Title: Web3 and Digital Entertainment: A Tech and Policy Brief for India
Published on: March 29, 2023
Abstract
The era of Web3 is often discussed in terms of finance, economy and technology. Along with these industries, the entertainment industry has also been rapidly evolving with the changes made possible by Web3 technologies. A range of applications, from online gaming to the music industry are adopting Non-Fungible Tokens (NFTs), crypto tokens and virtual reality to change the status quo and also bring about new avenues to interact with their audiences.
There are changes in payment systems, security, nature of ownership and more that are set to change the way the entertainment industry functions currently. In this primer, the third in our series, we will first explore why the entertainment industry can undergo changes in this paradigm. Then we will look at different arms of the entertainment industry (like gaming, music, etc.) and examine their progress with appropriate examples. Finally, we will look at the challenges that are very specific to the entertainment industry in this paradigm.