Web3 is changing the way content creators and consumers interact in the entertainment industry.
With decentralization and privacy as fundamental pillars, Web3 opens up new opportunities and trends, such as the integration of virtual and augmented reality, or new valuable goods.
As technology continues to advance, more and more users are adopting it.
In this article we will explore three Web3 trends in the entertainment industry and how they impact the user and the future of the industry.
What is web3
Web3 is a trusted distributed network in which users can interact and interact securely without the need for media.
This is due to blockchain technology, which allows peer-to-peer (P2P) data storage and management.
If you want to learn more about Web3 and its changes, we invite you to read our article: “What is Web3 and why it is the future of the Internet.”
With the advancement of technology, more and more users are entering the Web3 world, including both content creators and consumers.
Decentralization, privacy and security are some of the pillars of this new version of the Internet, and its application in the field of entertainment opens up new opportunities and trends.
The 3 trends of Web3 in the entertainment sector
NFT Entries
NFT tokens are exchanged through the way live event tokens are sold and managed. Unlike traditional tokens, NFT tokens are unique digital assets that are recorded in a blockchain, giving event organizers greater control and security.
Source: https://jingculturecrypto.com/
Through the use of smart contracts, organizers can set clear and transparent rules for the sale and distribution of tickets, including the division of revenues and maximum prices in secondary sales. The authentic ticket can also be easily verified due to the transparency of the block, which simulates counterfeiting and other unfair practices and ensures a fair distribution among the fans.
In addition to providing greater control and security, NFT tickets also have the potential to provide a more personalized and unprecedented experience for fans. Organizers can use collectible NFTs to reward and connect with event attendees, which can significantly improve the spectator experience.
NFT tickets may include exclusive benefits such as access to VIP areas, opportunities to meet artists and athletes, discounts on merchandise and other additional benefits not available to traditional ticket holders.
In addition, and as we will see later, fans can also use their NFT tickets as digital souvenirs to remember their experience at the event and share it with others on social networks.
interactive experiences
Live experiences are evolving to offer more than just stage effects.
In 2023, we can expect live performances to transform into immersive experiences in a variety of formats, allowing audiences to interact and have a greater power of the experience.
We could already see it in 2022, for sure, as in the Metaverse Decentraland Music Festival 2022, which will have 15 stages with more than a hundred artists of all genres, or in the Metaverse Fashion Week (MVFW), which will take place from March. 28 to 31. and features bridge shows, pop-ups, parties and other virtual experiences.
Monetization of these immersive and interactive experiences will be possible through the sale of products and services through the experience, as well as allowing audience members to influence the sum of the experience.
Crypto collectibles as memorabilia
Another opportunity to engage in the world of entertainment is through POAPs fans.
POAPs (Protocol Attendance or «Protocol de prueba de asistencia», in Spanish) are a specific type of NFT that validates that its owner has attended an event or experience, either in natural or metaphysical terms.
Source: Lemon Cash
Proof of Attendance (POAP) is one of the exciting applications of NFT technology and allows attendees to collect “moments in time” in the form of a free digital collection that can only be obtained by being present at a specific event.
POAPs are a powerful tool for promoters to engage with their audience, and are an effective way to retain fans even after the event is over.
Imagine if an artist could see all the fans they have at their first concert through POAPs, and then invite them into the next world, for example.
Additionally, fans could get priority for future events based on the number of collections they have accumulated over time.
Web3’s impact on the future of entertainment
Block technology and Web3 are rapidly changing the entertainment industry, and are exciting possibilities.
From content monetization to creating immersive experiences, Web3 is changing the way we consume and enjoy this industry.
These trends are just the beginning of what’s to come, and we’re excited to see how Web3 continues to exponentially transform this industry.
