The rapid increase in the awareness of everything Web3 including blockchain technology to NFTs and crypto, has pushed the emerging creator economy forward, bringing about new innovations and impact in a broad range of industries, including finance, gaming, fashion, and even art. Although it is still in the early stage of development, there are a few significant trends within the Web3 space that are beginning to appear.
Power of DAOs
DAOs, or decentralized autonomous organizations (DAOs) will be something that we will see more and more of. DAOs are an organizational structure built on blockchain technology. They are commonplace in NFT and crypto ecosystems, DAOs do not have central management and can provide important benefits for those who are involved in these systems, since they concentrate on the participation of the community and co-creation, as well as verified ownership as well as security. Offering a fresh kind of more equal governance, their appeal is likely to expand into new industries.
A rise in SocialFi
We’ll definitely see more excitement for SocialFi: A concept that combines the concepts of social media with the concept of decentralized finance (DeFi) and social applications that are decentralized predicted to explode. SocialFi’s main focus is centralizing social media platforms and giving users the ability to control, produce and control their content. Management and ownership is governed by NFTs, whereas the payment process is based on cryptocurrency.
As the perception of Web3 is growing, more and more people (especially Gen Z and millennials) are eager to move away from the centralization of Web2 social platforms and want more control over their data and content. It is evident that traditional social media is acting on this shift. For instance, Instagram is now enabling users to incorporate NFTs into their posts as well as connect to their wallets online.
Fashion is on the rise
The fusion of digital and physical worlds that Web3 is a symbol of is a perfect fit with the industry of clothing, and plays an important role in the branding and verification for physical objects.
Many fashion houses have begun to adopt blockchain technology. Consider famous luxury brands such as Jimmy Choo who did a collection that sold out and a collaborated with the creator Eric Haze, creating a real-life limited edition shoe, along with releasing 8,888 NFT mystery boxes that contained virtual versions. Burberry has also collaborated together with Mythical Games to release a unique, striking NFT collection.
We’ve witnessed the massive growth of fashion metaverses that have opened the door to Web3 adoption by a wide variety of users. Fashion League is a game that Fashion League game offers not only an entirely exclusive RPG experience, but also brand innovative, thrilling methods for fashion brands to showcase their digital products. This isn’t just an alternate reality, but rather an actual game that incorporates the assets of a brand directly into the game.
Our model of play-and-earn allows users to create and extend their own clothing stores as virtual designers and also trade, sell, or lease their merchandise. Most importantly, we are primarily focused on playability. It’s an enjoyable mobile fashion universe that has no entry requirements. The players are also part of a community that has governing power that gives them the power to not only influence the future of the game but also earn a profit by radically changing the game model that has ruled the game for a long time, where only the big corporations have benefited from.
The music industry
I believe that the music industry to undergo a transformation with the help of NFTs. The increase in non-fungible tokens will bring about a significant shift musicians create music and how they interact with their fans, and what they offer in terms of experiences, and eventually create a more democratic sector.
In particular the question of unjust distribution of revenue in the industry of music has been the subject of lots of discussion. Essentially, artists get only 50% of the money, and the remainder is split between agents, lawyers and so on. The proportion gets even more skewed for musicians when it comes to streaming. But NFTs can alter this by eliminating the necessity for distributors. NFTs can also be utilized to purchase tickets for concerts or merchandise, and more, because they can all be tokenized.
NFTs will be stabilized
The past 12 months in the NFT space have been a tense one. NFTs have witnessed a dramatic increase in popularity, and a substantial amount of hype, but they have also experienced a major decline due to an economic downturn. However, I believe we’ll be entering an era in the next months when the fads surrounding NFTs start to fade and begin to become more commonplace in usage, like these the use of in-game assets, loyalty rewards or tickets. This means that NFTs will become more widespread and lead to greater adoption.
The world is moving rapidly toward the creation of a Web3 creator economy, making widespread adoption not only possible but likely. It’s only the question of whenand what a fascinating moment it will be as an Web3 leader to witness as it unfolds.
