The Rise of NFTs in the Entertainment Industry
LiveOne, an entertainment, music, and technology platform focused on delivering content globally through memberships, subscriptions, and live and virtual events, said today that it would introduce its membership token in collaboration with Polygon and Cere Network to leverage its music community with community engagement token mechanics.
Over 2 million paid and free members of LiveOne and shareholders and artists will soon be able to get a token referred to as a membership token. Engaging with the platform interface and metaverse, attending music and talk shows, participating in events, digital and in-person meet & greets, and buying products are all ways to get and use the membership tokens. LiveOne also plans to give token and NFT holders airdrop and other benefits from time to time to token holders.
Sandeep Nailwal, a co-founder of Polygon, made a statement saying:
By using DaVinci, LiveOne can change the creator economy by giving artists a more equal way to make money from their work and encouraging direct interaction with fans safely. Polygon will help LiveOne creators mint, transfer, and sell their work in a low-cost, efficient, and environmentally-friendly way, so they will be able to do this.
Fans can play games to get access to exclusive podcasters, social media stars, and artists from all over the world on LiveOne’s new Web3 platform. The new platform will give creators a wide range of NFT and Token offerings.
As of January 2022, the company has more than 1.35 million paid subscribers, has streamed more than 2,900 artists, has 30 million songs, 600 curated radio stations, 268 podcasts and vodcasts, hundreds of pay-per-views, personalized merchandise, and has made a valuable connection between fans, brands, and bands through its service and its NFTs.
Polygon is the best place to build Ethereum scaling and infrastructure. It has a growing number of products that make it easy for developers to use all of the most common scaling and infrastructure tools. These tools include L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and many more. Polygon’s scaling solutions have been used by many people, with 7000+ applications hosted, 1B+ transactions, 100M+ unique user addresses, and $5B+ in assets secured.
NFTs and Web 3 - Towards a Decentralized Art Scene?
Web 3 is critical in modern-day technology due to the need for decentralization. This internet variant analyzes what you type correctly and comprehends everything you say. Blockchain technology is now being used to power the internet of the future. Web3 encourages new creators to explore NFTs, NFT art finance, and other topics on the web. According to the latest projections, NFTs, which Web3 drives, are expected to enter a market worth $1 trillion or more. Many artists can use NFT art financing to create a marketplace where they can trade and mint NFTs.
NFTs allow artists to possess different digital assets by way of blockchain technology. NFTs can be used to own any tweet, picture, GIF, video, or audio content. The top NFT marketplaces are where artists may sell their one-of-a-kind digital items. Each transaction is carried out via blockchain technology, a series of blocks linked together.
NFTs were viewed mostly as art and collectibles and are now all set to demonstrate the many abilities of this technology layer. From demonstrating utility through access to events, movie premieres, unique sessions, and contacting one’s favorite celebrities and influencers to giving financial benefits through staking rewards and gaming incentives, NFTs have slowly begun to serve as a Metaverse gateway.
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Image credits: Mo and Shubham Dhage.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.