Web 3.0 is a hot topic for tech professionals staying at the frontier of their industry. The core idea behind Web 3.0 is to launch (or re-launch) the internet from a decentralized base. This means the internet, as we know it today, would be run on blockchain technology.
Running the internet on a blockchain platform would allow users an uncorruptible virtual experience. In fact, the phrase ‘Web 3.0’ came from Ethereum’s co-founder, Gavin Wood, who dreamed of a future browsing experience in which large companies, such as Google, wouldn’t have control over which data is retrieved and presented to specific users.
In other words, Web 3.0 will have increased security measures for users and enhance individual privacy because all actions can be ‘tracked’ on blockchain’s incorruptible ledger. This would directly compete with large tech companies that sort, organize, and present data according to specific guidelines (rather than what a user might prefer).
Clearly, Web 3.0 will change how billions of people relate to the mobile technology available at their fingertips. One of the largest industries set for an overhaul is entertainment, with gaming and Hollywood set for the biggest overhauls should Web 3.0 pan out.
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iGaming, eSports, & Video Games
The most lucrative industry related to online entertainment is iGaming, which Statista estimates will be worth over $90 billion by next year. This covers online casinos and poker platforms. With a global pool of gamers estimated at over one billion, according to a UK study, the sector is a prime candidate for new applications on Web 3.0.
For now, most platforms are run on a regional basis. In the US, this is state-by-state; for example, legal online gambling in Pennsylvania is taking off, building on special offers like joint casino-sportsbook platforms. The same goes for Canada, where each province is able to regulate its own market.
Already, blockchain has started to creep into certain iGaming models. However, blockchain has found more success with video game platforms and eSports. Both sectors are digital-first, which makes them prime candidates for blockchain. Given the success in crypto companies have seen sponsoring eSports events and teams, there’s a likely connection between eSports, crypto, and Web 3.0 in the next decades.
Hollywood & NFTs
While video games are likely to pivot toward blockchain before iGaming, Hollywood has already started incorporating NFTs in anticipation of a tech-based overhaul in the future. An NFT, in the context of art and Hollywood, allows someone to own and trade digital assets—or digital works of art.
Unique collectibles (NFTs) can be used to enter sites where someone can watch a film—or, in some cases, they can even sell the digital original of a film. Consider a franchise like Marvel shifting from physical merchandise to digital merchandise, which would allow fans to ‘own’ things like the original movie script, a rendering of Thor’s CGI hammer, and more through the format of an NFT.
Here, the idea is on collectibles more than it is blockchain or cryptocurrency. Fans of successful TV shows and film franchises will opt into Web 3.0 because it allows them to collect digital assets and enhances their experience and engagement with their favorite characters and worlds.
The Takeaway: A Shift in Financial Models
The above examples highlight new forms of revenue. In terms of iGaming and video games, crypto will likely become a way in which platforms accept payments. In iGaming, this relates directly to deposits and withdrawals. In video games, this relates specifically to pay-to-play models and microtransactions.
However, iGaming and eSports will need to hammer out regulatory practices. As mentioned above, states like Pennsylvania will first need to define and regulate crypto and blockchain markets. On the other hand, eSports might face challenges based on international regulations, as most leagues and teams cross borders.
In Hollywood, NFTs will alter revenue models by handing studios and indie filmmakers an unending list of potential digital assets to sell or auction off. While large studios are now looking into NFTs, many Web 3.0 enthusiasts are looking toward the role NFTs might have in promoting the age of the indie artist.
