PARIS, FRANCE – NOVEMBER 30: Victoria’s Secret Fashion Run Weekend at Runway. … [+]
When blockchain technology first appeared, most people saw it as the guiding foundation for the new world of decentralized finance. More than that, it ushered in Web 3.0. This is the latest iteration of the internet, essentially a fully decentralized, transparent, immutable set of tools that is transforming how we use the internet.
With the advent of several cryptocurrencies, NFTs, DOAs, dApps and even the Metaverse, we understand that the Web 3.0 transformation goes far beyond finance. One place that has already proven to be a new lease of life is entertainment. The Creator Economy is finding ways to leverage Web3.0 solutions to grow their careers in a more immersive, impactful and profitable way for creators and their fans.
“The advent of Web 3.0 will not spell the end for Facebook, Youtube, Spotify, Twitter, and all the other Web 2.0 technologies that have made our lives better over the years. It means that we need to enter this new world in order to maintain and maximize our growth potential.” Their fans.
The entertainment industry is about to undergo a major shift in fundamental aspects of the industry that will usurp power from traditional gatekeepers and place it firmly in the hands of artists, entertainers, and their fans.
Web3.0’s decentralized structure provides equal opportunities for all artists
Indeed, today it is much easier to work as an independent artist than it was ten years ago. There are many artists who have found success with the help of perseverance and social media. Artists and bands like Lana Del Rey, Chance the Rapper, Nipsey Hussle and Imagine Dragons come to mind.
But despite all this success, there still remains a sense that artists and content creators signed to major labels have an edge over those trying to forge their own path. But even with the obvious career advantages that come with signing to a label, the reality isn’t always glamorous. Labels sometimes seem to benefit greatly from the creativity of their artists. Artists can sometimes look like glorified employees working under their bosses.
In 2015, Prince announced that he would ditch record labels and release music exclusively through Jay-Z’s streaming service, Tidal. He described record deals as slavery and advised up-and-coming artists to stay away from them. Besides Prince, many other artists who lost the rights to his first six albums have also felt the pain, including Paul McCartney and Taylor Swift.
LOS ANGELES, CALIFORNIA – MARCH 8: Prince performing on stage at the Hollywood Palladium on March 8, 2014. … [+]
“It’s unfair that artists spend countless hours in the studio making good music and the masters just go to labels. Labels are a big part of the pie, so artists are left with very little.” No, this is why we created Gybsy to empower artists and all entities in the entertainment value chain to control their own destinies.”
Gybsy looks like a typical Web2.0 platform, but it is built on blockchain technology to ensure a transparent and efficient commerce and ticketing marketplace. The platform eliminates the current ticketing issues that enable ticket scalping and fraud. There are also loyalty strategies that allow artists and venues to transparently make money from secondary ticket sales.Gybsy’s e-commerce solution allows artists, It also provides promoters and venues with opportunities to engage with fans and audiences.
Web3.0 will transform the fan experience for artists
Web 3.0 opportunities are endless for artists to build authentic relationships with their fans from the beginning of their careers.
One way to achieve this is with NFTs. This Web3.0 product provided artists and the broader creative community with a way to incentivize their audience. Fans want to be as involved in the lives of the artists they love as possible, so the artist can offer them this opportunity through the sale of her NFTs inspired by different elements of her career.
Khorsandi calls NFTs, especially real-world useful NFTs, the stocks of the future. “Did you know that when you were a kid, you loved collecting baseball cards in the hope that you would appreciate them and make a profit? It’s the same idea with NFTs. , special moments in life, special behind-the-scenes moments, literally anything of value can create an inspired NFT, and as an artist’s success grows, exclusive access only to NFT owners, Once we start offering rewards, or goods, this will lead to an increase in the value of the NFT, which will be a win-win for everyone.” We give you the resources you need to build a successful career.
Artist/musician Julian Lennon poses in front of the NFT (Non-Fungible Token) portion of “Lennon” … [+]
Another useful tool of Web3.0 is the use of Decentralized Autonomous Communities (DOAs). This Web3.0 compliant forum helps artists build a community of loyal followers who not only request content, but actually get involved in the creation process. Fans get a front row seat to the projects their favorite artists are working on, and they can participate in decision-making throughout the process. This direct relationship with the actual consumer of your content will prove more effective and influential than the bureaucracy of record company executives, agents and publicists.
Artists own all rights to their music and may also use it in any way they see fit. And with blockchain’s immutable record keeping, creating an NFT of content provides a solid, verifiable track record of content ownership in a way that is nearly impossible to counterfeit.
Not only artists, but also sports brands can use Web 3.0 fan engagement technology to adapt and grow their models.Oracle’s
SailGP Chief Technology Officer Warren Jones said of the new venture: That’s why you need a frictionless approach. We are working on how it works for Web2 users and how it works in the Web3 environment. ”
The Sail GP USA team getting ready to race during day one of the Sail GP event on the Hudson River … [+]
Amr Elrawi, Director of Sports Marketing and Business Development at Oracle, said: But what to do in between the events, what to do before and after the event, the hero that the event is happening, what if he has no content. ”
“This is an opportunity to start engaging with our fans and offer exclusive experiences and exclusive content.”
The holistic ability for artists and brands to maintain ownership and governance over their content and career paths while making experiences and rewards available to fans in a transparent yet monetizable manner is the future of entertainment. is. NFTs, DOAs, and these new incentive structures are just the beginning of this Internet-powered revolution in the entertainment industry, and artists and fans alike seem to love it.
