NFTs are now making their way into Middle-earth, or rather The Lord of the Rings is making its first foray into the world of Web3 after Warner Bros. officially announced its intent to release The Fellowship of the Ring movie as a digital collectible.
Naturally, the idea for Lord of the Rings NFTs didn’t go unnoticed last year when crypto markets were hitting all-time highs, but the only collectibles that came out were unlicensed NFTs that provoked the ire and legal action of the Tolkien Estate. NFTs are essentially unique digital collectibles running on some form of blockchain technology whose ownership is recorded through a digital ledger similar to the one powering popular cryptocurrencies like Bitcoin, and while Warner Bros. is far from the first media giant to launch a collection of this kind, they haven’t exactly been a hit among those unfamiliar with crypto, especially in gaming.
Per Warner Bros.' own web3 site, the WB Movieverse is “An entirely new way to own, collect and enjoy your favorite movies.” The studio’s first NFT mint consists of The Fellowship of the Ring film, which is being released on October 21 at 12:00 PM ET (9:00 AM PST). For this venture, Warner Bros. is partnering with Eluvio, a self-proclaimed “Content Blockchain” compatible with the ever-popular Ethereum, to sell 10,000 random “Premiere Mystery Edition” tokens, priced at $30, that include interactive menus based on beloved Tolkien locations such as The Shire, Rivendell or the Mines of Moria.
The “Premiere Epic Edition,” going for $100, will be limited to 999 tokens, including all 3 location menus, as well as bonus image galleries not available to Mystery Edition buyers. Both token editions include Lord of the Rings: The Fellowship of the Ring's Extended Edition in 4k, 8 hours of special content and commentaries, as well as image galleries and AR collectibles specific to the aforementioned LOTR locations. Warner Bros. paired the announcement by creating its own NFT-centered Twitter account (@WarnerBrosNFT), although the Eluvio blockchain supporting the launch doesn't appear to be too popular among web3 and crypto enthusiasts.
Regardless of one’s own opinions on NFTs, Warner Bros.' timing is odd at the very least since crypto markets have collapsed in 2022, with most cryptocurrencies down 60-80% in price and NFTs doing far worse. For example, Logan Paul was recently memed over a piece of NFT digital art he bought for $623,000 that is now valued at a measly $10, as even the “blue chip” NFTs have absolutely plummeted.
Nevertheless, market adversity doesn't seem to be stopping Warner Bros. or many video game companies from trying to get into NFTs, as even Square Enix has resorted to using properties like Final Fantasy 7 to promote them. Most gamers certainly don’t care for NFTs, but soon Warner Bros. will find out if Lord of the Rings fans think any different.
The Lord of the Rings: The Fellowship of the Ring Web3 Movie Experience premieres on October 21, 2022.
Source: web3.wb.com