In the fast-paced world of technology, the concept of Web3 is gaining immense attention, thanks to its potential to revolutionize the way creators and audiences interact. MyCo‘s streaming platform CCO, Phil McKenzie, recently spoke with Decrypt about the emerging Film3 movement and the Metacannes festival he helped organize; an event that runs parallel to the renowned Festival de Cannes. With Web3 at its core, McKenzie sees a promising future of tighter bonds between creators and audiences, offering artists new funding opportunities and novel ways of engaging with fans.
Web3 is a decentralized web model that empowers users with more control over their data and online identity. As this innovative concept takes shape, it is important to consider both the potential advantages and drawbacks. On one hand, Web3 would enable content creators—film auteurs, musicians, artists, writers, sportspersons, and others—to connect with their fans directly, bypassing middlemen and platform fees. This direct relationship could bring about more transparency, revenue sharing, and creative freedom for artists.
In addition, Web3 further promotes a fairer distribution of content value by implementing blockchain-based systems like NFTs (Non-Fungible Tokens) and cryptocurrencies. As a result, creators can establish new revenue streams besides traditional subscriptions or one-time payments for accessing their content. Imagine an online environment where fans could invest in their favorite artists’ projects, resulting in shared success and a more profound sense of involvement in the creative journey.
On the other hand, skeptics of Web3 raise concerns about the technology’s potential to disrupt legacy industries and invalidate decades’ worth of legal frameworks, intellectual property rights, and licensing agreements and laws. Some argue that the increased reliance on digital tokens and cryptocurrency-based funding models could limit accessibility to content, as not everyone is comfortable using cryptocurrencies.
Moreover, Web3’s decentralized nature could inadvertently give rise to bad actors and malicious activities. For example, online bullying, harassment, and hate speech may become free rein in such an environment, making it difficult to hold perpetrators accountable.
Nevertheless, Web3 exemplifies a paradigm shift in the way artists and audiences interact, which has the potential to breathe new life into the entertainment industry. Its promising aspects should not be overlooked, despite the valid concerns raised by its critics. As the Metacannes festival unfolded, it became apparent that artists are eager for innovative ways to connect with their fans, as well as unique funding opportunities to support their creative endeavors.
In a world where technological advancements are breaking down barriers and reshaping the way we live, Web3 could be the much-needed catalyst to redefine the dynamics between creators and audiences. Embracing the emerging Film3 movement while mitigating potential risks will prepare us for a more connected, vibrant, and thriving creative landscape. Whether or not Web3 will be the ultimate solution, efforts like those undertaken by Phil McKenzie and the Metacannes team will be crucial in shaping tomorrow’s entertainment industry.
Source: Decrypt
