The bear market of 2022 had a significant impact on public confidence in blockchain technology and its potential for practical use and mass adoption. The collapse of projects like Terra, the dissolution of crypto hedge fund Three Arrows Capital, and issues faced by FTX damaged the reputation and financial well-being of the ecosystem as a whole.
However, amidst these challenges, projects with real substance and use cases continued to develop, and Web2 giants like Amazon and Mastercard quietly established infrastructure and partnerships in the space.
As 2023 progresses, a shift is being observed towards sustainable solutions for real-world problems and closer connections to traditional companies that have become more established in Web3. The content creator economy, leveraging the highly developed Web2 infrastructure, presents a promising area of interest for blockchain developers, users, and investors.
It is envisioned that users may soon be able to purchase tokens granting revenue rights to their favorite YouTube channels, film companies, or video games, or gain exclusive access to artists and musicians they love. Web3 holds the promise of enhancing and deepening all aspects of media experiences.
Tokenization, a key aspect of Web3, can benefit content creators in various fields, including vloggers, songwriters, comedians, and indie game designers. Brave Browser, an early example of the Web3 content creator economy, utilizes blockchain technology to provide security, privacy, and financial incentives to users and creators.
Established Web2 companies across different sectors, such as Gucci, Prada, and Starbucks, have shown increasing interest in Web3, exploring opportunities in the metaverse and NFTs.
Movies and series also have the potential to benefit from tokenization and crowdfunding through NFTs. Coinrunners is an example of a movie using tokenization to enable fan-funded production, with NFT holders becoming de facto movie producers and enjoying royalty rights tied to movie revenue. NFTs offer flexibility, immutability, and transferability, making them effective vehicles for crowdfunding, art collection, and fan perks. Blockchain projects continue to innovate in content creation, film, gaming, and other industries, with Web3 companies vying against Web2 giants to dominate the space.
Overall, despite the challenges faced by the blockchain ecosystem, there is a growing focus on practical use cases and partnerships with traditional companies, indicating a shift towards more sustainable and impactful applications of Web3 technology.
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