Many things could happen because of Web3 and blockchain. These possibilities could affect every part of a person’s life and every significant business. Even though it made sense to come after “Web2,” the name “Web3” didn’t become popular until about five years ago. But the fact that the phrase has become so popular so fast shows that what it stands for has a lot of potentials. Many things could happen because of Web3 and blockchain. the bitcoin prime is open to everybody who wants to trade cryptocurrency.
These possibilities could affect every part of a person’s life and every significant business. Even though Web3 is new, it could be an excellent alternative to the frameworks used in the financial industry. But there is also a lot of hope in other places, like Hollywood and the entertainment business.
What are they?
It’s important to know what Web3 is before talking about how it could be used in the entertainment business. Web3 is a new version of the internet that will stop large tech companies from having monopolies and give control back to the people who use it. It’s based on a technology called “blockchain,” which is decentralized and harder to control than the current system.
Why the entertainment industry might be the one to watch
The crypto and NFT markets have been affected by the state of the economy as a whole. Even though Web3’s value has decreased in the past few months, it still has much potential. This technology could help the entertainment business solve some problems.
A plan that gives more reasons for people who want to help to do so
For example, fans of a singer or actor are often moved by what they do and want to show their support. When fans use Web3, they can help an artist become well-known by donating money or participating in the development process. Fans can get closer to their favorite artists, interact more with them, and even make money by trading NFTs.
Lionel Messi and Pele are both athletes, and Eminem, Shawn Mendes, Anthony Hopkins, Brie Larson, and Lindsay Lohan are all musicians. . As a reward, the artist may ask the fans to help decide what to do with the work. This is possible because different groups need to work together.
People can get what they want and make money at the same time.
One of the essential parts of Web3 is getting rid of old institutions and gatekeepers. It is not centralized, so authors can sell their books in many different ways without going through traditional publishers or distribution channels. In the past few years, many famous people have sold digital assets and made money by using their fame and large fan bases.
Water and Music say the first NFT sales brought recording artists $83 million last year. 70% of these sales came from artists who weren’t signed to a label. People who make digital goods make most of their money from sales but can also make money over time through royalties.
Proof that the work is theirs and the first one
In the entertainment business, the question of who owns something is touchy, and we’ve seen it happen many times before. All of Taylor Swift’s songs are being redone, and the original masters are being bought by other artists. The way things are set up right now is wrong because of this. Web3 can help producers protect their property rights and make it easier for customers to tell if the goods they buy are authentic. With the help of NFTs, this is already happening in digital art. On the other hand, Hollywood is also getting involved. Quentin Tarantino, who won an Oscar for directing Pulp Fiction, sold parts of the script he wrote for the film as non-fiction books in 2021.
Culture is the most important thing for businesses and famous people who want to start using Web3.
Even though Web3 has a lot of benefits and technologies like NFTs might be very useful, it can take time to figure out how to use them. Any Web3 launch needs a plan and to be done by people who know what they’re doing. Most successful businesses I’ve worked with have spent a lot of time, money and other resources learning about their market.