For the creative community, the capabilities enabled by Web3 tech will pave the way for artists to be paid for their work directly from individuals, which in theory will remove the need for middle layers of production and distribution.
Over the past 12 months, as the world has eased out of pandemic crisis mode, the pop culture-verse and the Wall Street-verse have been rife with discourse and deal-making around a belief in the revolutionary potential of mind-bendingly complicated, internet-enabled new systems of communication, content creation, supply-chain management, legal documentation and banking.
Web1 was learning how to send and receive email via CompuServe and AOL accounts during the Clinton administration. Web2 was building out the World Wide Web, audio and video streaming capabilities and social media platforms. “This is the last mile of direct-to-consumer,” Jacquemin says. “The data and relationships that artists and sellers have with the consumer is very different in a blockchain environment.”
At the same time, there’s no doubt Web3 has applications that Hollywood needs to comprehend, if only to understand how the next generation of consumers hopes to be entertained and engaged. NFTs, or non-fungible tokens, are digital identifications that are recorded in a blockchain. They certify an owner’s authenticity and rights to a specific piece of digital content such as an image or a video, or a specific animated character in a franchise such as Stoner Cats or CryptoPunks.
“People are starting to demand more transparency and ownership of their virtual self. And this is the very, very beginnings of that with NFTs,” Winklemann says. “Where people look at this and say, ‘Well, this isn’t a fully formed ecosystem that brings immediate extra utility and value to my life.’ Well, of course it’s not. Neither was the internet in the beginning; it was very hard to use.”
“Much the way we have been using TikTok to build community very quickly to curate IP and get ideas for the creative, I think we can do that in a Web3 way to build an affinity for our content,” Biggio says. “Web3 is speaking far more to what it means to collaborate creatively, what it means to own an asset and [to what extent an owner] gets to be involved in the creative.”
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