- Top 10 Cryptocurrencies for January 25 2023; Bitcoin at US$22K - January 26, 2023
- Top 10 Best Crypto Casinos of December 2022 - December 14, 2022
- Apple Drops Encryption Plans that would Directly Benefit Crypto – - December 13, 2022
NFT artwork didn’t begin to acquire popularity because of their potential for profit until March 2021. When digital artist Mike Winkelmann, also known as Beeple, sold his NFT work titled “Everydays: The First 5,000 Days,” it served as an example of this. Christie’s auction house received almost $69 million for the artwork. As a result of Beeple’s sale, artwork NFTs began to gain popularity and draw in additional admirers and makers. Fast forward over a year, and the growth of Web3 has provided designers more chances to make nonfungible tokens useful in virtual environments. This has also enabled NFTs to go beyond simply producing beautiful photographs, fostering the development of communities through brand-new types of storytelling across various platforms. Nonfungible tokens (NFTs) have advanced considerably in a brief amount of time. The largest decentralized application on the Ethereum network in 2017 was the NFT project CryptoKitties, which garnered media attention. While a sizeable amount of Ethereum’s transaction volume in 2017 was made up by CryptoKitties, these NFTs mostly served as digital collectibles targeted at the crypto community.
To put this in perspective, Yat Siu, co-founder and chairman of Animoca Brands, a gaming and venture capital firm based in Hong Kong, told Cointelegraph that with the rise of Web2, collaborative narrative forms like fan fiction and YouTube videos became fairly popular. “But what was lacking was a scalable and equitable method for efficiently allocating joint efforts for recognition and financial gain. Web3 can assist to alter that, according to Siu.
Siu thinks that Web3 has made it feasible for content creators including authors, artists, filmmakers, and others to work together on a variety of creative projects. To support Siu’s argument, several Web3 projects are currently under development that make use of trackable NFTs to let project authors and fans work together on various types of storytelling. For instance, the multibillion dollar comic book business is interested in telling stories with NFTs. The “Bat Cowl Collection” NFT project from Palm NFT Studio and DC Comics from Warner Bros. Consumer Products recently went live. The 200,000 unique 3D-rendered Batman cowl NFTs in this project let fans influence the plots of upcoming comic book storylines.
Warner Bros. had been considering fresh approaches to bring Batman to life for fans, which ultimately led to the investigation of Web3, according to Josh Hackbarth, head of NFT commercial development for Warner Bros. Entertainment. As the project leader for the “Bat Cowl Collection,” I was eager to learn how Web3 could help us build stronger relationships with our fans by enabling them to work with us in novel ways. Each NFT will then gradually be incorporated into upcoming DC Comics stories, according to Hackbarth. Hackbarth stated that each “Bat Cowl” NFT will likewise have distinctive characteristics in order to inspire fans’ imaginations. “This is known as ‘badging,’ and it enables fans to badge up in various realms using their cowls. This will contribute to the stories that surround the different cowls. Hackbarth continued by pointing out that while Web3 ultimately enables users to be an essential part of the storytelling process, some comic books in the early 1990s allowed fans to vote on how comic books may conclude by dialing a 1-800 number.
Despite the fact that Web3 is transforming storytelling across a range of platforms, it’s crucial to remember that the industry is still young. As a result, it can take longer than expected for popular adoption. Siu asserts that widespread acceptance won’t occur until everyone is aware of Web3’s potential and significance. “Web3 has to get widespread acceptance for what it is and what it can achieve for us. Although we haven’t arrived yet, everyone is making progress.
Indeed, innovation is happening as evidenced by Hackbarth’s comment that he is hopeful for the future. “We are attempting to draw in both NFT professionals and individuals who are deeply rooted in the comic book industry. We need to be mindful of both audiences because we are walking a fine line in this situation. I believe that in the end, people’s perceptions of Web3 models will have changed as a result of this event, he stated. Shamus said that he thinks Web3’s narrative capabilities would eventually appeal to a wider audience.