Here are the three things I’m most excited about within Web3…
The first is decentralizing the film industry.
It’s been dubbed Film3. The consumer blockchain and NFTs offers filmmakers an alternate financing vehicle so they can make their movies outside of the studio system, outside of the traditional private investors who siphon off the IP. They can create the movies that they want and in the process can foster and build their own communities.
Now, Film3 is also beneficial for the NFT communities themselves because, if you’re interested in movies or you work in the industry, this offers you access to the filmmaking process.
It also offers you access to a community of like-minded individuals and people who work in the industry. You can learn, you can network, and you can also enhance your own career.
Film3 also offers a new way, an innovative way to tell stories. You can involve the community in the storytelling process because you need to build and foster that community before you take that script to screen.
Now, if we zoom out a little bit and not just call it Film3, you could call it Media3 because what applies to film also applies to narrative books, comic books, podcasts. Any sort of storytelling mechanism can be integrated with the consumer blockchain, so I’m really excited to see where this space goes.
The second thing I’m excited about is Soulbound Tokens (SBTs).
These are basically non-transferable NFTs. They’re digital assets that can’t be transferred once they’re in your wallet. This is a use case for NFTs outside of the art space. These SBTs can be digital representations of things like college degrees, high school diplomas, credentials, birth certificates, medical records, drivers’ licenses. Any sort of documentation that proves something about yourself should be digital and can be in the form of an SBTs. It’s not for profit, it’s for identity.
Now, the co-founder of Ethereum Vitalik Buterin claims that this is a proof of character and not a proof of wealth, which is what most people see NFTs as today. Vitalik mentioned that it may take until later this year until we see these mature, but I’m extremely bullish on the concept.
The third thing I’m excited about within Web3 is PFP projects.
The question is, which of the incumbent PFP projects are going to continue to build within this bear market. The ones that build successfully will be able to catapult into bluechip status when the next bull run occurs.
The fact of the matter is, the majority of PFP NFT projects are going to go to zero. BUT a small handful of them will grow into brands. They’ll likely grow into entertainment juggernauts where movies, films, television shows, are all made off of the underlying IP.
Those are the three things I’m most excited about within Web3 – Film NFTs, SBTs, and the future of PFP projects.