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Revolutionize Media with Web3: The Impact of Tokenized Media

Revolutionize Media with Web3: The Impact of Tokenized Media

A seismic shift is underway as the Web3 era takes center stage in media. This shift brings several burning questions: How are media companies embracing the Web3 era? What business model could integrate content and NFTs (Non-Fungible Tokens)?

You've come to the right place. This article navigates the revolutionary currents, unraveling the potential and disruptions caused by Web3's influence. Our lens zooms in on the pioneering strides of NFT Now, a trailblazing Web3 media company that stands as a harbinger of the future.

We'll dissect the intricate interplay between technology and media as we look into how tokenization is rewriting the rules and reshaping the fabric of our digital content experience. 

Welcome to the forefront of innovation—where Web3 meets media, and the landscape is forever altered.

How NFTs Disrupt the Flawed Model of Traditional Media

The conventional media landscape is facing a crisis. Media publishers are chasing after social media traffic and programmatic ad revenue, often at the expense of serving their audience's genuine needs. This pursuit has led to declining content quality, sensationalized clickbait headlines, and a loss of public trust.

As this troubling trend persists, audiences have become passive consumers of content rather than active members of a media brand's community.

Enter NFTs—a disruptive technology with the potential to mend the media industry by enabling a progressive decentralization of media brands. Instead of power residing in the hands of a select few gatekeepers, NFTs empower audiences to participate democratically in content creation and governance.

By granting communities a voice and a role, NFTs can potentially resolve the loyalty crisis that has plagued traditional media. Audiences become stakeholders in the success of the media brand, fostering a deeper connection.

NFT Now: Validating the Decentralized Media Brand Model

In early 2021, the blockchain media startup NFT Now faced significant challenges. NFTs were still a niche industry, and their disruptive potential must be more widely understood. Co-founder Matt Medved recognized the need to educate mainstream audiences before establishing a trusted brand.

Medved's background in traditional media uniquely positioned him to create the "Billboard of Web3." However, introducing a new model in an emerging field posed challenges. NFT Now aims to be the foremost source of news and culture within this niche.

By actively participating in the space before the boom in early 2021, NFT Now established valuable relationships and credibility. The team swiftly launched a podcast and newsletter within months.

When the bull market surged that summer, NFT Now consciously decided not to compromise its integrity for short-term financial gains. The team turned down substantial offers from interested investors, demonstrating a commitment to ethical media that genuinely served its community.

This commitment to quality and credibility yielded fruitful partnerships with brands such as UnitedMasters and Coinbase. By December 2021, NFT Now had partnered with the renowned auction house Christie's. These alliances, built on trust, opened doors that revenue alone could not.

The Now Pass NFT: A Path to Recurring Web3-Native Revenue

In early 2022, NFT Now embarked on a new journey by introducing its Now Pass NFT collection—a digital membership system. These virtual passes provided access, benefits, and incentives across a growing media ecosystem.

Despite the bear market conditions, Now Passes sold out in just 48 hours, generating $1.1 million. This success validated a model focused on building lasting relationships and community trust rather than quick gains.

The Path Forward: Democratizing Media through Progressive Decentralization

NFT Now continues to innovate and push the boundaries of Web3 media. The company's objective is to decentralize decision-making and empower its audience progressively.

One notable step in this direction involves transitioning the Next Up artist recognition series into a token-gated system. Token holders will play a role in curating content by nominating and voting for emerging talent to showcase.

Tokenized Media's Transformative Possibilities

Tokenized media is at the forefront of a blockchain-driven revolution in the media industry. Here are four ways this technology can reshape media, akin to the transformative impact of the internet itself.

Verifiable Authenticity

Tokenized media brings verifiable authenticity to combat misinformation. Blockchain metadata enables immutable tracking of a content piece's origin and journey. This verified provenance is immensely powerful in an era of dwindling truth and trust. It could reduce the prevalence of dangerous AI-generated fake media.

Realigned Incentives

Tokenized media allows digital ownership of content and brands, profoundly realigning incentives. Letting audiences own a piece of a brand fosters loyalty and turns passive followers into engaged community members who have a financial stake in the content's success.

New Revenue Streams

Digital ownership unlocks new recurring revenue streams for media companies. Blockchain communities can now reward and monetize loyalty through crypto-gated memberships, NFT drops, rewards programs, and blockchain-based subscriptions.

Community Governance

Tokenized media extends beyond ownership and revenue. NFTs enable new forms of community participation and governance. In this future, superfans can directly contribute ideas and feedback, reshaping media brands and content.

The Future of Media Brands

Current media incentives often revolve around clicks, likes, and superficial support. Social media platforms limit how audiences can engage with media brands, and the broken ad model hinders the development of quality relationships.

Tokenized media has the potential to unlock more profound community potential. Blockchain communities naturally harness and reward passions like creativity, collaboration, and governance. Supporters become partners, and the possibilities of cooperation and innovation are boundless.

The legacy media system is undergoing a seismic shift, and the organizations that created it may not lead this revolution. One way to stay ahead is to remember how Web3 is revolutionizing media. 

This is just the tip of the iceberg, though. Continue learning about Web3, and check out our article on how Web3 will change digital marketing.

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