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The New Reality: how Web3 is changing fashion, sports and music

April 26, 2024
5 minutes

Web3 is like the next phase of the internet, where the principles of decentralization, transparency, and data security play a key role, similar to blockchain, which establishes a direct connection between users.

Implementing Web3 opens up new possibilities for creative industries, where you can own a unique digital asset created by your idol or favorite brand. It's like owning exclusive tracks, rare clothing items, or collectible NFT sports cards, where ownership authenticity is guaranteed.

Furthermore, in Web3, fans become an integral part of the creative process. Here, you can directly influence project development, gain access to exclusive events, and authors have the opportunity to earn honestly, bypassing intermediaries. All of this will become a reality through the use of metaverses - digital worlds.

Let's find out how the concept of Web3 is already influencing art and hobbies.

Who is interested in Web3?

Thanks to Web3, brands have the opportunity to interact with their audience on a deeper level, creating personalized and unique digital products and services. This helps strengthen the bond with consumers and increase brand loyalty, opening up new opportunities for collaboration and interaction.

Thus, Web3 becomes a key tool for brands looking to solidify their position in the market and remain competitive in a rapidly changing digital world. These innovative technologies help brands take a step forward and become industry leaders.

Additionally, Web3 provides the ability to create and distribute unique digital assets in the form of NFTs (non-fungible tokens). These are digital certificates confirming the authenticity and exclusivity of virtual objects. Such assets become not only symbols of brand affiliation, but also valuable investment opportunities.

Global companies are already actively embracing the possibilities of Web3. For example, Hublot, a Swiss watch brand, released a limited series of watches with their NFT replicas. Decentraland organized a music festival with performances by digital avatars of stars. In addition, other well-known brands such as Nike, Gucci, Microsoft, and Adidas are also actively exploring and implementing Web3 technologies.

The transformation of the music industry and the role of Web3

Revolutionary changes in the music industry are being brought about by Web3 technology. By utilizing blockchain, artists are gaining absolute control over the distribution of their work.

Previously, musicians were entirely dependent on major record companies, such as labels. These companies controlled the ways in which music was distributed and the amount of payouts to artists. However, with the emergence of Web3 and its key feature of creating a reliable system for protecting intellectual property rights, all data about the rights holders is recorded in a decentralized blockchain registry. This information is open to all and cannot be forged or deleted.

As a result, musicians can now be sure that royalties will be distributed fairly, according to their contribution to the creation of the work.

Furthermore, Web3 technology allows for the release of music in NFT format. By purchasing unique tokens related to their favorite artist, fans become owners of unique digital assets that may include exclusive audio or video content.

Many well-known artists have already taken advantage of NFTs. For example, the band Kings of Leon released their album as an NFT. Rapper Snoop Dogg introduced a collection of virtual memorabilia. DJ Gramatik often sells NFTs featuring his new musical works.

NFT owners themselves can actively participate in the creative life of the musician, influence their decisions, and gain access to exclusive concerts.

New victories: Web3 is changing sports

Both music and the sports industry are subject to the influence of the new generation of the internet, leading to changes in both the professional sphere for athletes and clubs, as well as among ordinary fans.

One of the main innovations of Web3 are collectible NFT cards. Now fans have the opportunity to collect unique collections with images of their favorite sports stars. Each digital card has a limited edition and authenticity, opening up exclusive opportunities for its owners:

  • Participation in virtual tournaments with other fans
  • Meetings with athletes, well-known commentators, bloggers
  • Access to broadcasts, events, insider content

By the way, Cristiano Ronaldo has already launched his own NFT collection, and the Spanish football La Liga sells Fan Tokens to fans. Also, LeBron James (NBA), Tom Brady (NFL), Neymar Jr. and Lionel Messi (Football League) have joined this "challenge".

But the main advantage of Web3 for the sports industry is openness. Smart contracts can be concluded on the blockchain between clubs, players, and sponsors under completely transparent conditions.

In addition, Web3 enables:

  • Selling tickets and merchandise in the form of secure NFTs directly to fans
  • Live streaming matches on decentralized metaverse platforms
  • Organizing virtual sports events like esports tournaments

Overall, Web3 gives fans an unprecedented level of engagement in the lives of their favorite teams and athletes. And for sports organizations, it opens up direct access to monetizing content and assets.

Web3 & Fashion: conquering new fashion horizons

The fashion industry is actively integrating Web3 innovations. Many well-known fashion brands have already introduced exclusive NFT collections, including Louis Vuitton, Gucci, Prada. Often, such releases are accompanied by the release of limited edition physical goods.

A great example of the merging of the fashion world and Web3 is the collaboration between Tiffany & Co. and the owners of NFT CryptoPunks. The brand has created unique NFTiffany jewelry pendants featuring the image of a digital "punk" for these collectors.

The benefits of Web3 for the fashion industry are significant. Blockchain allows tracking the entire journey of a product from production to sale on the shelf with complete transparency. Every step of this journey is recorded in a secure registry, opening up new opportunities.

  • Combatting violations of workers' rights and harmful emissions in factories
  • Tracking the authenticity of the product and detecting counterfeiting
  • Providing the buyer with authentic information about the origin of the item

Scalability and adoption challenges of Web3

While Web3 opens up many new possibilities in creative fields, this concept also has certain drawbacks that need to be taken into account.

One of the main problems is the high entry barrier for using Web3 technologies. They require serious technical knowledge and skills that musicians, athletes, designers, and their teams often do not possess.

As a result, brands and celebrities have to hire professional Web3 developers. However, their services come at a high cost. For small companies with limited budgets, this can become an insurmountable barrier.

Another challenge is ensuring mass adoption of Web3 solutions by a wide audience. Since most people are still unfamiliar with this area, brands face questions like "Will the expected revenue from implementing Web3 justify the costs?" and "Will consumers be interested in such innovations at all?"

Another issue is related to the transparency of supply chains. For the system to work, all participants in the production cycles - from raw material suppliers to logistics - must diligently input data into the blockchain. If even one link ignores this duty, the chain will be broken, and the benefits of traceability will be lost.

Thus, while Web3 presents interesting prospects, this concept is far from perfect. Overcoming several serious challenges is necessary for its widespread adoption.

Final chord

The revolutionary concept of Web3 truly opens up huge opportunities for sports, music, and fashion. However, it is important to soberly assess the potential risks on the path of its implementation.

On the one hand, NFTs and blockchain allow brands to build closer connections with their audience. This opens up additional channels for monetization and sources of income.

On the other hand, the low popularity of Web3 among the general public may be a barrier to scaling these solutions. The question of security and transparency of systems on the blockchain deserves special attention.

Overall, Web3 is a promising direction with great potential for transforming creative industries. However, for the effective application of these technologies, systematic work is needed: both from the side of brands and projects, and from the side of cryptocurrency market regulators.

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