Ownership is the future of digital entertainment, says blockchain exec

Ownership is the future of digital entertainment, says blockchain exec

Web3 is uprooting traditional entertainment industries with a new way to create and interact with digital content. The industry has already recognized that non-fungible tokens (NFTs) have the potential to transform the way scheduled television programming can be created. The increased activity of the Metaverse began to challenge artists with new ways to perform and connect with their fans. All Web3 technology use cases that enhance the future of digital entertainment involve a crucial component: Ownership is one of the defining characteristics that differentiate Web3 activity from its predecessor.

According to industry experts, it will also be a defining feature not only of Web3 but also of the future of digital entertainment. CEO of media and entertainment blockchain specialist Theta Labs, about what users can expect in the not-so-distant future of digital entertainment. First, the property redirects power to the users who interact with the content rather than a few powerful platforms. Liu points out that specifically with “tokenized economies for entertainment companies“, there are benefits for both users and media:

This comes when service providers are experiencing turbulence due to competition in the streaming market. According to recent reports, platforms like Paramount+ and Disney+ saw subscriber growth in the last quarter. Most recently, however, shares have fallen as much as 9%, with gains for both falling short of official estimates.

Liu says streaming wars result in higher costs for users and more ads. Instead, it suggests that such platforms adopt new business models that emphasize user experience instead of making every decision from the top down.

Liu further said that “giving more control back to users, whether immutable ownership of a film or the right to vote on how a platform works, will help prevent centralization.” The Metaverse activity is a way to enhance the experience through ownership. As investors enter the Metaverse space, entertainment platforms can unlock a new frontier with fewer barriers between audiences: “Decentralized economies and user ownership can be built into the Metaverse from the ground up.

In Q3, blockchain and metaverse game ventures collectively received $1.3 billion, according to a recent analysis by DappRadar-focused Web3 projects. Their second wave of YouTubers started on October 18th of this year.

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