The Creative Potential of Web 3.0

A follow-up to the National Association of Broadcasters show
Author: Michael Richter
 
You’ve probably heard a lot about Web 3.0. The technology terms typically associated with this include blockchain, Artificial Intelligence (AI), Machine Learning (ML), Non-fungible Tokens, (NFTs) and in some supporting ways, Internet of Things (IoT), virtual production and augmented reality.  
 
I’m not going to cover all of these in this article, but having worked with blockchain and AI, I’ll touch on how blockchain and AI , both enhanced by virtual production are disrupting the media and entertainment industry. Plus, I’ll share what I heard about Non-Fungible Tokens (NFTs) from expert panelists. I’ve always taken on my role as a marketer in the technology industry as one of an educator, communicator, and sometimes even as an entertainer. In my opinion, learning about complex technology solutions can be fun and entertaining. It just takes a little effort to demystify the complexities to make it understandable and help business users apply it to their organizations. Coming up with real-world use cases and analogies helps to explain things and makes them relatable or relevant.
 
With that in mind, I’ll share some of my experiences at the National Association of Broadcasters (NAB) show in Las Vegas, April 15-19th, 2023.
 
What is blockchain from the perspective of the media and entertainment industry? And why should any creator of content that makes fine art, a film, commercial spot or digital asset, want to know about blockchain?
 
I like to describe it as a technology that is disrupting traditional models that have a central authority that holds a lot of control for ownership rights, publishing and distribution. Blockchain is not necessarily linear or in a sequence. Sometimes you might see a drawing of a big chain with little compartments on the chain, but it’s actually more organic and not as straight forward as that. It is decentralized. It’s like a collection of content that can be accessed or interacted with, without having to go through an intermediary or central authority. Think of it as the democratization of the internet where anyone can own their own creation. It can have value, be retained, exchanged or even sold. Once something is made and posted to a blockchain, it is secure and it is immutable, meaning it cannot be changed. It’s been around for a while, but it’s not ubiquitous yet. It’s evolving.
 
From the perspective of the media, entertainment, and broadcasting industry, Web 3.0 has the potential to significantly disrupt traditional models of content distribution and consumption. As in a collective, each piece can be created, owned, and contributed to by the original authors. The collective could be the consolidation of many parts. For instance, blockchain can be used as a component of the filmmaking process for content creation. It won’t be long before a masterpiece will be made up of many individual masterpieces! It is going to change our world.
 
In the media and entertainment industry with applied blockchain technology, creators can be enabled to have more control over their content and revenue streams. With decentralized platforms, creators can monetize their content directly from their audiences without the need for intermediaries, such as streaming services or production companies. This could lead to a more equitable distribution of revenue, as creators can earn a larger share of the profits.
 
I say ‘could’ because there are still some challenges.
 
First, like any new technology, it’s not widely understood or adopted. This means there are not a lot of standards so that applications and platforms are all speaking the same language or using the same tools. This means content cannot always be created easily then exchanged or sold.
 
Second, there are technical limitations that can result in slower performance so that is also a barrier to adoption.
 
Third, regulations around blockchain and cryptocurrencies are complicated and uncertain so currently, there is more risk. Things are getting worked out. It’s just a matter of time.
 
We all know that old habits die hard. Traditional models in the media and entertainment industry don’t change overnight. The big players don’t relinquish control easily.  There is a lot of legacy. Some of us know how hard it was to move from a daily planning notebook to a Franklin Organizer to a Blackberry and now we’re with Androids and iPhones. And, we don’t even have type in our to do list, we can just speak to convert to text or pass along our audio message!
 
