” he explained.

Moreover, he added that everyone’s “inner children” appeal to this — and “he would love to be a superhero.”

In the Philippines, where the country ranked 4th highest in NFT adoption globally and 2nd in crypto ownership, Filipino artists are starting to venture and integrate their art in the form of NFTs. (Read: Who are the Pinoy Celebrities Joining the NFT Craze?)

Nadine Lustre in November last year as she launched her song in an audio NFT format in enter.audio, an NFT marketplace for art and music. (Read more: Nadine Lustre Joins NFT Wave, Launches Rare Audio NFT Collectibles)

R&B singer Kris Lawrence also launched his single titled “Future Girl” as an NFT with only 250 copies in the new NFT market called SongRise. (Read more: Kris Lawrence Releases a Song as His First NFT)

P-pop sibling-groups BGYO and BINI also made history as the first Filipino artists to be featured on the NFT covers of XPEDITION, a Dubai-based magazine. The launch of their magazine cover was conducted in the metaverse through a virtual reality set-up where they interacted with their fans. (Read more: P-Pop Groups BGYO and BINI Appear in Dubai Magazine NFT Cover)

This article is published on BItPinas: CoinMarketCap Conference Recap: Entertainment in the Metaverse

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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