Emelie Olsson, Director Artist Relations & Founder, CORITE
With the rise of younger, more tech-savvy fans and the impending arrival of Web 3.0, the sports, media, and arts industries are undergoing a digital revolution. For many businesses, the choice is clear: adapt or lose ground to more innovative competitors.
However, when one door shuts, another one opens. Even if something becomes obsolete overnight, you can still take advantage of the opportunity to upgrade your product or service.
Now is the time to look into how businesses in today's creator economy might use Web 3.0, blockchain, and non-fungible tokens.
Tips for Empowering Artists and Content Creators
To begin, the accelerated transition to Web 3.0 provides an opportunity for artists, musicians, and content creators to be rewarded in a way that is commensurate with the value they create.
If artists were not always fairly compensated for their work in the traditional music industry, they can now sell their content directly to fans and receive payment immediately and transparently in digital assets.
It is possible to retain full ownership and control over one's work in the DeFi space, as well as set prices and secure a cut of all secondary sales revenue. Simply by encoding royalty provisions into the blockchain-based smart contract, both big and small artists could receive the compensation they deserve every time their music is played, streamed, or otherwise consumed.
Furthermore, this is what we are implementing on our platform: artists will assign missions to their fans. Fans who complete these missions can in our gamified model earn monetary and non-monetary rewards, such as invitations to exclusive meet and greets. This approach is meant to reduce speculation and bring real value to digital assets.
The same can be said for content creators, who often find themselves at the mercy of social media platforms and YouTube algorithms that don't always favor quality over quantity. With digital currencies and non-fungible tokens, they can finally own and monetize their work in a way that doesn't involve giving away the lion's share of the revenue to a third party. The entire procedure is now simpler than applying for YouTube's monetization programs.
I am especially proud of the opportunity to work on Web 3.0 with Alan Walker, a platinum-selling DJ, and Rico Love, who produced artists like Beyonce's. The fact that they recognize blockchain and NFT opens up a plethora of opportunities for the industries to evolve in the future.
The Decentralized Approach to World Sports
Sports is another domain that is rapidly progressing toward Web 3.0.
Olympic and world champions are now venturing into the blockchain space. Entire professional sports teams are considering partnering with cryptocurrency exchanges, wallets, and developers to interact with their fans in novel ways.
Tokenized tickets, digital merch, betting opportunities, and even invitations to face-to-face meetings are just a few of the things that professional athletes can do now with the help of blockchain.
Both Lionel Messi and Wayne Rooney have recently dropped their NFTs. Top-tier athletes who believe in or investigate the concept of a decentralized future is a strong indicator of the technology's credibility. Full-scale adoption is still a ways off, but big names appear to be speeding things up.
The Internet of Creators
When it comes to social media, the growing number of decentralized initiatives reveals an undercurrent of excitement for a new experience based on the NFTs and DeFi concepts, or the so-called SocialFi.
SocialFi is a decentralized social media platform that enables users to create, curate, and own their content in the form of NFTs. A platform like this allows people to monetize their content through tips, subscriptions, and other forms of payment.
Furthermore, SocialFi has two distinct paths. Twitter (NYSE:TWTR) and Meta (NASDAQ:FB), two previously centralized internet giants, are now adding crypto tipping options and NFT avatars. On the other hand, decentralized projects like Subsocial allow users to build their own censorship-resistant networks from the ground up. The first approach is evolutionary, whereas the second is revolutionary.
The Next Steps Toward Web 3.0
Although the golden age of Web 3.0 has not yet arrived, it is clear that the opportunities it will bring outweigh any risks that transformation may bring.
Blockchain is here to stay, according to statistics and news feeds. At the going rate, there isn't a single domain that won't be able to find a home on the web of the future.
We can expect to see a lot more innovation in this space in the coming years, as well as increased adoption by both individuals and businesses. One thing is certain: the benefits that blockchain, DeFi, and NFT provide are too compelling to ignore.
