Overview Of Web3 Entertainment
The Web3 entertainment industry is expected to permanently change the way we perceive entertainment. As of now, Web3 is transforming how content creators and consumers interact with each other. Non-fungible tokens (NFTs), which are at the core of Web3, allow content creators to monetize their work more efficiently, maintain ownership of their intellectual property, and engage with their audiences. Alternatively, consumers and fans have access to more content and more control of their own data and privacy.
The Economy Of Entertainment-Driven NFTs
Entertainment-driven NFTs fall into four categories: audio/visual, music, art, and collectibles/experiential. Unlike tokens, which primarily carry financial and transactional attributes, NFTs provide digital asset ownership to the holder. Fans who purchase an NFT from an emerging artist may reap a higher ROI increase over time. On the creator side, NFTs allow artists to reward early adopters and fans who believe in their future potential. With this co-creation/ co-building potential, creators and fans are given new incentives, resulting in a large influx of entertainment projects aimed at changing the misaligned incentive structure in the entertainment industry. a16z’s backed Royal, for example, allows users to invest in songs through its marketplace and earn royalties as the music that they own grows in popularity. In AsynArt, users can co-create art with others and trade digital artwork.
Music NFTs Are Driving Web3 Adoption
In 2021, crypto users worldwide increased by 178%, from 106 million to 295 million, according to a report by Crypto.com. By 2022, there are expected to be more than 1 billion crypto users. In the past few years, celebrities in both the Western and Asia-Pacific regions have played a significant role in educating the general public about Web3. Grimes and Aoki, who has been nominated for two Grammys, made around $10 million in NFTs via Nifty Gateway, a digital NFT marketplace. Other pop artists such as The Weeknd and Eminem have also had seven-figure sales on the platform. “Phanta Bear”, Asia’s pop king Jay Chou’s NFT project, sold $62 million in 40 minutes.
Web3 offers fans the opportunity to become part owners of IP, enhancing their connection to their favorite idols. The opportunity to interact and share derivative creations with celebrities is likely to attract a huge number of Web2 users.
VEGA: Maximizing the Value Of Web3 Entertainment
VEGA is an entertainment 3.0 platform that allows users to discover, invest, and engage with their favorite talents. With VEGA, users have the unique opportunity to contribute to the growth and success of aspiring talents and help them become idols, through VEGA Idol Academy. Talents, on the other hand, can build a community of early supporters and reward their fans through token or NFT airdrops. The idea behind VEGA is to provide talented individuals with a platform to showcase their skills and compete in real-life shows, similar to America’s Got Talent and The Voice. With the opportunity to win contracts with top global music record labels and producers, VEGA is empowering the next generation of performers to achieve their dreams and succeed in the highly competitive entertainment industry.
Establish New Paradigm In Web3
Fans in the entertainment industry are typically passive recipients of marketing campaigns, with little or no direct engagement with their idols. Often, their opinions and voices go unheard. VEGA aims to establish a new model of engagement between idols and their fans. Through features such as direct communication with idols and opportunities to take on governance roles within fan clubs, VEGA empowers fans to become active participants in the industry and contribute to the success of their favorite idols. With this paradigm shift, VEGA has created a way for fans to grow with their idols while also benefiting from their success.
NFTs As A Key Gameplay Element
NFTs will play a significant role in the VEGA ecosystem. Holders of NFTs will receive various privileges, including the chance to participate in governance roles within the VEGA Idol Academy. Additionally, idols will be able to launch their own NFTs on the VEGA platform, allowing fans to access utilities, perks, and benefits in their fan clubs. The integration of NFTs is expected to enhance VEGA’s overall experience and increase engagement between fans and talents.
(VEGA is expected to launch in Q1 2023)
