Blocklike Panel |SocialFi and Sharing Economy Provide a New Access to the World of Web3
As the representative of the next-generation Internet innovation, Web 3 is the bottom layer of the blockchain technology in application. It involves the logic of cryptocurrency, the blockchain and the sharing economy. DeFi, GameFi and NFTFI are among the hot tracks of this field over the past two years. Comparatively, SocialFi is more closely associated with decentralization mechanism of the blockchain, and it replaces the Centralized Data Storage and intermediation in Web 2 with value symbiosis relationship. By returning the rights and interests to individuals, users or consumers, SocialFi can free the right of control in digital life, completely changing the way of value exchange in digital world. SocialFi is one of the most promising and prospective areas of growth for Web 3. Although facing difficulties and challenges in user experience, scalability, cost, and limited demand in the early stage of projects, a lot of pioneering startups are striving aggressively for the brilliant vision of Web 3.
On March 24th, Blocklike held a roundtable discussion themed “SocialFi, Web 3 and the Sharing Economy”. Five leaders of SocialFi projects were invited to join us in the live broadcast to focus on the new momentum that SocialFi has brought with Web 3. Through the panel, we explore together the opportunities and prospects in the latest track of the blockchain. The event was on both Binance Live and Mars Finance Live, and it attracted viewers as much as 30,100. The following are some excerpts from the roundtable discussion topics and content.
- What is Web 3 and why do you choose Web 3?
Andy Koh, CEO of GEMS: Web 3 is a decentralized Internet on the blockchain, and that’s the technology backing NFT and other cryptocurrencies. The emphasis is on individual property rights, leading to entrepreneurship, and it takes power away from the tech giants. This is a more peer-to-peer kind of framework and payment system. Many esports games are also trying to pick or leverage NFT. NFT allows us to do more of those. Web 3 is all about individual ownership and not chains of benefits.
Mattias Tengblad, CEO & Founder of Corite: I think music is the most centralized industry because music has always been about guys who’s grading great music and guys like me who are listening to that music.
Blockchain and NFT technology, which is about ownership and safe transactions, could move power into the community. Web 3 is about using the community to finance music projects in a music context. Web 3 is when people do these three things like financing things together, promoting things together, and inventing new products.
Tommy Danvers, CCO & Founder of Token Traxx: You can make music cheaply and then distribute it digitally around the world, so that anybody can listen to it. So, what is left is about ownership of your product.
In Web 2, there are many intermediaries involved in that. 12% of the money that is generated by music goes to the artists; the rest goes to the intermediate. That’s not a viable system to support creative people, we’re giving away large chunks of the copyright income to a handful of platforms like YouTube, Spotify, and Apple Music, and hard to make money.
So we need to look at all these different aspects and works out ways to underpin blockchain， because the blockchain is an incredible technology, but it isn’t the answer to everything. We have to find many ways and do a lot of work on how to integrate that.
Youngsung Chong, COO of MeMusic: It is more about a muliti-player community, and about sharing economy for us. We were taught to view music as a way of entertainment. Now we’re seeing that music can be seen as an investment tool. It can be considered as an asset to be owned, or it could be used in a game. I think it’s important for projects to come together and not consider other music projects as competition, because at the end of the day, we’re trying to create an ecosystem and music as much as possible.
Your music NFTs can be played in the metaverse, used in a game, or sold the copyrights. The Web 2 companies will have a lot of challenges in understanding and accepting, because they are not the major players anymore. The crypto community is now there to drive.
Elvin Aziyev, CEO & Co-Founder of Metafluence: Web 3 is about ownership, interoperability, and decentralization. The ownership part of Web 3 is quite clear as people are more and more familiar with NFTs. Interoperability is about linking your digital assets and physical assets. Influencers are the pioneers of the decentralized web because people used to go to big media and agencies for advertising. You can reach influencers, big or small, and promote your business directly. Everyone is empowered in this peer-to-peer Web 3 economy.
- What makes Web 3 possible, in your opinion?
Mattias Tengblad: I think that the main point is that the music industry, from our perspective, is probably the best industry suited for this kind of decentralized economy that we’re talking about and the ownership model.
It is about connecting fans and artists and using the fan power and then open up for the mass market can let the artists share the success with the backers.
Andy Koh: A platform is the best way to do it. Once we connect the content contributor to the platform, we do digitalization through NFT technologies. This artwork could be a game, music, or even a movie.
I feel Web 3 and NFTs will change the market. It is the best mass adoption method, whether it’s music, art, or games. So in reality, the emphasis needs to be put on individual property rights and entrepreneurship, and then we can take away the power of tech giants.
Tommy Danvers: Web 3 is all about helping each other, the concept of decentralization. Music has always driven tech. In Web 3, you can trade the music NFTs in the early discovery stage. The musicians can set up an NFT campaign around what he does, gigs, merchandise, VIP tickets, rewards, and experience that can all be underpinned using NFTs and blockchain. You can build a die-hard fan base that will stay with them forever.
- A lot of KOLs are not making much money except for the very top. How can you encourage creator economy?
Elvin Aziyev: When it comes to influencers, what we’re trying to build is a decentralized peer-to-peer ecosystem influenced by anyone who has social media. Influencer is a big term, not every influencer is a KOL. Creators are influencers, but they are not necessarily KOL. Web 3 economy empowers people who have some social media presence and followers and gives them better monetization tools. Traditional influencers are also moving into the Web 3, and the growth is exponential.
- Tell us what stage is of your project and share with us some big news?
Andy Koh: In less than four months, we have raised 5 million USDT and over 40 ecosystem partners. We are trying to be the leader in the GameFi world.
Youngsung Chong: We are still in the fund-raising period and recently partnered with Filecoin. We are working on product development to release the beta version and onboarding additional talent from the music industry with more direct experience. We will also be showcasing our vision, and please stay tuned.
Tommy Danvers: We launched our Token Traxx on Monday and listed it on. Big names are coming to the platform in the next month.
Elvin Aziyev: We finished fund-raising and did launch in January. We are trading in a couple of exchanges, and is just got listed in CEX listing.
Panel Host:
Yuen Wong, Labs Group, CEO
Speakers:
Andy Koh, GEMS, CEO
Youngsung Chong, MeMusic, COO
Mattias Tengblad, Corite, CEO & Founder
Tommy Danvers, Token Traxx, CCO & Founder
Elvin Aziyev, Metafluence, CEO & Co-Founder
