Third Act: The Official Blockchain of Broadway

Third Act is a brand new marketplace for NFTs that has been launched exclusively for the theatre community. Created by producers Eric Neal and Jesse Hornstein, this pioneering development is intended to provide an income stream in the form of the blockchain marketplace.

What is Third Act and how does it work?

The topic of NFTs has been a hot one lately – most industries have been talking about this platform, and it’s certainly an area that’s changing and growing fast.

NFT or ‘Non-Fungible Token’ refers to any asset that is unique and cannot be replaced. It is one-of-a-kind, so cannot be traded with another NFT. An NFT is a unit of data that you hold all the copyrights for, and can duplicate as many times as you want – this works well when we think about a work of art or something that’s an original creation being an NFT.

NFTs are tokens built on blockchain technology, and this ensures these digital files are available to be sold on multiple platforms while having only one owner.

Third Act is a marketplace on the Hedera network which means that theatre fans can buy merchandise safely and traceably on this network, knowing that it’s proven to be authentic and who the copyright owner is. Neal and Hornstein have launched this as a means to bring another stream of income to the theatre world. Speaking to broadwayworld.com, Neal explained:

“The ‘Show’ is extending beyond the stage, into social media, streaming, and now, blockchain. We are very excited to bring a new form of monetization to theatre productions. Distributed ledger technologies and blockchain have quickly evolved from a somewhat opaque territory into what will become the future of collectibles. The NBA launched their Top Shot program to great fanfare, Beeple [the digital artist] recently sold one of the highest paid-for art pieces at Christies in New York, and we are excited to bring the spirit and beauty of theatre to people all over the world.

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 pieces can appreciate in value like a piece of fine art. Nothing needs to be shipped and its ownership is irrefutable.

The platform was designed to be as easy as eBay, but way more fun. When first vetting technology partners, Third Act reviewed the usual suspects but many came with big transaction costs and long wait times. Through its partnership with Hedera, Third Act offers instantaneous transactions that cost less than 1¢ USD, allowing for a much more accessible experience for theatre-goers.”

Third Act partnered with a show called Herding Cats, which was performed in London earlier in 2021. The show’s digital merchandise was then available as NFT, priced between $3 – 5.

You can check out the full collection and get your NFTs from Third Act here.

While ‘Third Act’ looks like it will go down in history for being the first of its kind in the theatre world, it’s extremely unlikely that it will be the last. More theatre companies, artists and creatives will more realistically follow suit in this area following a period that has tested income streams to their limits following the pandemic.

Perhaps more importantly, the NFT marketplace could finally be the solution for artists to sell their work legitimately and for a fair price in a secure, morally sound way. These marketplaces are renowned for being safe, almost impossible to hack in terms of falsifying information or details, and could perhaps mark the future of artistic trading and business practices in the creative community.

Visit the Third Act Website

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