NFTs and Web3: The new content revolution

It was in the somber Covid months of early 2021, that the world ushered in a new revolution – when the digital artist, by the screen name of Beeple, was able to sell NFTs (Non-Fungible Tokens, or unique non-duplicable digital art representations for the uninitiated) of a collage of 5000 paintings for a whopping USD 69 Million – and then as they say, there has been no looking back – as the NFT sales worldwide crossed over USD 2 Billion, registering more than 2000% year on year growth. 

Yes, while it’s true that the initial euphoria on NFTs has since then subsided significantly – but the NFTs and Web3 are the future that would revolutionize the content industry – more, if not as much as – the discovery of TV, net and printing technologies, all put in together. 

Let’s quickly try to capture key reasons why NFTs and Web3 will be the future of Content:

• Its where Gen Z – or almost half of the world’s future generation – will be at and consuming content: The core of Web3 is decentralization (and hence, no one entity controlling data and your web presence) – and this freedom is pulling in newer upcoming consumers to explore, experiment and grow their presence in emerging Web3 technologies – be it NFTs, engaging gaming environments, Metaverses & more. And each day is seeing this technology evolve with newer, previously unheard-of possibilities – which makes Web3 a much more powerful and engaging platform for content curation & consumption.
• Hyper Personalisation: The evolving technology powering future NFTs and Web3 would enable content creators to offer unique, hyper personalized offerings to their audiences – thus enhancing overall monetization as well as enriching fan engagement. For e.g., authors like Neil Gaiman have sold digitally autographed copies of his literary works and even offered unique behind-the-scene content files as exclusive digital repositories for his fans to engage with.

• Content Agnostic Possibilities: Today, be it books (Creatokia.com), music (White Rabbit), art (SuperRare), videos (Rarible) – every content form has its own unique NFT marketplace – where fans can have heightened buy & engagement experience for their content consumption across various categories. And there would soon be platforms like Fandora.app – which would be unique Pre-NFT Content marketplace to bridge creators with the various Web3 professionals and get access to convert any content into possible Web3 and NFT applications.
• Authentication & Originality: With the fact that each NFT is unique, is recorded on immutable blockchain networks – it is now becoming far easier for content owners to establish and record their authenticity and originality on the content that they have created and owned. Furthermore, with the content distribution now being handled digitally through self-serving smart contracts – the management of content revenues, royalty payments will become lot more easier and transparent.
• Never-before Fan Engagement: Web3 and NFTs are enabling fan engagements like nothing before. This is a transcending evolution – which would end the era of fans & audiences just being viewers and passive consumers of content, to a lot more active and engaged interactions with their favorite creators.  Today, NFTs comes packed with a host of utilities – which would enable their holders’ access to unique non-financial advantages, such as exclusive token-gated access to their creators, tickets for their events, access to their unique merchandise; and even financial utilities in near future, such as percentage of content IP or future sales. Furthermore, the unique benefit of each underlying content NFT, can itself drive its commercial appreciation, making it even more winning for the audiences t get their hands over content NFTs and for creators to transparently monetise their content and making it winning for their audiences also.

Imagine that you go back 15 years back in time, when the internet, as we know it today, was just making its presence felt – and it changed our content consumption forever. Today, in regards to NFTs and Web3, we are standing at same point in their evolution – and next few years would again be revolutionary and bring far more impactful changes on how we create, consume, entertain and engage with content.

Here’s to an exciting new future.

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