The new era of the content industry powered by Web3, NFTs and Artificial Intelligence
In the midst of an ever-evolving content industry, media companies try to anticipate the impact of Web3, NFTs and Artificial Intelligence.
Trends in content production and distribution
Despite the pandemic causing a contraction in the industry with a subsequent focus on large platforms, the post-pandemic stage is driving a change towards greater openness and decentralisation in all aspects of the content production and distribution industry. Content creators seek alternatives to centralisation and develop business models that are less dependent on the dominant platforms. In this sense, there is a gradual transition towards audiovisual projects based on Web3, which take advantage of blockchain technology. This way, power resides with the creator and, above all, with the community that supports them.
The ability to finance content production through a passionate community, rather than relying solely on a few large investors, is proving to be a trend with early and organic traction. This democratises content in a way never seen before and changes the dynamics of distribution. In this new ecosystem, producers can directly reach out to their fans and monetise their work without relying on third parties to control their rights or impose less than beneficial terms.
The potential of Web3 in the world of content
When exploring the opportunities that Web3 brings to the content industry, the potential is endless and we are still far from imagining all the future possibilities. The combination of artificial intelligence, such as ChatGPT, blockchain technology and Web3 is changing paradigms and the way business is done. Creators no longer rely exclusively on selling their content to giants like Netflix or Amazon, but instead have a wide range of opportunities to directly monetise their creations and all facets that intellectual property can offer.
The paradigm shift in the industry
Before this shift, creators were looking to sell their work to a few companies to fund future projects, trying to maximise prices. However, with Web3, they can explore new business models, such as NFTs, that allow them to diversify their revenue streams and reduce their reliance on a few big sales. This creates long-term revenue directly with consumers, making the most of the potential of their IP.
NFTs represent a revolution in the world of content, as they allow fans access to film sets, unpublished scenes and exclusive events. Creators can sell collectibles and offer unique benefits to NFT owners, which builds strong communities among fans and consumers, who in turn support and fund projects.
Operators, content providers or distributors are looking for ways to connect content, communities, partners and digital opportunities through the creation of NFTs. To do this, it is essential to have technical knowledge in NFT projects, develop strategies and implement these projects.
On the other hand, launching an NFT involves much more than simply creating a smart contract with a character or cool art. It’s crucial to understand the community and know what they want, what launch and engagement models to use, and how to keep fans engaged. This implies a sociological and tribal component, which is just as relevant, if not more, than the technical component. It is all about selecting and developing relevant communication channels, as well as offering genuine utilities that excite fans who are passionate about their favourite content. The number of NFT projects is expected to experience exponential growth in the coming years, and few companies are currently well positioned to collaborate in this ever-reinventing industry space.
For the Spanish version please visit: https://medium.com/@info_88437/la-nueva-era-de-la-industria-de-contenidos-impulsada-por-la-web3-los-nft-y-la-inteligencia-49f37a5288cc