The rise of media3: How NFTs help brands tell better stories
Storytelling is an innate feature of brands that successfully thrive in the NFT world and beyond. This is not surprising, given we’ve wired ourselves to learn from and relate to one another through stories.
However, the traditional one-directional flow of content from brands to consumers is quickly becoming passé as audiences are increasingly gravitating towards interactive media platforms.
With Web3 and NFTs,
- Brands no longer have to rack their brains to figure out what might sell. NFTs can let your audience curate your content.
- Audiences get to be a part of their favorite brands by helping them build their narratives.
NFTs enable fans to vote with their wallets, determine which projects get funded, and how those stories unfold after the funding. This democratic process removes the biases of publishers and media mammoths who largely control what goes out today, and saves independent media houses a ton of money. According to Bryan Unkeless, Co-founder of Runner and Hunger Games,
Instead of investing $100m into a movie and then releasing it to see if it resonates with audiences, we go directly to the audience from the beginning. That Web3 ethos makes it fundamentally different from what Hollywood has done until now — and it’s fundamental to the next generation of IP creation
Brands and storytelling
Stories have been the backbone of our culture for centuries, shaping our understanding of the past, present, and future. Brands have begun to recognize that platforms like Reddit, Wattpad, and fanfiction.net are overflowing with extremely creative people who are willing to put in the time and effort to build lore, characters, and stories for media they like.
Web3 offers the key to tapping into this network.
Justin Waldron, the co-founder of Zynga who played a key role in developing the $20 billion social gaming industry, is all set to harness web3’s largely untapped potential for enabling storytellers. His solution? StoryVerse, the ArtBlocks for stories.
Well-known web2 luxury brands like Louis Vitton and Gucci have also successfully leveraged NFTs to describe their rich history and heritage while rewarding their audiences with physical and digital memorabilia. These brands understand the value of engaging their audiences through narratives that build trust and a sense of kinship within their communities.
But how can web3 and NFTs really help brands tell better stories? Let’s take a look.
How web3 and NFTs aid storytelling
Native NFT brands are already aware of the value of their lore in creating constant engagement. When they are part of a shared narrative, NFT collectors are more inclined to hold onto their tokens rather than sell them for profit. Web3’s tools also allow community-based collaboration, efficient distribution of content, decentralized world-building mechanisms, and much more.
Collaborative Creativity
As Yat Siu, co-founder and chairman of Animoca Brands has pointed out, a major shortcoming of Web2 is the lack of efficient means for sharing collaborative efforts for recognition and economic benefit in a scalable and equitable way.
Web3 however, can help change that. Blockchain helps brands write community-driven stories.
Platforms like R3wind and Crypto Coven use NFTs to offer a way for audiences to participate in the creation and evolution of stories, with the potential to monetize their contributions.
A number of popular celebrities have involved themselves in web3’s storytelling space in the past few years. Mila Kunis and Chris Rock’s Stoner Cats project is a prime example. With each NFT purchase, fans receive access to exclusive episodes of the animated series and the ability to vote on the plot for the next episode.
Gary Vee’s VeeFriends project takes this idea even further by creating a whole ecosystem around his NFT collection, which includes access to events, mentorship opportunities, and more. The project has been described as an “IP empire” that allows fans to participate in the development of the influencer’s brand and content.
The billion-dollar comic book industry is also diving into the world of NFTs to revolutionize storytelling. Palm NFT Studio recently teamed up with Warner Bros. Consumer Products’ DC Comics to unveil “The Bat Cowl Collection,” featuring 200,000 one-of-a-kind 3D-rendered Batman cowl NFTs that give fans the power to influence the direction of future comic book narratives.
Efficient distribution of content
While NFTs are often associated with “token gating,” they can actually be a valuable tool for brands to distribute content more effectively. In the traditional web2 model, sharing content is easy but getting it seen by the right community can be challenging without a pay-to-play model that encourages audiences truly invested in the story to engage with the brand.
With web3, grassroots organizations have the opportunity to create NFT projects that can serve as a distribution channel for their content. NFT owners are invested in their digital assets and therefore more likely to share and promote their brand’s stories to those who can appreciate their value. This aligns with the Web3 ethos of eliminating the need for permission and allowing communities to discover and engage with content they find meaningful.
Lifetime Royalty, no middlemen
In the traditional web2 space, authors often have to relinquish control of their creations or face pressure from publishers to alter their original content. But with web3 platforms like Readl, creators can publish their stories and enjoy lifetime royalties, without the need for expensive middlemen.
The NFT community that forms around a project also enables creators to build a dedicated fanbase right from the outset of their story development. Additionally, as artists derive funding from individuals rather than studios, they can maintain IP rights and creative control.
Authors can better connect with audiences
Keridwen, High Witch of Wit and Wordsmithery (Head Writer) for Crypto Coven made an interesting point about traditional authors in a Twitter space the brand participated in.
In traditional publishing and with the kind of authors that I used to engage with, the expected relationship between you and your readers is zero. You publish a book, it goes out in the world, and people buy it at the bookstore. And you might never hear from those people …
This is rather sad for authors who put in years of work before their final product gets to go out into the world. By removing the need for publishing houses, NFTs allow creators in the movie, podcast, and book industries to build stronger connections with their audiences. It has become easier for artists to offer exclusive events like “meet the author” experiences or early access to upcoming content.
Decentralized world building
Brands can also enable audiences to control more than just steering the wheel. Blockchain tech can allow brands to integrate fan fiction into their original content.
In effect, this looks like interweaving stories constructed by a myriad of end-users with full tracking of each contributor and narrative origin.
Given the number of advantages web3 technologies and NFTs offer, it’s no wonder that the likes of Tim Ferris take to NFTs while exploring new ways of world-building and storytelling. In a world where writers are at a significant disadvantage, Web3 and NFTs level the playing field by giving them the freedom to make content choices without being beholden to external pressures.
