This week, discussions with experts across entertainment, loyalty, and gaming sectors signaled that mass adoption of Web3 is around the corner, possibly in a more subtle form than anticipated. However, the crypto market continues to face various challenges while the outlook for a decentralized, creator-focused digital future remains optimistic.
Executives in the entertainment industry unveiled the “stealthy” potentials of visual media like TV and movies in gradually onboarding mass consumers. Chris Jacquemin, Head of Digital Strategy at global talent agency WME, believes that mainstream adoption will not necessarily be a conscious choice and rather just happen as a consequence of the new technology.
In ticketing and loyalty, NFTs are revolutionizing artists’ control over ticket distribution and fan engagement. David Marcus, EVP of Music at Ticketmaster, suggests that artists can utilize token-gated sales to reward fans with premier seating, pre-show experiences, or ticket access.
Gaming industry leaders point out that billions of dollars are spent annually on in-game assets without players owning those assets. NFTs provide a way for gamers to buy, sell, and trade assets that hold value both inside and outside the game. Spencer Tucker, Chief Gaming Officer at Yuga Labs, highlights the importance of getting something back for what gamers put into the games in terms of interoperable utility.
As major sneaker companies collaborate with Web2 and Web3 brands, digital collectibles are emerging as a seamless and meaningful integration for such brands. Nike recently expanded into digital markets with a new partnership and the .SWOOSH experience in Fortnite, catering to the game’s 240 million users. This enables players to connect their digital items across Fortnite and .SWOOSH ecosystems, further blending Nike’s Air Max brand into Fortnite.
Meanwhile, Puma released the “GutterMelo MB.03” sneakers in collaboration with Web3 streetwear brand Gutter Cat Gang and NBA player LaMelo Ball, linking real-world kicks to NFTs.
As the Bitcoin price surges and institutions like BlackRock, Invesco, and WisdomTree apply for Bitcoin ETF offerings, the need to understand its benefits and drawbacks become increasingly crucial. A Bitcoin ETF enables investors to gain exposure to the cryptocurrency without owning any and makes the investment accessible via traditional stock market exchanges, paving the way for traditional investors to engage with the crypto world.
In conclusion, mass adoption of Web3 may appear subtle and less deliberate as industries continue to find innovative ways to incorporate the technology. The landscape of adoption is poised for change in the coming months and years, as sectors such as entertainment, gaming, and even traditional finance venture deeper into the market.
Source: Coindesk
