Web3 promises to be a game-changer in the evolution of the internet. At its core, Web3 is a vision for a more open, decentralized, and secure internet, enabled by advances in technologies such as blockchain and machine learning. The applications seem limitless—especially in the context of the entertainment industry. Although the extent of Web3’s impact on the future of entertainment is yet to be seen, Web3 is poised to critically alter several key aspects of the industry:
Changing incentive structures.
There’s compelling evidence that Web3 will give rise to new incentive structures for entertainers and their fans. Increasingly, fans and other audience members want to be active participants in the entire entertainment creation process—from idea to distribution. Thanks to non-fungible tokens (NFTs), which are at the heart of Web3, fans can realize this objective and become long-term investors in an entertainer’s success. A fan that purchases an NFT from an under-the-radar entertainer can see their ROI increase over time—perhaps exponentially—if the entertainer gains popularity. And, on the creator side, NFTs enable entertainers to reward early adopters and rewards fans who bet on their future potential. In the end, if all goes according to plan, a positive feedback loop is created that nurtures a sustainable community united around shared confidence in the future potential of an entertainer.
Of course, NFTs also create new lucrative incentive structures for already popular entertainers. In purchasing NFTs, audience members can be rewarded for betting on the future potential of content that they believe is underappreciated or will appreciate in value over time. Long-term fans and nonfans looking for a quick win can both stand to benefit. In March 2021, an art NFT from entertainer Lindsay Lohan was purchased for $17k and the seller immediately put it back up for sale for $78k. In a rhetorical quip, content creator @danipass0s asked:
Continue reading: https://www.forbes.com/sites/falonfatemi/2022/04/04/web3-is-the-future-of-entertainment/?sh=2cceb15d423f
Changing incentive structures.
There’s compelling evidence that Web3 will give rise to new incentive structures for entertainers and their fans. Increasingly, fans and other audience members want to be active participants in the entire entertainment creation process—from idea to distribution. Thanks to non-fungible tokens (NFTs), which are at the heart of Web3, fans can realize this objective and become long-term investors in an entertainer’s success. A fan that purchases an NFT from an under-the-radar entertainer can see their ROI increase over time—perhaps exponentially—if the entertainer gains popularity. And, on the creator side, NFTs enable entertainers to reward early adopters and rewards fans who bet on their future potential. In the end, if all goes according to plan, a positive feedback loop is created that nurtures a sustainable community united around shared confidence in the future potential of an entertainer.
Of course, NFTs also create new lucrative incentive structures for already popular entertainers. In purchasing NFTs, audience members can be rewarded for betting on the future potential of content that they believe is underappreciated or will appreciate in value over time. Long-term fans and nonfans looking for a quick win can both stand to benefit. In March 2021, an art NFT from entertainer Lindsay Lohan was purchased for $17k and the seller immediately put it back up for sale for $78k. In a rhetorical quip, content creator @danipass0s asked:
Continue reading: https://www.forbes.com/sites/falonfatemi/2022/04/04/web3-is-the-future-of-entertainment/?sh=2cceb15d423f
