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Entertainment 3.0— Fusing Media & Web3: ¥€$ 3.0 Abundance & Wealth

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Entertainment 3.0— Fusing Media & Web3: ¥€$ 3.0 Abundance & Wealth
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Web3 is poised to be the future of the internet. Everything (well, that really is everything circling human life) that finds a place over the web today will eventually shift onto the third iteration. If that is so, why would (and why should) entertainment, which is wholly based on the digital space, be left out?

In the 8th episode of Brandi Veil’s ¥€$ 3.0 Abundance & Wealth podcast, the discussion delved into the details of how media and entertainment are leveraging blockchain. They’re calling it– Entertainment 3.0, i.e., the fusion of entertainment and Web 3.0.

The episode had great insights about entertainment investments, startups and innovation in the sectors, and spotlighting notable industry giants such as Gala Games, taking charge in the film and music industry as a primary focus for growing community partnerships and investing in the creators economy to maximize Web3 growth. The episode features mega-star Hollywood musicians, gaming moguls, NFT enthusiasts, and Web3 influencers and educationists.

The exploration of these novel horizons happening in the entertainment aspect of Web3 is aided greatly via NFTs and metaverse, enabling GameFi and SocialFi. The objective is to revolutionize the gaming, content creation, social media, and the entertainment industry overall. Web3 allows for an approach that empowers users for the true ownership of all these digital assets.

Entertainment and Web3 Integration: Opportunity to Earn

Gala entertainment board advisor (games, film, music), JP Isham, highlighted the transformative “opportunity to earn” in filmmaking, a shift that reflects the evolving landscape of Web3. He believes in the power of Web3— “We are at a turning point in Web3, while there are many things broken, there are a lot of opportunities for growth.”

Renowned musician, Scott Page, the guitarist and saxophonist for Pink Floyd, a band celebrated with Hollywood’s biggest music awards the Grammys, the Brit Awards, and other prestigious accolades, has played a key role in reshaping the music landscape.

Beyond his musical contributions with Pink Floyd, Supertramp and many more, Page is well-versed in the tech realm, having pioneered early tech, including the creation of Toonland, one of the first television cartoons in the tech industry. As such, he is a bridge between technology and entertainment.

Sharing his perspective on the current era of Web3 and media he says that this is “the greatest time in history for independent artists. They just don’t know it yet. Web3 holds a whole new action through digital ownership, smart contracts, NFTs and community. The true power of NFT is really the contract that manages the right to ownership.”

Page also talked about his recent project Loot8, a Web3 content management platform for creators, enterprises, entertainers, and their followers and patrons, whose motto is “Empowering independent artists.” He describes it as an “experience ecosystem for people to get into web3.”

He goes on to say, “This technology is going to give so much freedom to the independent artist, freedom they have never seen before. (It’s) a total direct-to-consumer, where the consumer and the talent collaboration can happen.”

Joining the conversation, Lorel Scott talks about gathering all the industries, people and communities from all walks of life, diverse backgrounds, when it comes to bringing investment capital to the industry, especially around AI.

Scott is the COO and co-founder of StartupStarter, a platform working towards bringing startups, founders and investors together. Its aim is to humanize investments, especially within Web3, and facilitate funding and educational opportunities to budding entrepreneurs and innovators.

He advocates for diversity in all aspects— financial, educational, ethnic and gender diversity. He says, “Our mission is driving entrepreneurship forward. We are providing a space to help entrepreneurs better connect founders to investors, and investors to the community.”

The entrepreneur also talks about how he is currently “waist deep into AI” and advocates the potential it has to transform the world. According to him, “The scope of these futuristic technologies, where AI plays out in combination with Web3 and blockchain, is endless.”

Shira Lazar is an Emmy Nominated Host and Producer, content creator, and journalist. She took the internet by storm with her tech and web news brand “What’s Trending” in 2011, for which she was nominated for an Emmy. She was among the initial advocates for the emerging trends of blockchain and AI in the tech industry, raising awareness around digital culture.

Being an avid NFT and digital art collector, she has spoken at conferences like NFTNYC, NFTLA, and others. She is a futurist on how digital media overall will be transformed with the ownership-based internet and tech like NFTs. In her weekly periodical, The Alpha, she gives a quick roundup of everything hot in Web3 and AI.

