Web3 is disrupting the traditional entertainment industry with new ways to create and consume digital content.
The branch has already seen Non-Fungible Tokens (NFTs) show how to change scheduled television programs can be created. The increased activity of the metaverse began to challenge artists with new possibilities performances and interacting with fans.
All of the use cases for Web3 technology that will improve the future of digital entertainment share one key component: ownership. Possession is one of the defining characteristics This differentiates Web3 functionality from its predecessor.
According to industry experts, this will be the defining feature of not only Web3, but the future of digital entertainment.
Cointelegraph spoke with Mitch Liu, CEO of media and entertainment-centric blockchain company Theta Labs, about what consumers can expect in the future of digital entertainment.
First of all, ownership directs power back to the users interacting with the content rather than a number of powerful platforms. Liu pointed out that both users and platforms benefit from a “tokenized economy for the entertainment business.”
“For platforms that embrace Web3, they find new ways to make money at a time when Web2 business models are shrinking.”
This comes at a time when competition in the streaming industry is having a negative effect on service providers. according to According to recent reports, platforms like Paramount+ and Disney+ have seen subscriber growth in recent quarters. However, the latter saw shares fall as much as 9%, and both earnings fell short of official forecasts.
Liu said the streaming wars lead to higher costs and more advertising for consumers. Instead, he suggests, such platforms need to adopt new business models that emphasize the user experience. It comes by owning:
It’s about letting consumers and fans have a say, rather than making every decision top-down.”
Liu continued, “giving more control back to users, whether it’s inviolable ownership of movies or the right to vote on how the platform works, can help avoid concentration.”
Metaverse operations are one way in particular improve user experience through ownership. As investors pour into the metaverse space, entertainment platforms can take advantage of a new frontier with fewer barriers between audiences.
“A decentralized economy and user ownership can be built from scratch as a metaverse.”
according to a a recent DappRadar reportmetaverse and blockchain gaming projects raised a total of $1.3 billion in Q3.
Companies in the space also see Web3 as a blockchain developer for entertainment. Ripple raised $250 million in funding support Web3 projects focused on entertainment and media. The second wave of creators started on October 18 of this year.