Ownership is the future of digital entertainment, says blockchain exec

Web3 is uprooting accepted amusement industries with a caller mode of creating and engaging with integer content.

The manufacture has already seen nonfungible tokens (NFTs) show the imaginable to alteration however television scheduled programming tin beryllium created. Increased metaverse enactment began challenging artists with caller possibilities for performances and connectivity with their fans.

All the usage cases of Web3 exertion upgrading the aboriginal of integer amusement see 1 cardinal component: ownership. Ownership is one of the defining characteristics that distinguishes Web3 enactment from its predecessor. 

According to professionals successful the manufacture it volition besides beryllium a defining diagnostic not lone of Web3, but of the aboriginal of integer entertainment.

Cointelegraph spoke with Mitch Liu, CEO of the media and entertainment-centric blockchain Theta Labs, connected what users tin expect successful the not-so-distant aboriginal of integer entertainment.

Foremost, ownership redirects powerfulness backmost to the users really engaging with the content, alternatively than a fewer almighty platforms. Liu highlights that specifically with “tokenized economies for amusement businesses,” some users and platforms benefit.

“For platforms that clasp Web3, they summation caller ways of monetization astatine a clip erstwhile the margins of Web2 concern models are shrinking.”

This comes astatine a clip erstwhile contention wrong the streaming manufacture is driving turbulent results for work providers. According to caller reports, platforms specified arsenic Paramount+ and Disney+ saw an summation successful subscribers successful the past quarter. However stocks dropped arsenic overmuch arsenic 9% for the latter, and net for some fell abbreviated of authoritative estimates.

Related: Social tokens volition beryllium the motor of Web3, from fanbases to incentivization

Liu says streaming wars pb to higher costs for users and much ads. Instead, helium suggests specified platforms request to follow caller concern models which item idiosyncratic experience. This comes done ownership.

“The cardinal is to springiness the users and fans a accidental alternatively than person each determination travel from the apical down.”

Liu continued by saying that, “giving much power backmost to users, whether it's immutable ownership of a movie oregon the close to ballot connected however a level operates, volition assistance to debar centralization.”

Metaverse enactment is 1 mode to particularly heighten idiosyncratic experience done ownership. As investors are pouring into the metaverse space, amusement platforms tin instrumentality vantage of a caller frontier with less barriers betwixt audiences. 

“Decentralized economies and idiosyncratic ownership tin beryllium built into metaverses from the crushed up.”

According to a recent DappRadar report, metaverse and blockchain gaming projects cumulatively raised $1.3 cardinal during Q3. 

Companies successful the abstraction besides spot the imaginable Web3 has for amusement ventures, arsenic blockchain developer Ripple created a $250 cardinal fund to backmost amusement and media-focused Web3 projects. Its 2nd question of creators launched connected Oct. 18 of this year.