Web3 and blockchain technology: how digital asset ownership is turning the current business model upside down

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With the implementation of blockchain technology and Web3, both businesses and individuals are quickly seeing the value of what NFTs and digital asset ownership can offer their customers. Industries that previously relied on third-party distributors to reach their consumer base now find that challenge has been eliminated as they use blockchain technology to circumvent this step in the traditional business model.

Take, for example, the literary industry. Even large-scale novel collections like Harry Potter took time to infiltrate the market, move beyond book sales and eventually include consumer products. What NFTs and Web3 do is allow individual creators to skip the middleman; take on the role of distribution channel themselves and open more internal jobs.

Blockchain Technology: Expanding Art and Creating Jobs

Courtesy of Lost Children of Andromeda

This new model of vertical integration has given authors the opportunity to build a world-class team of diverse individuals who are fairly remunerated and further incentivized based on the success of the project. As a creative BIPOC/LGBT, I am a prime example of the growing market benefits that the metaverse offers historically marginalized voices.

The value and opportunities of independent artists using Web3 have proven promising. It is made possible by new revolutionary technology built on blockchain and smart contracts. Using Web3 to collaborate with and enhance other creators has allowed me to expand my art using technology that creates opportunities for job growth and bridges the gap between creator and consumer.

Courtesy of Lost Children of Andromeda

Bridging the gap between maker and consumer

One of the most challenging and risky facets of manufacturing and consumer markets is ROI (return on investment). Individual creators must make the difficult decision to outsource their project, hoping that there will be enough consumer interest to achieve a positive gross profit margin. This element of financial risk is minimized when a creator proves the value in their own project, putting themselves and their product on the radar of private global NFT collectives like beetsDAO, who want to invest in the kind of powerful stories that signal the next big project.

Courtesy of Lost Children of Andromeda

Digital assets and NFTs are bringing collectors and creators closer than ever after years of the internet and current business models creating a divide between the two. For example, consumers looking to immerse themselves in Lost Children of Andromeda now have the chance to own some of the IP, which is only made possible with Web3 technologies.

Courtesy of Lost Children of Andromeda

The value of investments

“We are in a creative renaissance that is as important as the advent of digital media,” said Jordan Garbis, the co-founder of beetsDAO, one of the most prestigious Web3 creator collectives. sell as royalties from collectors trading in marketplaces.

Courtesy of Lost Children of Andromeda

Imagine fans getting the chance to be a part of Harry Potter, the Marvel Universe or Star Wars as they first launched 20, 40 or even 50 years ago, collecting digital assets and trading with the community in general. This is now a reality for artists proving that they are pioneers of Web3. Makers can now take advantage of higher levels of exposure, collaboration benefits and more, and investors in this scenario are collectors: the first users to get a piece of a growing franchise before it hits the market. And as a bonus, they get to be part of the journey in an intimate and powerful way. Assembling a diverse community of collectors, especially those of marginalized groups, ensures instant equality and even prosperity as the IP grows. This can be done by creating multiple entry points for potential collectors. Read-to-earn may be a model worth exploring for other literature properties as NFT utility becomes part of the larger conversation.

Closing Thoughts

As creators and artists begin to see the merits of blockchain technologies and what Web3 can bring to both them and their consumers, the market will shift dramatically as the traditional business model changes before our very eyes. Owning digital assets is just another aspect of the metaverse that is proving to be a benefit to numerous industries and businesses. Creators are now setting the precedent for what the metaverse can offer both the average consumer and the artists looking to take their project to the next level.

Jason Primrose is a pioneer in speculative fiction, most notably for his multimedia series Lost Children of Andromeda.

Courtesy of Lost Children of Andromeda

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This post Web3 and blockchain technology: how digital asset ownership is turning the current business model upside down

was original published at “https://venturebeat.com/2022/04/09/web3-and-blockchain-technology-how-digital-asset-ownership-is-flipping-the-current-business-model-on-its-head/”