NFTs in a Livestream
Viewers often struggle with pre-recorded content. They prefer watching their favorite live TV shows, listening to their beloved radio stations, and attending concerts. New and fascinating technologies changed this consumption pattern and allowed consumers to stream on-demand content. Live streaming platforms, as we have them today, are the results of many twists and turns. Consumers forced a purpose-driven demand for interactivity, both for fungible and non-fungible benefits. Livestreaming is a novel form of engagement and patronage, more of an intriguing investment to satisfy streamers’ quest for personalized entertainment. Broadcasting a live event isn’t trivial, though new technologies and algorithms are being developed to make it more accessible and interactive. Nevertheless, the publishers really need to think about data security, decentralization, and monetization.
Delivering a live broadcast based on viewers’ demands can be an excellent way to finance a project. It can also turn followers into fans and investors or align an engaged community around a common goal. Composable tools have simplified tokenization and made monetization easier. These platforms continuously unlock innovation from Facebook Live to Youtube Livestream and Twitch. But creators, publishers, and viewers demand innovations built around a social token movement to drive organizational structures and elevate financial interactions. Thus, the question naturally becomes, “What is the best tool that represents a new initiative with potential for decentralization, monetization, and security?”. Time will tell but Non-Fungible Tokens (NFTs) have proven to be verifiable models for building a programmable digital economy.
BUILDING A PROGRAMMABLE ECONOMY: NFTs in a LIVESTREAM
You might ask: How do personalities become an economy that can be traded? Can celebrities or even publishers become digital assets? At the very least, this is a complicated conclusion. After analyzing the current Livestream platforms, dissecting the global NFT industry, and surveying responses from creators and media houses, it is safe to conclude that this forward-thinking digital evolution model can be used to tokenize engagements and followership. All types of talent can benefit from integrating NFTs in a Livestream. The young publisher, broadcaster, celebrity, the struggling athletes, guests on LiveTV shows, the emergent community built around a goal — all other people with profound gifts but can’t monetize their crafts will benefit when viewers have access to interactivity and exclusivity that’s not available elsewhere.
Who is best suited to enjoy this fascinating model? It depends on who you ask, but when you consider what’s already available on live streaming platforms, there is an instant knowledge of an absence of interactivity aggravated by centralized video-On-Demand Service Providers. This is not to relegate the achievement and success of platforms such as Netflix, Hulu, and Amazon Prime Video. Adding NFTs into these offerings will give an extra layer of authenticity and distributed tokenization channels that drive up engagements and meet streamers’ demands. In essence, it changes the paradigm from pricing to product, where viewers have a predetermined mindset of promotions attached to every show without being rewarded. The underlying desirability is that viewers come to live streams for something personalized, not just anything they stumble across. NFT is a natural vertical as a store of value and vehicle for commercializing social engagements. A meta-point lies in these claims: incorporating NFTs attracts and enhances attention, even for entertainment-loving individuals outside of the Live streaming ecosystems. As a liquid bait, NFTs in a Livestream will become a huge source of free PR that creators and publishers can capitalize on. After all, all press is good press.
With NFTs embedded in a Livestream, publishers and broadcasters retain their audience within the subject matter of the broadcast through their engagements and interactions. This also enables people to be specific about their LiveTV shows; there’s a possibility of covering any personality in a show if they are selling some exclusivities. It allows broadcasting platforms and creators to expand broadcasting coverage beyond transactional and interactional; it is now more of a place to be informed and entertained while investing in your most wanted unique digital assets. Apart from the memetic, physically-defined nature of NFTs, they also help align incentives and patronage around some desirable outcomes. This goes beyond having streamers that will expand your offerings or spread your message. Indeed, engaged viewers can become passionate investors that not build and invest but also build. Non-Fungible Tokens (NFTs) represent a carrier for financially-invested streamers to self-organize, thereby empowering the Web3 economy to start building itself (since there is a product-market fit). As the decentralized economy grows through a decentralized content delivery (DCN) system, the new structural advantage reframes a meaningful shift that reforms viewers’ contributions. Whether as a tool for consumers to invest (through NFTs) or a vehicle to earn while building a community (through Watch2Earn), NFTs in a Livestream are currencies for social ecosystems. Though not mutually exclusive, investing and patronage are the two frameworks that articulate the value of NFTs in a Decentralized Content Delivery (DCN) marketplace.
EDGE WEB3 VIDEO NETWORK: THE UNMOVED MOVER IN WEB3 FOR LIVE VIDEO
Through Watch2Earn and Own2Earn, NFTs can operate as a new kind of patronage during live streams. Instead of being disturbed by ads, you might decide to purchase the social tokens (in the form of NFTs) of your favorite presenter, broadcaster, or personality. Beyond this purely altruistic desire, you would likely be incentivized through tokens, which is the benefit of the Watch2Earn model. Often, this looks impossible, but EDGE Video player seeks to bring proximity to the streamers by removing the divide through additional content that can be incentivized. Social capital is another value introduced by EDGE since you will be paid when the personality (NFT) appears in any Livestream and is recognized by the EDGE’s AI. This assumes a secure source of value because owning an NFT will signal ownership or reputation in the web3 space. In addition to sharing long-term alignment and economic values, NFTs in a Livestream quantify the depth of relationships between publishers and streamers, provide for better coordination mechanisms, and most importantly, enable social coercion graphs to be more measurable and equitable.
The ability to double the publishers’ engagements is the greatest flex of the EDGE Network. There is an undeniable acceptance that a cryptopunk profile picture increases engagement in different areas of internet circles. Hence, ownership of NFT represents identity in the present vast plain of online life and living. This gamified model is in the form of social and career capital, and access is seen as a perk of patronage. In that case, being an NFT holder of a particular personality transcends merely gaining an exclusive access to that personality. Should the concept of DAO become fully materialized, those holders can become essential contributors, applying their skills and getting paid on a particular project. In doing so, holders can gain more knowledge, improve their skills, and even get paid in the native currency. It is a social interaction that looks like both investment and fandom with different lenses. Over time, the development of this audience not only introduces capital to publishers but also allows streamers with an understanding of the Watch2Earn model to profit from their time and effort.
Your attention is a digital asset in waiting. The sum of your broadcast hours can be quantified and monetized. And yet, such a possibility creates both problems and their solutions. Though NFTs in a Livestream may look complicated, a sort of impossibility, they are better viewed as an attempt to empower creators and reward streamers. It’s an attempt to make meanings of intangible things, including the market cap of your creativity and the value of your network. By financializing your ideas, EDGE introduces a new wave of possibilities that disrupt the worn-out industries and tired patterns of decentralization. On our path to web3, a new financial era is dotted and peppered with Watch2Earn and Own2Earn.
We are patenting ahead of the curve and intend to maintain the lead as the most scalable and interactive Web3 platform for live video.
The first mover advantage is ours at EDGE.