There were a lot of Web 3.0 early adopters showcased at NAB and they are doing amazing things. The excitement and energy were contagious. I heard from many speakers that were already entrenched in Generative AI which refers to making things like images, text, audio and video. Writers, filmmakers, technicians, camera operators, editors and producers were all well-represented and sharing their stories. Most were extremely excited about all the new tools and timesaving tasks. Films are being funded and distributed using blockchain technology. It’s only a matter of time that the world will see more feature-length movies created by content that was brought together using blockchain. AI is being used to write scripts, evaluate facial recognition and voices, select visual content, and edit digital videos. Check out this article on AI and ChatGPT.
 
That’s a good segue to Non-Fungible Tokens (NFTs). These are unique digital assets. It can be digital art or music or gaming items. They have metadata meaning, attributes of the item such as a title, keywords that describe it, the creator and the date it was created. I think of it as a new way for creators to make digital things. When you take something like a photograph or a video or a few lines of music, you’re creating a digital representation of that photograph, video or music. They cannot be replicated or exchanged for something else. The process of making that digital asset is called minting. Once your digital asset is minted, it’s an NFT and essentially you have a certificate of ownership for it. The process of minting may seem daunting, but don’t worry, there are many platforms that help you mint your own NFTs. All you do is choose an NFT marketplace, create your account, connect a cryptocurrency wallet, then upload your content that you want to mint. Then, as for any asset, you define the attributes like its name, description, owner, etc., set your price and then you mint it! Now you can track it, sell it, or keep it for yourself since it’s on the blockchain and you can use your connected wallet. And remember, all of the attributes flow with that NFT.
 
At NAB, there were some brilliant speakers that know intimately how it all works. As with any new technology, there’s a lot of work being done to get some standard protocols in place such as a standard way for tying assets with encryption for authorization. As these become more established, more people will start to mint NFTs and use the marketplace. It will become second nature for creators. But the main point is that ownership and control of the digital asset resides with the creator and the middle parties are removed.  
 
I also heard a great explanation that resonated with me where people create NFTs as a novel immersive three-dimensional experience. An example would be creating a character that gets used in a 3D experience such as virtual Reality (VR) or augmented reality (AR). The creator owns that character since it’s an NFT. Another interest example would be someone who works in real estate development creates an immersive 3D experience of buildings and landscapes for others to explore. Sounds like fantasy, but it could have real-world applications or perhaps just open people’s minds to new ways to doing things.
 
Web 3.0 can also enable more immersive and interactive experiences for audiences. Virtual production tools are being integrated for content creation and distribution. These technologies are starting to be utilized more frequently and the cost is coming down at the same time as the technology advances. Creators are getting more access to virtual and augmented reality tools to create and manipulate content in real time.
 
Magicbox is a great example. The Magicbox Superstage™ and Magicbox Superstudio™ were both represented on the exhibit floor at the Las Vegas Convention Center. They are virtual mobile production studios all in one. The Magicbox Superstage™ only took minutes versus hours to set up and was used for many live presentations and panel discussions. The open stage had three LED walls with different visuals applied. Simultaneous real-time captioning and streaming also supported the presentations. Not only was it a ready-made stage, but it was an LED virtual production studio enabling it to resemble real-world environments or entirely new virtual creations, saving time and money compared to traditional on-location shoots. Best of all, the entire studio is on a semi-trailer and completely mobile!
 
The Magicbox Superstudio™ orchestrated an immersive experience at NAB. Show attendees could participate in a short film while sitting in a passenger train that was speeding past the Chicago suburbs. Or they could participate by driving a sports car as it raced across the desert. There was a camera crew managing the entire production. Once recorded, a media collaboration tool, Frame.io was utilized along with some stock B-roll to produce short video clips. These links were sent to participants who could view and download their own mp4. In fact, here’s an example of my friend Janis and me in that sports car! https://f.io/H9dIfRo3. Imagine the possibilities as an event planner launching new products, creating immersive experiences and recording multiple customer interviews on-site at an annual conference.
 
From a creative standpoint, the possibilities in the era of Web 3.0 are endless. All this will lead to new forms of storytelling and entertainment that were previously not possible with traditional media tools and legacy systems.

For a video overview of this article, click here. 
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