NFTs will take over the world one day, we just need to find out how.
At MetaJam 2022, four speakers were invited to speak on this very exact topic. They were:
- Kenneth Koh, CEO, Tezarekt
- Dharni, Chief Commercial Officer, Tezarekt
- Alvin Lim, Head of Community, ARC
- Joel L, Contributor, CitaDAO
The event was also moderated by Keith Teo of Layer C.
Also Read: Jack Niewold On The Current State Of Crypto, “It’s Silly Not To Be Bullish”
WEB3, Empowering Creators
Dharni, who is also the 2x international beatboxing champion, speaks first on how Web3 can create more reliable revenue streams for creators. “Not all musicians have charisma” he notes, citing how only 3% of spotify artists account for most of the earnings on the platform.
Despite their hard work, the state of Web2 means that these musicians have to go out and market their product, be influencers, and more to sustain their income. As Joel echos, “we are trying to disrupt the middleman, who are extracting value out of nothing”.
To achieve this, Web3 companies have to “infiltrate these spaces”, despite the massive friction.
Joel also notes that by cutting out the middleman, CitaDAO has managed to bring in 30% dividends on chain, as opposed to 4.1% traditionally. By taking assets on chain, we can re-distribute gains fairly to the owners.
Is The World Ready?
Despite the possibilities of Web3, the panel highlights the challenges involved.
The speakers touch on how the user experience has been poor throughout crypto. ” I spent two hours teaching someone how to use DeFi”. In combating this, Tezarekt seems to be using a gamified approach, introducing gacha systems.
Already implemented at MetaJam, this would incentivize users with digital goods, in the hopes of capturing their attention in the long run.
However, the space still holds immense promise for the future, and this has not gone unnoticed by traditional companies.
“We had a lot of enquiries coming in from global brands”, noted Alvin, citing ARC’s members-only private platform. By enabling brands and individuals to verify themselves socially on the blockchain, they are driving a new use case for the future.
A key insight from the panel is the ability to create a tangible connection between artists and their fans.
In a world full of corporate red tape and value extraction, this is something desperately needed. Creators, especially in smaller countries, need more reliable ways to purse their passions.
Also Read: Proximity Labs’ Matt Lockyer On Near and What Web3 Needs
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chaindebrief