She strongly advocates for “figuring out ways to get more women and other communities involved in Web3, who haven’t typically had access to these tech and financial revolutions.”

She has also co-founded a wellness agency, Peace Inside Live, that puts into perspective the importance of mental well-being and work-life balance. They create customized wellness programs for companies, teams, and communities and help these organizations create innovation in the Web3 space through their individual programs.

Pros, Cons, and Solutions in the Entertainment 3.0 Tech

Education and tech awareness are must for making Web3 accessible to all. One of the major challenges with widespread adoption right now, is that the mainstream media, and the entertainment industry still have little knowledge about the technical developments in Web3, including NFT, smart contract functionality, transparent transactions etc. Page adamantly stated “Lack of knowledge will have to go away in the ever-changing landscape of technology advancements”.

As a solution he offers the implementation of certain Web2 services for a user-friendly interface, to strategically get the users of Web2 into Web3. This is done by building systems around Web2 that can be seamlessly integrated into certain elements of Web3.

He suggests a concept for semi-decentralization, where Web2 services are used as the users are fairly familiar with them. The specific platform is fully decentralized, ownership of the assets must fully be there. But Web2 is leveraged to onboard more users onto Web3. He explained how they use fiat payment methods like PayPal and ApplePay on their decentralized Web3 platform, Loot8, for a seamless sign-out.

He says, “The concept of decentralization is to get rid of needing to know what a NFT is, how the tech works,”. He also claims— “We are about to see a ramp up as soon as we start to see these Layer-3s develop, and gas fees go down.” He concludes— “People don’t care about web3, they just want the momentum of smooth transactions.”

Colin Fitzpatrick is the founder and CEO of Animal Concerts, a metaverse platform for hosting virtual concerts. Notably, the company was among the pioneers enabling pop stars like Snoop Dogg, Robin Thicke, Billy Ray Cyrus, and Alicia Keys, to organize virtual concerts in the metaverse. The significance of this piece of technology was essentially proven during the COVID-19 pandemic, and was a testimony to the platform’s capabilities. The platform employs NFTs to execute virtual space events, ticket distribution etc., and aids in promotion of the creator economy.

Colin now works as an Artificial Intelligence consultant, providing employee training and education as well as deep dive analysis, helping companies navigate the journey of using AI for competitive advantage. 

The Ultimate Mission

In the words of Brandi Veil, the definition of abundance in the context of Web3 is, “Web 3, Ai and knowledge-based learning is connecting the dots to the new world, an abundance economy driven by its creators, It’s not your home, it’s not your school or your industry, it’s the 3rd place, it is your creators community.” And the purpose of Wealth and Abundance is that we get to tap into this larger spectrum of intelligence,through technology, it’s the consciousness behind the creators that matters. Who, what, when, where and why we create, needs to be addressed in the world of innovation. Is it for the better good of humanity?

Either we unify our thoughts for one for all, once and for all mindset or we continue to create from scarcity and competition. AI will bring us to our knees unless we prompt for impactful results. Before we obtain world peace, we have to be at peace with ourselves. The key to unlocking abundance in entertainment is knowing why we create what we create.”

Web3 unlocks horizons for  a new economy that completely redefines abundance and wealth and their distribution, which has to be in a decentralized manner, based on the blockchain technology. Hence, technology will be the driving force in the quest for prosperity where no-one is left behind.

Blockchain technology, which started with Bitcoin, has today led to an evolution in the entire web. This overarching wave of change has only begun to approach the entertainment industry, especially with its disruptive power in SocialFi and GameFi. It ushers a new era of ownership ridden over digital assets like NFTs, AI, metaverse, VR, and other aspects of the creator economy. Artists are poised to get a huge chunk of the cake because this form of ownership over their own creation was never warranted to them before.
With the development of sophisticated AI tools and other generative AI advancements, whose stewardship is undertaken by blockchain, possibilities are endless. Entrepreneurs have more room for innovation, ownership and transparency. Investors are optimistic. Creators and artists are empowered with the secure procurement of what’s rightfully theirs. And this new era is finally set to dawn, which we call– Entertainment 3.0.

Disclaimer: The article is a transcription of the weekly podcast hosted by Brandi Veil. No statement or comment in the article is a direct or indirect portrayal of the writer’s views or opinions. The interview does not intend to promote, demote or demean any organization or community. It also does not intend to give the readers any financial or investment advice.

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