Web3 entertainment and the opportunities it unearths
Entertainment has always played a crucial role in our lives. Sadly, there are major setbacks in the entertainment industry that need to be resolved. Content piracy, intellectual property rights infringement, loss of revenue, vague royalty rewards, and difficult transactions are problems preventing the industry’s overall growth. Apparently, the introduction of web3 entertainment was no longer only a technological advancement but also a necessity.
The incorporation of web3 in entertainment brought solutions to the concerned problems and gave rise to more creative options in the industry. Web3 wave is pretty new. While we are still finding ways to understand the technology, industries have already started adopting web3 as a major revolution. The entertainment industry is one of them.
This article will help you understand what impact web3 would have on the entertainment world.
What is web3?
Web3, a term coined by Gavin wood, the co-founder of Ethereum, has recently gained immense popularity. It was introduced with the belief that it is a powerful tool for development in the tech sphere. Earlier, there were limitations to the potential of the internet. Utilizing web3 has given rise to an internet that is decentralized and more secure.
Since the internet’s birth, this is the first time that users have had the power to control their online data. Thanks to blockchain technology and its decentralized philosophy, which form the basis of web3. Based on the distinctive features of the technology, web3 may be considered revolutionary.
Different aspects of web3 entertainment
We all know the entertainment industry is a mixture of movies, shows, music, and so much more. The best part of the web3 revolution is that it transformed the whole entertainment ecosystem and the associated industries. In this section, we will examine the impact of web3 on industries associated with the entertainment sector.
Web3 in the film industry
Web3 services are disrupting the film industry. The introduction of emerging technologies like web3 has solved long-standing problems in the film industry. To be precise, this is what web3 in the film industry looks like.
- In the movie industry, artists, filmmakers, and producers suffer huge losses due to fraudulent copies of films. Web3, for that matter, utilizes decentralized processes and tracks fraudulent activities. This ultimately leads to fewer incidences of copyright infringements of movie-related content.
- Web3 has proven to be an ideal solution for streamlining royalty payments. Artists, filmmakers and producers now receive the royalties they deserve for their efforts and hard work. This is accomplished by deploying smart contracts that trigger automatic payments.
- Advertising and marketing are very important tools for the entertainment industry. But the traditional methods seemed to be risky and frustrating. Web3 services in entertainment allow easy tracking of ad performance and smooth monitoring of publishing rights. The advertising metrics are also free from manipulation and fraud.
- There is also a shift in the way viewers and creators interact. The interaction has become more direct as no third-party is involved. The industry has become more transparent for the viewers as well as the content creators.
Web3 in the music industry
Music is one of the most important pillars of the entertainment industry. Web3 is transforming the age-old music market with unprecedented opportunities. Here’s what web3 promises to the music industry.
- With web3 in music, fans can now share ownership of the rights to the songs of their favorite artists through NFTs. Non-Fungible Tokens allow owning rights to songs without interrupting the copyright of the true owner. Once bought, these NFTs of songs can further be resold at any desired price. Thus, promising profit for the buyer as well as the owner.
- Integration of web3 is helping musicians enjoy full control over their creations. From managing rights to maximizing the value of publishing and recording, musicians can now retain control over their work.
- Apart from these, fair music revenues, transparent ledgers and inclusive royalties are some of the other advantages web3 provides to the music industry.
Web3 in the OTT industry
OTT platforms are gaining popularity at an astounding rate. Most viewers rely heavily on the content offered by these platforms. Thus, web3 integration is leading the industry to reach its zenith.
- Most OTT platforms are based on the video subscription model. This prohibits consumers from accessing content except through their own platform. Web3 has brought a significant change in the model. With the latest technology and tools, the content can be accessed from anywhere.
- With web3, micropayments and consumption-based pricing mechanisms are beginning to gain popularity. Just like metered billing, this mechanism allows consumers to pay only for the content they want to consume. Unlike subscription-based streaming services, this mechanism allows consumers to pay only for the content they want to consume.
Web3 impact on museums and exhibitions
The art industry has also been positively affected by the web3 revolution. There are new ways to own art and manage copyrights.
Physical artworks can now be represented as non-fungible tokens. NFTs provide value to those digital arts, buyers and their true creators. These tokenized art are highly scalable as they promise true ownership.
As decentralization is the main goal of web3 technology, artists also enjoy great profit margins as no intermediary is involved.
The digital arts are stored on the blockchain. Thus, information related to them is stored on a distributed ledger, which is visible to everyone. This creates scarcity, traceability and transparency.
Not only art pieces, museum and exhibition tickets are also available in the form of NFTs.
Web3 entertainment is a technological innovation that has caused the restructuring of the entire entertainment industry. Everything in the entertainment world is evolving. The content is now more immersive, focused, and interactive than ever before. There are new ways of producing, distributing and advertising content. The relationship between fans and creators has also improved and is now more interactive and direct. To conclude, web3 in entertainment will help the entertainment industry to become far more powerful, user-oriented and secure. There will only be positive experiences for all.