Content Developer Associate at almaBetter
Web 3.0 is making headlines and promises to bring drastic changes to several industries. It is a notion of a more secure, faster, and decentralized Internet backed by advanced technologies such as blockchain and machine learning.
The semantic web is ready to switch up every part of film production. With Web 3.0 in the picture, filmmakers are excited about working on long-standing problems - from financing to distribution.
Let’s look at cryptocurrencies, one of the most integral parts of the Web 3.0 world. Crypto made its mark with the tendency to disrupt the gatekeepers through decentralization. Similarly, Hollywood is full of gatekeepers making calls on different aspects of a film cycle. This blog will look at how Web 3.0 will be a crucial part of filmmaking and how it is ready to revolutionize Hollywood.
Fans will be delighted to hear that with Web 3.0, the incentive structure can take a whole new turn. Of course, hardcore fans of any movie, TV Series, or franchise always want to be a part of the entertainment creation process. Thanks to NFTs (Non-Fungible Tokens), the heart of Web 3.0, fans can own, cherish, and become long-time investors in an entertainer’s legacy. NFTs can turn around the incentive game with the potential to provide massive ROI if an entertainer or a piece of entertainment gains popularity over time.
On the other hand, creators or filmmakers are also gaining a lot through these NFTs or digital incentives. For example, an entertainer can reward fans who believe in their potential from an early stage which could eventually lead to a sustainable united community. Moreover, NFTs can also act as a business model for successful entertainers, which could help them make millions of dollars by selling iconic collectibles. Well-known or already famous creators are at an advantage when selling NFTs as incentives.
Another unique and beneficial element of Web 3.0 is enabling new monetization channels. Traditionally, radio channels are the primary party in deciding which songs or artists will get more airtime. Similarly, record labels are known for limiting artists’ choices and decisions over an album. Streaming platforms are infamous for playing with their discovery algorithms which keep entertainers in the dark and have no control over how to increase the visibility of their content. These unfortunate and uncontrollable strategies eventually lead to artists relinquishing a massive chunk of their potential earnings to intermediaries.
Web 3.0 will be a life-saver for several entertainers as the new Web 30-monetized channels can allow creators to be compensated more fairly for their hard work. Moreover, by leveraging NFTs, entertainers could secure a higher significant percentage of sales. On the other hand, several Web 3.0 platforms in the early stages will provide tools to potential creators to monetize their content and reputation without any intermediaries being involved in the process.
Before Web 3.0 came into existence, platform giants dominated and controlled entertainment content. Web 3.0 came into the picture with a ray of hope for the creators by allowing ownership to shift from looming platforms to entertainers. However, whether this aspiration comes to fruition is still in the hands of time and how this plays out in the real world.
Theoretically, a few years down the line, utilizing Web 3.0, we can be in a world where artists won’t have to fight to secure power and ownership rights over their work. Previously, we have witnessed several cases where artists struggled to gain ownership of their work due to the regulations created by record labels and production houses. With Web 3.0 and its advanced technologies, creators can now mint their work and even allow fans to be investors in their best-performing work.
As simple as it might sound, executing and adapting Web 3.0 and its prospects in our daily lives might take years. However, the semantic web is here to change how we entertain ourselves and benefit aspiring artists by providing ownership, creating a win-win situation for everyone involved.
The creators and entertainment platforms that adopt Web 3.0 will indeed thrive in the upcoming years. A large section of the population has high hopes that Web 3.0 will build a more unbiased and empowering ecosystem for entertainers to prosper.
If you are looking for a platform to learn more about Web 3.0 and plan to build a career around the same field, check out AlmaBetter’s Full-Stack Web Development program