A Shifting Paradigm: The Battle between Web2 & Web3

Produced by 5AM Global

The underlying principles of Decentralization are not anything new..

During the late-18th century, a group of individual colonies governed by the British monarchy from abroad finally had enough and demanded greater autonomy and personal rights. They could no longer suffer the slings and arrows of a life lived under the oppression of a central entity, and declared their independence.

Then, fast-forward a couple hundred years or so, and we have the pseudonymous “Satoshi Nakamoto” lighting the spark of a cultural movement (of which we are a part of today), with the publication of the “Bitcoin Whitepaper”, in response to the 2007–2008 financial crisis.

BREATHE! not only embraces the emerging tech built based upon the contents of that historical document, but also the underlying principles of self-sovereignty and empowerment.

Enter Web3

It knows no borders, and empowers people across various sectors, including gaming, music, and social networking, by providing not just the keys of self-sovereignty, security, and trust in a “trustless” system.

The Gaming Industry: Skins, NFTs, Digital Ownership.

Things have come a long way in the world of video games since Magnavox debuted its “Odyssey” home video gaming system in 1972. Fifty years later, gaming is coming closing-in on being a $200 Billion dollar industry, and expected to grow by almost 13% annually until 2030.

The rise of the Internet and advancement of cellular technology has changed the name of the game, (See what I did there?😏), allowing friends and family that are miles apart to participate as if they were in the same room.

Here’s The Skinny..

Many popular massively multiplayer online (MMO) games such as Fortnite and Call of Duty, allow players to customize the appearance of their characters and weapons with digital skins and paint jobs, respectively.

Seems cool, right?

The E-Gaming community seems to think so, and the numbers don’t lie; in April of this year, players opened a record 50 million packs of digital assets called “Cases”, containing attribute-laden in-game assets that offer different benefits to the gameplay. Some are considered so rare that they are valued at over half a million dollars.

There’s Always A Catch..

However, players who invest time and money for these digital assets face the risk of being “rugged” when the publisher shuts down the game, ends its support, or simply says no.

A notable example occurred when Microsoft, publisher of Minecraft, shuttered the servers of Web3 projects making use of the games ‘creative mode’ to build branded, gamified virtual worlds for their communities to engage within. This left players who had invested in these digital worlds empty-handed, and having to start over, if at all.

Web3 principals leveraged with blockchain technology can address this issue by enabling players to own their in-game assets as non-fungible tokens (NFTs), which are unique, tradeable, digital items. NFTs assign players ownership and full control of their digital assets, ensuring they remain viable and accessible even if a game’s publisher ceases support.

The Music Industry: Fair Revenue Distribution, Creative Empowerment and Community.

The traditional Music Industry often leaves artists at a disadvantage, as record labels tend to profit more from the artist’s work than the creators themselves. Web3 and blockchain tech can help musicians regain control and solidify ownership of their creations by enabling them to mint and sell their music as NFTs. This method of publishing ensures that artists receive fair compensation for their work while maintaining the rights to their creations.

In addition to benefiting individual artists, Web3 emerging tech can also reshape the way fans interact with and support their favorite musicians. Through tokenization, fans can invest in an artist’s success by purchasing tokens tied to their favorite musicians’ work, allowing them to earn rewards and access exclusive content. (Ya know, “Free” stuff?)

This direct connection between artists and fans fosters a more intimate and supportive relationship, fueling the creative process and enabling artists to thrive independently of traditional record labels.

Blockchain technology also has the potential to revolutionize the ticketing industry, which is currently highly monopolized and plagued by scalping and fraud.

Our Gold Sponsor, ‘NFT-TIX’, has designed an innovative ticketing system for online and live events, concerts, conferences, and more. Each ticket is an NFT built on a smart contract, allowing organizers to control the income, manage rules for the market, and prevent fraudulent activity. This system ensures fair access to events and empowers creators to reap the rewards of their efforts directly.

Decentralized Social Networks: The Future of Information Flow

Centralized social networks like Facebook and Twitter wield immense power over information flow, which can result in censorship and biased content distribution. Decentralized social networks, powered by Web3, can disrupt this status quo by empowering users with greater control over their data and privacy. In a decentralized network, users can share and access information without fear of censorship, allowing creative minds to flourish without restriction.

“Not Your Keys, Not Your Coin”

By promoting self-sovereignty, Web3 and other emerging technologies give individuals, groups, and businesses greater control over their digital assets, creations, and online presence. This, in turn, fosters innovation and creativity across various industries, shaping a more equitable and transparent digital future.

Decentralized social networks can provide a more secure environment for users, as they are not reliant on a single point of control. This reduces the risk of large-scale data breaches and hacks, protecting users’ sensitive information and ensuring the integrity of the platform. Additionally, decentralized networks can offer more personalized and relevant content, as algorithms on those platforms are typically designed to cater to individual preferences without being influenced by corporate interests or political biases.

A Better Business Bro.

Another critical aspect of decentralized social networks is their ability to support the development of new business models and revenue streams. For instance, content creators can mint and sell their work as NFTs, providing them with a sustainable income source that is not dependent on advertising or sponsorship deals. This not only empowers creators but also allows consumers to directly support the content they value most, fostering a more vibrant and diverse digital ecosystem.

Web3, blockchain, and decentralized networks are undeniably crucial for the success of individuals, groups, and businesses in the digital age.

By facilitating self-sovereignty, digital ownership, and creative freedom, these emerging technologies will empower users across the gaming, music, and social networking sectors, paving the way for a more equitable and transparent digital landscape.

Innovative technologies and concepts are redefining the gaming industry by granting players true ownership of their in-game assets and gaming skins, enabling musicians to maintain control over their work and receive fair compensation, and fostering a more open and democratic information flow through decentralized social networks.

These developments have significant implications for the future of the digital world, promising a more user-centric and equitable online experience.

Register for BREATHE! and Discover the Potential of Web3, and build a more decentralized future for yourself.

Embracing these innovations and adapting to the rapidly evolving digital world is not only beneficial but essential for future success. By understanding the potential of Web3, blockchain, and decentralized networks, individuals, groups, and businesses can position themselves at the forefront of the digital revolution and seize the opportunities that lie ahead.

When is it? September 13–15, 2023

Where is it? World Market Center, Las Vegas

Learn about the latest developments in Web3, blockchain technology, and how these innovations are revolutionizing various industries; Register Now to attend the BREATHE! Convention and witness firsthand how Decentralization can help YOU in your quest towards living a self-sovereign life.

As we move toward a more decentralized and self-sovereign digital landscape, the possibilities for innovation, creativity, and empowerment are only as limited as your imagination.

Stay up-to-date with what’s been happening on our end, read up on our elongated struggle with a social media giant, and see how we are embracing emerging tech to overcome big tech’s outdated restrictions.

Big Time Disclaimer: Just so you’re aware, this article was produced with the help of AI generated content. Yes, we are human, but we also make the most out of emerging technologies, including the transformative power of AI!