The ‘Disney’ of Web3 | Web3 Daily

…how’s that for a headline?

Hello Pets wants to build an open entertainment ecosystem where the community can join in the storytelling and art creation of shared IPs.

Their goal: to become the ‘Disney of Web3.’

We love the ambition – and we know that kind of language is going to look great on an investor deck…

But here’re the two problems we can’t seem to solve in our heads, when thinking on community guided creative endeavors like this:

1. The ‘too many cooks’ problem.

2. The ‘economic bias’ issue.

‘Too many cooks in the kitchen.’

More doesn’t necessarily mean better.

(It’s the same reason all-you-can-eat buffets cost less than fine dining experiences).

Same goes for creative input.

With too many creative visions to appease, there’s a good chance the end product is going to feel watered down and directionless.

The ‘economic bias’ issue.

These community guided Web3 organizations typically work like this:

Ideas are pitched, votes are cast, the best idea wins. Which is awesome!

The only problem is, it’s often the case that the more tokens you hold, the more votes you get. So there’s an economic bias, where those who can afford to buy more tokens, get a greater say.

Which is fine in most business cases – but it doesn’t necessarily mesh well with creative endeavors.

It’s kind of like that time in university, where this dude Derek got the lead role in the winter play – even though he couldn’t act to save his life.

None of us that saw the play could figure out why he was chosen.

…until our theatre buddies mentioned his dad had paid for the school’s new auditorium.

Now, let’s argue against our own point.

The beauty of what Hello Pets is setting up is:

99% of these community projects can be absolute stinkers – as long as one of them is a hit.

If one hit is created, the intellectual property featured in it will then become way more valuable.

If anyone wants to build on that IP → they buy an NFT and get the rights to it → the more content that is created around it, the higher the likelihood of more hits being created → the more hits, the more valuable the IP becomes → and so on…

All the while, Hello Pets is taking a cut of each and every NFT sale that is made.

In which case ‘too many people piling into each project’ and ‘economic biases being rewarded’ become features, not bugs.

Damn, could this actually work?