‘Hello Pets,’ the nonfungible token (NFT) project, is creating an open entertainment ecosystem, in the hopes of becoming the ‘Disney of Web3.’
It has been reported that this ecosystem will allow the community to take part in the creation of shared intellectual properties (IPs) through storytelling and art. Beginning with their own cute and cuddly characters, Hello Pets is also incorporating external NFT characters into their narrative.
However, traditionally in the entertainment industry, to gain IP rights to a well-known character, the process is both costly and time-consuming. In most cases in the NFT space, buying the NFT is all that is required. Any derivative works or brand building can then readily use the characters.
The report said that the Hello Pets team are using the new IP licensing approach and creating the entertainment ecosystem of the future. Hello Pets is creating a web3 brand that appeals to a broad audience through the use of their core characters. Unlike traditional entertainment companies, they are utilizing the efficient IP licensing of NFTs.
Likewise, this allows them to incorporate external NFT collections and invite holders to participate in content creation for the Hello Pets universe. The team plans to use technologies such as game engines, AI, Augmented Reality, Virtual Reality, 3D printing and more to create a range of products. This will go beyond digital applications like movies, games, and music. Also included are physical applications like toys, fashion products, home decor, and more.
Hello Pets is working to create a decentralized entertainment ecosystem where the community is involved in the creation process. The team envision it as the next ‘Disney’ and are making this a reality by building a world where the community creates the art and shares in the value generated.
Thus, all participants in the ecosystem will benefit from this approach, opening up exciting opportunities for all web3 creators.
Source: NFT Evening