How Web3 Impacts the Entertainment Industry | Bixin Talk

Many already predict that web3 entertainment will forever change how people perceived the entertainment world earlier, and there will be a steep rise in the number of its users. Hence, it is no surprise why big companies in the entertainment industry are looking to position themselves in the web3 ecosystem. As major businesses show interest in web3, the future entertainment industry seems to be far more promising while remaining easily accessible. For all the fans of Bollywood, Hollywood and regional cinema, it is good news that the entertainment industry will soon become more attractive, powered by impressive web3 development services.

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Trump rolled out his oddball self-themed 45,000 NFT trading card collection on Dec. 16 for $99 a pop. The NFTs were all gobbled up within a couple of hours of launch, and within the next two days, the floor price on OpenSea shot up to an all-time high of around 0.99ETH.

The entertainers and entertainment platforms that embrace Web3 will be the ones that thrive in the years ahead. By enabling transformative change in incentives, ownership structures, and monetization channels, many have high hopes that Web3 will create a more equitable and empowering ecosystem for entertainers to thrive. The key will be rewarding fans early when they are willing to bet on a creator’s future success and enabling them to share in this success as it’s realized over time.

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Welcome to “Bixin Q&A”, a talk show launched by Bixin Wallet, mainly focused on the cryptocurrency market. Bixin will invite friends in the industry to express their opinions together. Some of them are senior practitioners, some are technical developers, and some are market traders. They are all active in the market and can provide the latest valuable information in the market.

In each issue, Bixin Talk will select a hot issue to discuss, analyze it from multiple dimensions, and help you filter the value points.

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In this issue, Bixin Talk interviewed two Web3ers from the top 100 universities in the world. The first is David, an HKU Alumni who is a founder of Web3 project. And the second is Suki, a CUHK Alumni who is a crypto researcher. They are both active members of the Bixin community.

Impact of web3 on the film industry

David: Fraudulent copies of films and duplication of other digital items cause filmmakers huge losses. As a result, filmmakers and artists around the globe are looking for a permanent solution to this problem. Incorporating web3 into the film industry will result in fewer incidences of copyright infringements of movie-related content. And this can be accomplished with decentralized processes.

Besides, with web3 integration, content surveillance and tracking of fraudulent activities become a breeze. And as we gain a deeper understanding of web3 entertainment, web3 could start to emerge as a commonplace tool for combating digital piracy and duplication.

Suki: Platforms like Netflix and Amazon prime video are based on subscription-based streaming services. Although this practice seems to have no issues, it has got certain limitations.

As a viewer, there might be a case that you do not like the content on your subscribed channel and want to unsubscribe. But subscription cancellations can waste users’ time as well as money. For OTT platforms, canceled subscriptions mean a huge loss and reduced user engagement. With web3, micropayments and consumption-based pricing mechanisms are beginning to gain popularity. Just like metered billing, this mechanism allows consumers to pay only for the content they want to consume.

Impact of web3 on the music industry

David: Web3 brings an opportunity for fans to share ownership over the songs of their favorite artists through NFTs. This helps musicians retain control over their work and establishes a deeper connection between musicians and fans.

Web3 adoption will, thus, result in structural changes in the music industry soon. It will shift the power from existing intermediaries to artists and their associates. This will help musicians regain ownership and solve issues such as lost revenues and delayed payments. Hence, web3 in music is going to disrupt the industry in novel ways.

Suki: Utilizing web3 in the music industry help musicians enjoy full control over their creations. It completely eliminates the need for third parties and employs smart contracts to manage rights and maximize the value of publishing, recording, and performance.  Web3 in music ensures that the distribution of revenue is fair based on the contribution made by each individual to the creative process. Web3 involves transparent ledgers that are visible to all. These distributed ledgers include diverse information, such as the total revenue generated by a song and metadata for the

Web3 and social media

David: People have come a long way from conversing through signals to expressing our emotions through words, chats and emojis. People found the web2 version internet-friendly until realized the potential of its blockchain-based version, web3.

Web3 is decentralized and owned by the user community. Users are not limited to taking or sharing the data but also controlling it. They also play a pivotal role in value creation and decision-making through decentralized governance. Social media platforms utilizing blockchain’s decentralized networks are a great example of how web3 manifests in ways conducive to end users.

Suki: Social networking will evolve with web3. Firstly, the users will engage with each other on a peer-to-peer blockchain-based social network. This is achieved via a web3 wallet, essentially a unique digital user profile. The user’s activities within the web3 ecosystem will be recorded on the underlying blockchain network. Some platforms also reward users with the network’s native currency or ‘token.” These token rewards can be claimed for NFTs and other benefits like voting rights. Undoubtedly, the web3 revolution will completely change the fabric of social networking platforms and upend how we socialize and transact online.

Impact of web3 entertainment on content creation

David: Web3 entertainment is opening up new dimensions for creating content. Now, the content available over the web is immersive and interactive. It is undergoing some major changes and is on the path to becoming multi-dimensional, focused, creative and fully accessible. Web3 and its application, NFT, have truly allowed entertainment-based content to take a new form with high security and exclusive ownership rights. Everything from art to music to images and videos is leading us on the roads of deeper and more meaningful interactions.

Suki: Web3 in entertainment has given rise to an entirely new means of incentives for both creators as well as their fans. Blockchain technology and NFTs have lifted the boundaries between creators and their supporters. They are allowing fans to own digital assets like autographs, award-winning pictures, and precious moments of their idol in no time. NFTs offer them the opportunity to buy, sell and trade those digital assets and earn profits from them.

As people move forward with new evolutions taking place within the web3 space, people will see entertainment become far more powerful, user-oriented and secure than it is now. As web3 entertainment undergoes transformative changes, the industry seems to be more transparent, secure, and audience-based. The fusion of entertainment and web3 works like magic; now, it is time for us to experience everything that seemed impossible in the past. It would be exciting to see what unique opportunities web3 entertainment will bring in the years to come. If anyone has a personal opinion about sharing on cryptocurrency, feel free to contact Twitter: @Bixinwallet.

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