Web3 promises to be a game changer. At its core, Web3 is a vision of a more open, separate, and secure network, facilitated by the advancement of technologies such as blockchain and machine learning. Applications seem endless — especially in the entertainment industry. While much of Web3’s influence on the future of entertainment remains to be seen, Web3 aims to radically change a number of key industry sectors:
Transforming influence structures.
There is strong evidence that Web3 will develop new incentives for players and their fans. Increasingly, fans and other members of the audience want to be active participants in the whole process of creating entertainment – from memory to sharing. Thanks to the non-fungible tokens (NFTs), located in the heart of Web3, fans can realize this goal and become long-term investors in artistic success. A deceiver who buys NFT from someone below the radar may see an increase in ROI over time — perhaps even more so — if the enthusiast gains prominence. And, on the creative side, NFTs help journalists reward newcomers and reward gambling fans for their future skills. Finally, if all goes well with the plan, a positive attitude will be developed that fosters a cohesive and united society about shared confidence in the future of artistic potential.
Of course, the NFTs are also setting up new incentive structures for well-known investors. When purchasing NFTs, audience members can be rewarded with gambling on the future of issues that they believe will not be appreciated or will be valued over time. Longtime fans and non-fans who want to win quickly can benefit. In March 2021, NFT art was purchased from tourist Lindsay Lohan for $ 17k and the seller immediately returned it for sale for $ 78k. In simple words, content creator @ danipass0s ask:
“Only strong fans of designers are buying their NFT? No. Some customers did not care about their manufacturer but wanted to make a quick profit. For example, someone bought @lindsaylohan art NFT on $ 17K and returned it to the market for $ 78K.
New platforms such as the Royal-backed a16z are also helping to transform incentive structures that have long been less well known in the entertainment industry. Royal helps users buy music sections through its market and earn rewards for the music they have invested in gaining popularity.
Non-governmental organizations (DAOs) are also emerging rapidly. DAOs are collaborative decision-making organizations that help journalists interact directly with followers and motivate them to be active participants in the creation and promotion of the entertainment project. Dreams Are Not Yes Records – led by the people behind The Data, which helped discover players like Billie Eilish – is one of the newly launched DOA designed for entertainers. Highlighting the new promotional methods it allows, Dreams Never Die Records advertises itself as a Web3-based music community and record label aimed at discovering new actors built around the “active and active community”. connected. ”
Changing owners’ practices.
In our pre-Web3 era, entertainment has largely been dominated by stage giants. On Web3, the hope is that their owners will move from behemoth platforms to manufacturers – though time will be the real antagonist of whether this ambition will come true.
Taylor Swift’s loss of ownership of her original songs – which prompted her to record six of her albums again – provides a clear insight into the deterioration of the entertainment industry owners. Theoretically, Web3 can help a world where artists do not have to struggle to maintain the rights and rights of owners in their work. If Web3 had been around when Swift started recording his music, he would have been able to defend his personality over it. He probably chose to create his own NFTs and allow fans to be investors to him, benefiting when the songs worked well. Importantly, when using NFTs, he could have established a verified personal record on matters that would follow him.
In many ways, transforming incentive structures creates new ownership patterns. When the audience stops to make money when things are going well, they have the opportunity to promote the news and the creators can also benefit for the audience to pay more – ultimately, enabling them to maintain control over their work. out to get- go. This property continues in the first, second and highest distribution. When an entertainment enthusiast buys an NFT investor and then resells it, journalists can make a profit with rewards and alternatives from each successive sale.
New ways to make money.
Web3 also supports new revenue-generating stations – especially those that are not protected by powerful intermediaries. Typically, radio stations have a big voice about which songs get airtime. Similarly, the records are notorious for limiting the selection of artists. And streaming platforms have made a name for themselves by changing their discovery algorithms so that players are left in the dark about how to increase content visibility. The result has been that entertainers need to, either indirectly or directly, offer the maximum rewards they can get from intermediaries. According to Kadeem Clarke, Head of Labs at Momentum 6, less than 0.2% of singers earn more than $ 50,000 a year. The same situation exists for other types of entertainment.
New Web3 revenue-generating stations can help investors pay for their services fairly. By using NFTs, journalists are able to save a large percentage of sales. Also, new Web3 platforms such as Socios and Roll provide developers with tools to monetize their content and reputation directly without intermediaries. The mobile device, Vezt, is also becoming very popular. The platform helps music fans share royal rights for songs and records of different actors. As the company explains, “We are here to improve the music industry by providing musicians, songwriters and producers with money from their fans around the world. In exchange, fans gain the right to earning the rewards of their favorite songs and recordings. ”
Web3 paves the way for the future of entertainment.
The entertainment and entertainment sites that host Web3 will be the ones that will be successful in the years to come. By making the transition to incentives, owners’ facilities, and revenue streams, many have high hopes that Web3 will create a more balanced and environmentally friendly system for those who enjoy it. be successful. The key will be to reward fans in advance if they are willing to gamble on the future success of the manufacturer and to enable them to contribute to this success as it unfolds.