Web3 today is the most sought after industry. Be it individual investors or big firms, everyone wants to adopt the emerging tech in some way or other. Now, the centuries old publishing industry has too hopped on the bandwagon. Different sectors of the publishing industry have begun to use Web3 technologies to change its conventional approach to operations.
Pearson, a text-book publishing mammoth, has announced its intention to leverage NFTs to track digital textbooks sales to entrap revenue on the secondary market. Iconic Time Magazine is using NFTs to generate new revenue streams. Grossman, president of Time, explained that Magazine is seeking new possibilities of engagement the Web3 brings to the publishing industry. Web3 is creating a world where individuals are moving from being online renters to becoming online owners. And, at the same time, there is a shift in privacy. Individuals are taking the agency of their privacy.
Grossman shared that Time has dropped around 30,000 NFTs till now. 7,000 of which are connected to Time.com to eliminate the paywall without having to give personal information. During this time, the community has expanded to 50,000 individuals.
Time has even launched a Web3 community initiative known as TIMEPieces. TIMEPieces is a digital gallery project on the OpenSea. Grossman revealed that the number of TIMEPieces increased from 38 to 89. Artists like Baeige, Micah Johnson, Fvckender, and Victor Mosquera, are also part of it.
Distinction b/w ‘Audiences’ vs ‘Communities’: A Growth Aspect For Publishing Industry
One of the most significant aspects of growth is found between the distinction of ‘audiences’ vs ‘communities.’ Grossman points out that there are just a bunch of people who distinguish between these two aspects in the publishing industry. An ‘audience’ interacts with the content for a brief time. On the other hand, a ‘community’ constantly engages and shares value with a firm.
Grossman defines ‘communities’ as the moats as they are difficult to disrupt. But a lot of work goes in to build and sustain. Stability is the major benefit of a community, and publishing is anything but stable.
Different brands are using NFTs in several ways to increase engagement with customers over a long period. Due to this very reason, the publishing industry is deploying NFTs. A 300-year old Dutch printing firm called Royal Joh Enschede is entering the Web3 space by offering clients an NFT platform for “crypto stamps.”
Gelmer Leibbrandt, CEO of Royal Joh Enschede, in an interview explained that the crypto stamp will attract stamp collectors in their teens, twenties and thirties, who buy, save and trade NFTs along with classic stamp collectors. It naturally attracts their main customers over 60 national postal organizations globally.
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