When blockchain technology first appeared, most people saw it as the foundation that ushered in a new world of decentralized finance. And while it is that, it is much more, since it announced the arrival of Web3.0. This is the latest version of the internet and is essentially a fully decentralized, transparent and immutable set of tools that is transforming the way we use the internet.

With the emergence of various cryptocurrencies, NFTs, DOAs, dApps, and even the metaverse, we understand that the transformation of Web3.0 extends well beyond finance. One place that is already proving to be a new lease on life is entertainment. The creator economy is finding ways to use Web3.0 solutions to further their careers in a way that is more immersive, impactful, and profitable for creators and their fans.

“The advent of Web 3.0 doesn’t exactly mean the end of the world for Facebook, YouTube, Spotify, Twitter and all the other Web 2.0 technologies that have improved our lives over the years. But it does mean that we will have to enter this new world to stay relevant and have the best chance to grow,” says Christopher Khorsandi, founder of Gybsy, a Web3.0 commerce platform that caters to venues, artists and their fans.

The entertainment industry is poised for major changes to the fundamentals of the industry that will take power away from its traditional gatekeepers and place it firmly in the hands of artists, entertainers, and their fans.

The decentralized structure of Web3.0 offers equal opportunities for all artists

Of course, it has become much easier today to make it as an independent artist than it was a decade or more ago. There are many artists who have achieved their own success thanks to their determination and the help of social media. Artists and bands like Lana Del Ray, Chance the Rapper, Nipsey Hussle, and Imagine Dragons come to mind.

But with all these successes, there’s still a sense that artists and content creators signed to major labels have an advantage over those trying to pave their own path. But even with the obvious career advantages that come with signing with a label, the reality isn’t always so elegant. It may seem that labels benefit too much from the creativity of their artists; sometimes it seems that artists are glorified employees working for a boss.

In 2015, Prince announced that he was ditching record labels and releasing his music exclusively through Jay-Z’s streaming service Tidal. He even went ahead to describe record deals as slavery and advised budding artists to stay away from them. In addition to Prince, many other artists, such as Paul McCartney and Taylor Swift, who lost the rights to their first six albums, have also felt the sting.

“It’s unfair that an artist spends countless hours in the studio making great music only to have the masters go to the label. Stamps take such a huge slice of the pie that there is virtually nothing left for the artist. That is why we created Gybsy to help artists and all entities in the entertainment value chain to take control of their own destiny.”

Gybsy looks like a typical Web 2.0 platform, but it relies on blockchain technology to ensure transparent and effective trading and ticketing markets. The platform eliminates current ticketing issues that allow for fraud and ticket scalping. It also has a royalty strategy that allows artists and venues to transparently earn money from secondary ticket sales. Gybsy’s eCommerce solution also gives artists, promoters and venues the opportunity to engage with their fans and their audience by creating and selling NFTs to their fans.

Web3.0 will transform the fan experience for the artist

The opportunities in Web3.0 for artists to build authentic relationships with their fans from the very beginning of their careers are endless.

One way this can happen is through NFTs. This Web3.0 product has given artists and the creative community in general a way to engage their audience. Fans want to get as involved as possible in the lives of the artists they love, so artists can offer them this opportunity through the sale of NFTs inspired by different elements of their careers.

Khorsandi calls NFTs, particularly those with real-world utility, the stocks of the future. “You know how we used to love collecting baseball cards as kids hoping they would increase in value and make us a profit? That’s the same idea with NFT. Artists can create NFTs inspired by a hit song, a special moment in their life, an exclusive behind-the-scenes moment, and literally anything else of perceived value. And as artist success grows and they start offering special access, rewards or merchandise only to those holders of their NFTs, this leads to higher NFT value, so everyone wins.” This means that fans can take an interest in an artist’s future from the start while offering them the resources they need to build a successful career.

Another useful tool in the Web3.0 arsenal is the use of Decentralized Autonomous Communities (DOAs). This Web3.0 compliant forum can help artists build a loyal community of fans who are not only there to demand content but to be truly involved in the creation process. Fans will have a front row seat to whatever project their favorite artist is working on and will also be part of the decision-making process throughout. This direct relationship with the actual consumers of the content will prove to be more effective and impactful than the bureaucracy of record executives, agents, publicists, etc.

Artists may also own all rights to their music and use it however they see fit. Additionally, due to the immutable record keeping of the blockchain, NFT minting for your content would provide a strong and verifiable history of your ownership of the content in a way that is nearly impossible to forge.

Along with artists, sports brands can also adapt and grow their model now using fan engagement technology through Web 3.0. oracle
ORCL
New SaaS-based analytics platform CrowdTwist is being used to create a custom program that uses Web3 and rewards customers and fans based on their engagement. Sail GP, the global sailing racing league, is using CrowdTwist to create a loyalty program that will connect Web2 and Web3 and ultimately reward fans for their engagement and emotional involvement.

Warren Jones, SailGP CTO, said of the new company: “We are a Web2 company moving into the Web3 space, so we are still going to have Web2 customers. So that frictionless approach needs to happen. We are working on how it will work for a Web2 user and how it will work in a Web3 environment.”

Oracle’s director of sports marketing and business development, Amr Elrawi, opined: “The biggest challenge for many sports brands is that during events the fan is actively involved. But what do you do between events, what do you do before and after the event, when you don’t have the main content which is the event that is happening?

“This is an opportunity to start engaging with those fans, providing them with exclusive experiences or exclusive content.”

The overall ability for artists and brands to maintain ownership and control over their content and career path while making the experience and benefits available to fans in a transparent yet monetizable way is the future of entertainment. NFTs, DOAs, and these new incentive structures are just the beginning of this internet-fueled revolution in the entertainment industry, and it seems artists and fans alike are loving it.