Web3 For Events & IRL Experiences
If you’ve been reading our blogs, you’re more than likely up to scratch with the current status of NFT’s, cryptocurrencies, and blockchain in general. We’ve discussed multiple potential use cases, as well as existing case studies towards the functionality within the world of decentralization. For those that are still catching up, Web3 is the next step for the world wide web. Often described as ‘an idea for a new iteration of the world wide web’, Web3 is essentially the decentralized version of the current iteration of the web.
What Does This Mean?
This means connection beyond what we know. The ability to connect your wallet to Dapps (decentralized apps) based on blockchain, accessible via your browser, ultimately opens up an entirely new world of behavior, social norms, and of course opportunity. Just to clarify for those who aren’t aware - a ‘wallet’, such as MetaMask, is more than just a place you store currency. This is where you are able to store everything. You can login to chat rooms with it, and it will carry your chat history and other assets deemed necessary to operate communications, inside of itself.
No data leaks, no nothing.
From A Social Perspective, What Does This Look Like?
Well, it enables an entirely new range of activities and behaviors to explore and interact with one another.
Let’s jump back a couple years for a second here - remember Fyre Festival? (Aka the greatest party that never happened, publicized on Netflix), we certainly do.
The idea itself is and was, fantastic. However as we know, poorly executed with a pinch of fraud and a hint of narcissism. Capabilities within Web3 enable ideas that are conditional to terms - backed up by smart contracts. It all of a sudden becomes a lot harder to fraud investors, or in this case - would-be-party goers.
Let’s Say You Have An Idea For An Event.
Probably time to raise some money, right?
Yes, sure; pre-sales are an option. However there’s still massive amounts of funding typically required for content, PR, and marketing to get people to book in the first place. That isn’t even to mention the costs towards securing talent + other factors. It’s an expensive game to play!
Now, with functionality found within the world of Web3, it becomes much more transparent and seamless to raise money for new ideas. The beautiful part is that anyone can be involved.
We think this is best illustrated through imagining wallet holders as the new source of crowd-funders. Purchasing rare NFTs, that proceed to fund the preliminary stages of the event. Followed by being backed up by smart contracts to ensure a ‘fill-or-kill’ style trade of funding with a decentralized escrow, will protect buyers from falling short if the project is not funded in its entirety.
The fun part - NFT sales will essentially communicate the validity of your idea for that event or project, and how it is received socially. This style of crowdfunding events essentially provides an entirely new method for establishing critical assumptions, as well as transparency.
As you likely guessed, NFTs can later be minted in the form of tickets.
Harnessing the power of Web3, enables creatives and visionaries - regardless of their socio-economic situation, to deliver concepts and ideas that would traditionally require much more heavy lifting.
Who knows what we’ll all be buying tickets for next, and who knows where the idea will originate from!