Third Act is the first of its kind, NFT market place for the theatre community. Third Act is launched by members of the Tony Awards. Third Act is the official blockchain of broad way. It is focused on adding an extra layer of monetization to theatre production.
Christian Hasker, CMO of Hedera, expressed, ““Third Act has done great work building the right tool to meet the needs of the theatre community.”
For clarity, Antoinette Perry Award for Excellence in Broadway Theatre is also known as Tony Award, which recognizes excellence in Broadway Theatre. These awards are given for Broadway productions and performances. Tony awards are considered the highest theatre honor.
The rules for the Tony Awards are set forth in the official document “Rules and Regulations of The American Theatre Wing’s Tony Awards”, which applies for that season only.”
Thus, with Third Act, the theatre industry will be having a new way to monetize their production through NFTs.
Eric Neal, Founder of Third Act, expressed “Distributed Ledger Technologies and blockchain have quickly evolved from a somewhat opaque territory into what will become the future of collectibles.”
The NBA’s Top Shot product as blockchain-based trading card system generated more than $230 in gross sales, per creator Dapper Labs.
Michael Joseph Winkelmann, known professionally as Beeple or Beeple Crap, is an American digital artist, graphic designer, and animator. He is known for using various mediums in creating comical, phantasmagoric works that makes political, social commentary while using pop culture figures as references.
Beeple, recently sold one of the “highest paid-for art pieces” at Christie’s in New York.
Following NBA Top Shot NFT and Beeple for digital arts NFT, it is now Tony awards NFTs for theatre.
Third Act are producing custom code using Hedera Hashgraph to irrevocably create NFTs. Thus, they will be assigning rights for ownership, royalty, minting – the process of officiating any asset as original, and auctioning the process of selling the asset to the highest bidder, facilitating the sale, and distributing the revenue. They also produce the digital assets through a design agency partner.
Eric Neal, Founder of Third Act, expressed, “We see the NFT marketplace as a tool for theatre productions to build a new revenue stream that continues to pay royalties, even when that asset changes hands. These digital assets can appreciate in value like a piece of fine art. Nothing needs to be shipped and its ownership is irrefutable.”
