For those who are unaware, web3 is an idea for a new generation of the internet (web) which is built from concepts such as blockchain, decentralization, and digital economies. Can web3 be the future of the entertainment industry? Let’s find out.
Like any other industry, the entertainment space has its own problems, which include the lack of transparency, inequitable compensation (to content creators), dishonest intermediaries, and extortion of users as a source of income. Blockchain with its transparency, immutability and decentralization features might just be the answer to the woes of the entertainment industry. Here’s how.
Web3 Offers Security & Freedom
During the Covid-19 pandemic, the internet, especially emerging technologies such as the web3, helped people immensely with everything from buying their groceries online to connecting with friends/family all over the world, and maintaining their sanity when they had to be locked up in their homes for hours/day straight.
In the post-pandemic era, people have learned to live along with these technologies and are more or less dependent on them for many things. Web3 is awesome because it offers the security and freedom that traditional entertainment platforms lack.
Not only does web3 open up new and exciting possibilities for creators around the globe but also it ensures a high level of security for the user data while allowing the freedom to choose. The next-gen entertainment system works without intermediaries and is controlled and managed by its users. They can choose how they want to access content and will also get incentivized for it.
A Fair Way to Pay Creators (& Their Communities)
Let’s face it. The entertainment space is anything but fair or honest. The actual creators of content are never paid what they deserve, while the platform and several intermediaries get to keep most of the profits through commissions and charges. In most cases, users never get to know about the actual creators of the content they are watching/accessing. At the same time, consumers of the content get nothing in exchange for the time that they spend generating revenue for entertainment platforms.
Blockchain is going to change all that. It will bring transparency and accountability to the entertainment space. A blockchain-based entertainment platform like Aboat Entertainment will allow creators to get paid fairly for their content while giving them the freedom to choose how they want to sell/rent their content and to whom. It will give creators the recognition they deserve.
In addition, consumers in the Aboat ecosystem will also get rewarded for their activities such as watching videos, reading blogs, listening to music, sharing, and much more.
Improved Visibility for Creators and Content
Creators in a blockchain-based media ecosystem will have numerous ways to promote their content, find and connect with target audiences, sell content directly to users through crypto and NFTs, and get the best value (profits) for their content.
Web3 will essentially shift the control from the hands of the platform to creators and users. Blockchain technology will disrupt the way of content monetization by giving creators back ownership of their work along with the ability to connect and trade directly with consumers on a secure and public platform. Moreover, it will make the most advanced form of entertainment through next-gen technologies such as artificial intelligence and virtual and augmented realities accessible to everyone, everywhere in the world.