Musicians, Artists, Filmmakers - Why Web3 is the Digital Renaissance

Web3 has been quite the topic of discussion this year. It earned considerable popularity by changing how we create content and giving more power to artists. Web3 aims to provide the keys to the space to its creators, i.e., the artists.

But how is it any different from Web2? What benefits does it provide to musicians, artists, and filmmakers? Can it revolutionise the entertainment industry? Let’s find out.

Why is Web2 not Creator Friendly?

Many artists, musicians, and writers build an audience on social media. But they all have one thing in common: a middleman takes a cut of the revenue. They could be in many forms, the producer who invests or the social media platform.

All of this has ramifications, both economically and artistically. The intermediary may take a hefty cut, and the artist has no choice but to sign on. Despite being the creators, the artists do not receive their fair share of rewards.

Imagine, as a scriptwriter, you spend years of hard work developing a movie script. When it’s complete, you send it to every producer on the planet, only to be rejected unless you add a few more explosions.

With big companies having more control over the entertainment industry, they tend to act as gatekeepers. The art can get censored even before being released to the public.

Finally, viewers often need to remember that the top people in the industry might curate every movie they watch. Imagine the number of rejected scripts for each film we manage.

Web3: Say Goodbye to the Middlemen

Web3 is a new World Wide Web version that aims to incorporate decentralisation, blockchain, and token-based technology. The current version of the internet is highly centralised, and only a handful of companies own most of the traffic and value generated on it. The users benefit from the monetisation, but not to its full potential.

Since Web3 is decentralised, anyone can access it, but no one owns the entire system. It uses cryptocurrency for transactions instead of traditional methods such as banks and payment processing applications. It also does not rely on any trusted third party and is self-sufficient.

Non-fungible tokens or commonly known as NFT were created to revolutionise digital art. NFTs utilise blockchain technology which helps secure digital art like never before. However, NFTs have been generalised as display pictures or memes. Consequently, this ignores their true worth.

As an artist, you can make NFTs out of your digital novels, artwork, or even music. Then, you can create as many tokens of your work as you want and sell them. The buyer of these tokens can then view your content as they wish.

Another focal point of NFTs is to build a community that will support you no matter what. Artists stand to benefit hugely from this. They may establish a natural connection with their audience.

Once you establish a resolute community, you must give them reasons to stay. Be it access to airdropped content, access to events, or even governance.

Let’s look at how it will change various sections within the creative industry.

Artists and Musicians

With the rise of the Metaverse, there is an increase in the need for creative works to be displayed, worn, or experienced in the virtual social space. Digital fashion has always been part of gaming in the form of skins. However, these skins were limited to a specific application or platform.

But with tokenised fashion, the users can use these assets across various platforms, display them in an online gallery or even sell them for money. Artists can publish their art and access a more expansive market space without an intermediary.

Musicians can now sell their music as NFTs directly to their fans. You can make your entire album an NFT and sell it online. You will also retain the ownership and be entitled to a much higher cut. On platforms such as Audius, musicians can make up to 90% of all the revenue.

The 2021 market for Music NFT was estimated to be worth USD 1.24 billion and is anticipated to cross over USD 4 billion in 2027.

Filmmakers

The filmmakers are looking to cut production costs and turn toward newer ways of making TV series and movies. With Web3 and blockchain technology, the creators could have more power. The more unique filmmakers and some notable filmmakers will surely jump on board.

With the integration of filmmaking with NFTs, the owner of each token may earn exclusive privileges such as voting power in the studio decisions, free merchandise, invitation to the film premieres or afterparty, and even have their name show up in the end credits of the movie.

This also helps filmmakers develop a new way to source their budget for making the film apart from the benefits of maintaining quality and artistic freedom. In addition, they create a decentralised dedicated community that may support them every step of the way.

The entire movie or a TV series could be sold as an NFT, which can directly support the actors, the filmmaker, and the screenwriters.

Web3: The Democracy for Creators

Web3 provides a global platform to creators, and all you need is an internet connection and a crypto wallet. There are no gatekeepers, and creators have total control. It allows the creators to own the assets autonomously and be paid fairly for once.

It might seem unclear initially, but you need to know that Web3 aims to support the creators as much as possible. Some creators don’t have the right agency or backing to sell their art and are struggling to do what they love.

Web3 can provide a lot to the creators, and we are just getting started. You can say goodbye to the centralised entities and completely control your work. A fully creator-owned future is in sight!