Web3 has become the most The most popular investment areas in 2022as a use case Non-Fungible Tokens (NFTs), Metaverse and other blockchain applications landed. Therefore, it is not surprising that different areas of the publishing industry have begun to use Web3 technology to transform the traditional model.
For example, the recent textbook publishing giant Pearson Announce plans to use NFTs Track sales of digital textbooks to capture lost revenue in the secondary market. Time magazine, founded 99 years ago, Also been using NFTs Create new revenue streams, and a sense of community in the publishing industry. Time President Keith Grossman told Cointelegraph that the magazine is demonstrating the new engagement possibilities that Web3 brings to the publishing industry. He says:
“Web3 can grow its brand in a world where individuals transform from online tenants to online owners, and where privacy begins to shift from platforms to individuals.”
Web3 supports the content owner community
While hosting an NFT gallery may seem unconventional for one of the oldest and most prominent magazine publishers in the industry, Grossman explained that Time has given up nearly 30,000 NFTs to date. These have been collected by more than 15,000 wallet addresses, 7,000 of which are connected to Time.com, which removes the paywall without providing personal information, he added. “Over the course of the journey, the TIMEPiece community has grown to over 50,000 people,” Grossman noted.
To put this in perspective, Grossman explained that in September 2021, Time launches a Web3 community initiative Known as TIMEPieces.This project is a digital gallery space hosted at NFT marketplace OpenSea, bringing together 89 artists, photographers and even musicians. “The number of TIMEPiece artists has grown from 38 to 89. These include Drift, Cath Simard, Diana Sinclair, Micah Johnson, Justin Aversano, FVCKRENDER, Victor Mosquera and Baeige to name a few,” Grossman said.
While notable, the more important aspect of this growth is the difference between “audience” and “community.” According to Grossman, few in the publishing world distinguish between the two groups, but he noted that Web3 offers “a tremendous opportunity for those who are willing to explore this oversight.” For example, Grossman explained that viewers only interact with the content for a moment. However, he noted that the community aligns around shared values and has the opportunity to engage continuously. He says:
“Healthy ‘communities’ have moats that make them harder to break or circumvent. However, they require a lot of work to develop and nurture. The long-term interest of the community is stability – and publishing is by no means stable.”
In fact, NFTs could be the key to providing the stability and audience engagement the publishing world needs to grow. As previously reported by Cointelegraph, brands are using NFTs in a number of ways Interact better with customers Over time.
For this reason, other sectors of the publishing industry have also started using NFTs. For example, Royal John. The 300-year-old Dutch printing company Enschedé is entering the Web3 space, offering its clients an NFT platform for “crypto stamps.” Gelmer Leibbrandt, CEO of Royal Joh. Enschedé told Cointelegraph that the world of stamps and philately is very traditional, noting that non-fungible tokens will allow for scaling. He says:
“Crypto-stamps have opened up a global market that will appeal not only to classic philatelic collectors, but also to collectors in their 10s, 20s and 30s who buy, hold and trade NFTs. This naturally appeals to our key customers — More than 60 national postal organizations around the world – very attractive.”
According to Leibbrandt, Royal Joh. Two years ago, Enschedé started considering ways to use blockchain technology, but due to practicality and market fit, the Dutch printing company decided to start with encrypted stamps. Not only will stamp collectors be able to own a unique NFT, Leibbrandt explained, but the non-fungible token will also act as a “digital twin” designed to provide a Additional layers of security and authentication to its physical product.
Leibbrandt also noted that linking physical objects with digital objects provides customers with additional functionality. Although he points out that crypto stamps are just the beginning for Royal Joh. In Enschedé’s Web3 tour, he explained that the company has started developing “significantly” aimed at competing with secure printing of banknotes. He explained:
“By using special printing technology, we can add features such as augmented reality to provide a special platform for online promotion and communication. Celebrities are unique, NFT elements can be used as collectibles, and a payment method in Metaverse.”
Like Time, crypto stamps and celebrities are enabling Royal Joh. Enschedé builds a community of collectors who can interact with the platform and communicate with each other. “New applications of all types can be linked to these applications, such as access to real life events like Formula 1 or Tomorrowland, with only a few annotations offering the right to a VIP package. We are building us for the next 100 years business,” Lebrandt added.
Additionally, independent news organizations are beginning to apply Web3 technologies to address one of the biggest challenges facing the media industry today – “fake news.” For example, Bywire.news is a decentralized news platform that uses artificial intelligence (AI), machine learning and blockchain to identify false or misleading news content. Bywire CEO Michael O’Sullivan told Cointelegraph that the platform has built and deployed a “trust or not” algorithm. “This provides readers with ‘at-a-glance’ assurance that the content provided on the Bywire.news platform is trustworthy and that the people who produce it are indeed responsible,” he said.
O’Sullivan explained that Bywire’s AI technology is able to “read” articles in the seconds before they go live to determine the credibility of the content. Once this is determined, the algorithm generates recommendations, along with the reasoning behind its decisions. “Why is critical, because it helps consumers become aware of the motivations and intentions of content producers,” O’Sullivan said.
O’Sullivan points out that while innovative, any independent news organization could aggregate its news content into Bywire, showing it to tens of thousands of readers each month. Like other publishers using Web3 technology, O’Sullivan noted that Bywire has a community of readers associated with the platform, noting that these people are incentivized to read content. “Every reader gets a free EOS account and can immediately start earning token rewards that can later be used for democratic oversight of the network.”
Will Web3 Boost Publishing?
While Web3 has the potential to transform the publishing industry by allowing various sectors to reach and interact with new audiences, its impact remains questionable.For example, already famous Publishers still lack clarity on how and how they should use blockchain.
Lars Seier Christensen, chairman of Concordium, the Swiss blockchain company that powers Royal Joh. Enschedé’s NFT platform — told Cointelegraph that non-fungible tokens currently mean nothing to most organizations. However, he believes NFTs and other Web3 technologies will soon become the norm:
“Let’s take a step back from the acronym NFT as it can be confusing. It has been proven that blockchains can store immutable data – i.e. records are final and unbreakable, and by simply access to the chain search engine, the data is completely transparent to everyone.”
Regarding consumers, Grossman also mentioned that individuals should not use the term NFT, adding that they certainly don’t need to know what blockchain platform powers these applications. “They should interact with brands based on the experience they’re offering,” he said. Grossman further noted that the rise of the computer sparked constant discussions around the technology, until Steve Jobs explained that the iPod could hold “1,000 songs in your pocket.” Grossman believes a moment like this will happen with Web3, but it’s not here yet:
“Most people’s perceptions of NFTs and blockchains are defined by extremes – great and bad. The reality is that NFTs are just a token that verifies ownership of a blockchain and needs education to provide companies and individuals alike Can be used in a variety of ways to provide value.”