What lies ahead for Indian content and Web3 startups

A recent report by influencer marketing firm Zefmo says that India will have almost 100 million content creators by end of 2023 – making it the world’s largest concentration of such creators. A parallel report on Indian Web3 startups by NASSCOM and Zinnov puts India at the global forefront of the leading the world’s Web3 movement. As of now, almost 30 per cent of Indian Web3 startups are focused on entertainment and India currently has a base of 75,000 Web3 technical talent pool. A confluence of the above, is, therefore, nothing but so apparent. The future of content will be largely impacted by Web3 – as not just India, but the whole world largely adopting Metaverse and its diverse possibilities to create, consume and engage with content. Let us dive briefly into the opportunities and challenges involved in this transition: Possibilities

1. Active Audience Engagement: One of the most impactful changes that Web3 and evolving technologies will bring for Content, will be to transform audience engagement – from just being passive viewers to much more involved & engaged audiences. Be it non-financial utilities like data authentication, exclusive token-gated creator access, hyper-personalized content delivery, and experiences to even financial utilities – such as fractional ownership of underlying content IPs, revenue sharing of future revenues and even enabling creators to take financial advances on the basis of their NFTs – there is a lot that is in store for the Creators as they start adopting the Web3 technologies.
2. Opportunity Optimisation: From both perspectives of Content form and monetizable utility, Web3 will make even a single content file into multiple engagement opportunities. Think of Web3 possibilities for any content type, or even 1000s of multiple forms from a single creation and each having its own buyer – Web3 will multifold increase the impact capacity of any worthwhile content out there. Furthermore, Web3 will bring convergence of physical and virtual experiences – with platforms like Decentraland already enabling creators to perform from one single location and engage with global audiences, and where users are able to interact with virtual assets in real time.
3. Stronger Data and IP Protection: While initially there have been some misadventures in the Web3 world (such as so-called Rug Pulling amongst NFTs), evolving technologies will impact a much stronger IP protection and data authentication of the original content – enabling the creator to have deeper control on his content and its distribution.

Challenges:

1. Regulatory clearances: There is a plethora of copyright laws that currently govern content creation and distribution – and all Web3 formats currently do not fall under the purview of legal clarity. While a lot of work is being done to reduce such anomalies, a wider adoption will require multi-fold legal clarities from all related areas such as creative, commercial, funds flow and others.
2. Adoption: While the creators are well aware of Web3 potential, the current adoption is abysmally low to not even 8-10% of the global creator base. There are multiple reasons for this – right from technology understanding in regards to Web3/NFT minting, the proliferation of multiple marketplaces which makes it difficult for one to track and derive the best price for one’s Web3 asset, fear of managing IP rights, and other. It is here where Pre-NFT rights platforms for creators like Fandora.app can come in handy – which bridge the two ecosystems of creators and NFT minters and let them explore strong possible partnerships, without worrying about underlying technicalities.
3. Highly fragmented options: Today there seem to be ample platforms and Web3 technologies, vying for the attention of creators and making the correct choice for them difficult. This is in sync with any new emerging technology and over time, combined network effects would lead to some stronger winners amongst others as well as the emergence of uniform technology standards.

Irrespective of these teething troubles, Web3 is a future for content support and dissemination and would lead to much higher and deeper engagements and consumption for the evolving content and talents. The author is Founder – Fandora.app. Views expressed are personal. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.