The ongoing digital era has affected the globe massively in different ways. Especially the commercial fields are rapidly growing through these advanced technologies. NFT and Blockchain are the two most used technologies nowadays. NFTs are now being used for various marketing purposes. Whereas Blockchain became one of the prominent exchange technologies in the financial market. The globe is now tending to grow through web3 platforms. Blockchain and NFTs are some of the potential web3 platforms in the technical field. These two main platforms are rapidly changing the publishing industry as data shows.
How The Giant Printing Bodies Are Affected?
Web3 platforms are the most wanted platform nowadays. NFT, Blockchain technology, and metaverse projects are going to dominate the virtual spaces. The user community is accommodating to those technologies. Even, the users are expecting more advanced and fast mechanisms over time. The publishing platforms have changed their business strategies using these NFT and Blockchain technologies.
The giant textbook publishing company, Pearson, is changing its methodology. It planned to use NFT technology to get its revenue lost data in the secondary market through tracking its digital textbook sales. Not only this company but the 99 years old company Time Magazine also uses NFT to generate new revenue streams.
Keith Grossman, the President of Time said that the community of virtual space is shifting towards new technologies. They are becoming creators from a buyer. The individuals are creating their own space. At that time, web3 platforms are the best ways to utilize them.
It was reported that Time has dropped 30k NFTs to date. Later, it was collected by 15k other wallets. 7k wallets were connected to Time.com. They were aiming to remove paywall wallets without providing their personal information.
In September 2021, Time initiated its web3 community initiative, named TIMEpieces. This initiative now has 50k community members. The TIMEpieces project is a digital gallery space. It is hosted on the NFT marketplace OpenSea. This stage brought together 89 artists along with photographers and musicians. The number was initially 38. Later, it grew to 89. This initiative of Time is another engaging platform for interested artists and users.
Audience And Community Variability :
Web3 has a great and inevitable potential for the mass audience and community. It opens a huge opportunity for interested individuals with stability. The technology and platform create a healthy community that does not indulge in any false or foolish activity. This community stands at the top of the platform’s creativity. The community is fond of taking bulky works and developing new projects. They continuously nurture the fields and are deeply involved in them. This kind of long-term community becomes stable and qualified.
The NFT cum web3 technology builds a more engaging community and gives open space for interaction with creators and artists. The interaction and engaging characteristics of any media or platform make it more acceptable and popular.
Various prominent brands are using NFTs to get a more quality audience globally. The 300 years old Dutch printing company, Royal Joh Enschede started to use the web3 platform providing clients with an NFT stage for ‘Crypto Stumps’. These crypto stumps are the major attraction for devoted customers and they started to raise their popularity across the global community.
The Concern :
Though, still, the concern regarding the NFT and blockchain adoption is present in some specific marketplace. Several market users or market owner bodies are unable to use the technologies profitably. For that platform, the traditional methodologies win in front of these non-traditional advanced mechanisms. However, the metaverse projects are gradually grabbing the virtual space in different ways such as gaming, exchanging, or E-commercially.