πŸ“° | Context

Web3 & NFT

In 2022, tech buzzwords like web3, NFT, and metaverse have taken the center stage not just in the tech world but in everyday conversations. Silicon Valley leaders including the likes of Elon Musk and Jack Dorsey have become major proponents of the emerging trend, further igniting a worldwide interest in the future prospects and applications involving innovative technology. Starting last year, the mainstream entertainment industry stood out as the new players to enter the web3 metaverse space. While a handful of the initial projects either driven by famous actors and popstars or entertainment businesses minting various forms of NFT collectibles based on IP-derived content and digital goods managed to achieve a hefty sales revenue immediately following the drop of their respective NFT collectibles, the vast majority of others that joined failed to replicate the same kind of success. In fact, the rare yet well-publicized cases of instant success led to waves of indiscriminate issuance of copycats and scams, which in turn, pushed out the fans and brought in speculators abusing the market in hope of quick profits. As a result, we are currently seeing a bear market trend in the NFT space.
However, NFT is not merely a buzzword and still stands as a unique technology and medium that could transform the way entertainment is done. A big component of success for web3 entertainment businesses depends on onboarding web2-native fans to the new ecosystem, empowering them as stakeholders, and improving their engagement with the entertainment brands they love and digital derivative. NFT technology, and NFT as a medium, make this possible.

Metaverse

Recently, the advancement in AI and deep fake technology has led to the production of original VR-based humanoid celebrities with a few of them already enjoying the kind of stature and popularity that conventional celebrities and social influencers possess. However, in most cases, these avatars are produced at very high costs and there is a void of an infrastructure where the IP of these original characters can be maximized through web3-driven diversification. It is increasingly evident that exploiting NFTs and production of metaverse IP is an optional opportunity for one-off cash grabs, and without a compelling context or an extensive roadmap, such an approach becomes a one-off strategy with an expiration date. Without a proper business model and a comprehensive web3 entertainment infrastructure, the outlook for these projects will resemble an unpredictable emotional rollercoaster, vastly driven by hype than substance or long term viability.
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Web3 & NFT
Metaverse