Changes are afoot. The entertainment industry is moving rapidly toward embracing Web3. The power balance of the entertainment world is shifting toward the creators and fans and away from traditional mainline bureaucracy.
Web3 is the ownership and collaboration economy. They are virtual business models, or places parallel to our physical world, built upon the core concepts of decentralization, openness, trustless networks, powered by encrypted, accountable distributed ledgers. You can own and monetize your own content directly with a community or network. It combines various tech like AR and VR to create centralized virtual spaces where people can meet, work and play.
Here are 4 of the top tokens in the entertainment industry: Music, Sports, Concerts and Film.
Audius AUDIO: the token for music fans
Audius is a fully decentralized music and audio streaming platform. $AUDIO is the native cryptocurrency that powers the Audius protocol.
Audius solves an important problem in the music industry. The music industry generates $40+ billion in revenue but only 12% goes to content artists. Consumer spending alone on music generates around $20 billions of dollars. Labels and publishers took almost half of it, while artists received just a quarter.
Artists get paid directly from their fans. Audius is a blockchain decentralized music streaming service which removes the middlemen in the traditional music industry by connecting artists directly to their fans. Audios’ music player interface serves over half a million users each month. It is fully decentralized and operated by a community of artists, fans, and operators, giving access to exclusive features and content.
Artists have the sole ownership of their music and can decide how to monetize them on the platform. They can distribute their music free of charge or set custom fees for fans to unlock exclusive content.
Music curators can receive 90% of the revenue in $AUDIO. The other 10% is distributed to stakers that support the Audius network. By staking $AUDIO tokens, artists can access content distribution tools to distribute their artist tokens to fans. Fans holding artist tokens can unlock exclusive access to token-restricted content, such as unreleased tracks, remix competitions, etc.
Chiliz $CHZ, the token for sports & entertainment
Chiliz provides sports and entertainment entities with blockchain-based tools to help them engage and monetize their fans. The Chiliz token was developed by the Socios sports fan engagement platform which is built on the Chiliz blockchain infrastructure and uses $CHZ as its exclusive on-platform currency.
Socios allows fans to purchase branded Fan Tokens from some of the biggest sports teams in the world including FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, Atlético de Madrid, OG, CAI & UFC.
Fan Tokens bought on Socios.com allow users to influence their teams via popular vote and become eligible for engagement-based team rewards and recognition. All Fan Tokens are minted using the Chiliz blockchain and all voting is executed as a series of smart contracts.
Companies could use the platform to mint NFT collectibles, deploy play-to-earn games, or even launch their own fan token initiatives independently of Socios. They could also develop DeFi applications, loyalty programs, and more.
CEEK, the token for live concerts and events
CEEK is an award winning developer of premium social virtual and augmented reality experiences, connecting music artists, athletes, and other digital content creators directly to their fans in virtual worlds.
They unlock new revenue streams for music artists and creators by offering new ways to reach and monetize their fanbase. CEEK tokens enable real time artist payments verified on the blockchain.
Their Web3 platform bridges the gap between gameplay and social networking. The platform helps music artists, athletes, event creators and makers create direct-to-fan experiences that drive engagement within virtual worlds.
The VR technology lets fans interact, connect and enjoy 360 videos and other experiences in a fully immersive virtual world. It simulates the experience of attending live concerts and other live experiences like being in classrooms, attending sporting events and exclusive experiences. Fans can get up-close and personal with bands or enjoy seeing themselves inside a VR experience with friends.
Their VR’s partnership with Universal Music grants rights to live performances with top tier artists including Bon Jovi, Lady Gaga, U2, Sting, Ziggy Marley and others. CEEK is empowering creators with the tools to generate new revenue streams from their artistry digitally.
STARS, the token for film
Let’s make a film together. From script to screen, the road to Web3 Filmmaking, with fanbase participation, goes through Mogul Productions and its upcoming metaverse Mogieland.
Mogul’s immersive and inclusive Film3 platform transforms how movies and other art forms and entertainment get funded through decentralization. It allows members of its expansive community to participate in the production process.
Until Mogul, the mass of enthusiastic movie fans seeking greater involvement in movie production, were an under-served community. A lot of great films were not getting made, due to the studios holding all of the power.
Today, new ways of financing are igniting new trends for indie filmmaking.
Bringing power back to the crowd.
Fans are becoming a powerful force in the decision making process. Mogul offers movie fans a piece of the action on the films they support. Fans vote with STARS tokens on which films they want produced. When the fans help vote for a film, they get access to certain perks.
Digital movie merchandise is also used to promote upcoming releases. Independent filmmakers can monetize NFTs as a means of funding their work. Fans can purchase the NFTs during the pre-production and production phases of filmmaking.
These utility-based NFTs are designed to bring fans closer to the action via different forms of film memorabilia, exclusivity and behind-the-scenes access. A couple of examples of those could be attending red carpet premieres. It could be getting producer credits on a film. It could be getting access to behind-the-scenes content from the production or it could be meeting a lead actor for face time, or one-of-a-kind film posters..
STARS is the token for Movie Fans. STARS are used throughout the Mogul platform to buy NFTs in the marketplace, vote on films they want produced, redeem exclusive rewards and get discounts on marketplace purchases. Buying Mogul NFTs with STARS gets a 5% discount compared to buying with ETH. Plus there are lower gas rates. And when you sell NFTs, users receive a 2.5% discount on marketplace fees.