Disney Entering Web 3.0: The Big Fish Are Gearing Up
We are starting to see the big fish gearing up. There are moves in preparation of entering this space. Web 3.0 is about to take off. The only question is how it will look?
The latest company to openly mention its interest is Disney.
This is huge since it is one of the best known brands in the world. The entertainment conglomerate has impacted most generations on the planet today. Between movies, theme parks, stuffed animals, and an assortment of other products, the company has a following that is worth billions.
For this reason, when it says it is doing something, we should pay attention.
Many are starting to theorize what Disney is going to do since they posted a job expressing an interest in a lawyer who could help the company expand further into the digital realm.
According to a job listing posted to the Disney careers website on September 23, the company wants to appoint a “Principal Counsel - Corporate Transactions, Emerging Technologies & NFTs” to work on transactions involving NFTs, the Metaverse, blockchain and decentralized finance (DeFi) suggesting that the company might soon enter the Metaverse.
The company is making it clear what it is looking at. Basically, much of what is discussed about Web 3.0 is being targeted with this listing.
Web 3.0 or Web 2.5?
Whether this is truly Web 3.0 remains to be seen. Certainly, one of the parameters of that evolution is the use of decentralized databases. This is obviously something that Disney, along with most corporation are not accustomed to utilizing. Data control is imperative, a way to leverage their intellectual property for monetary gain.
This takes on a different meaning with Web 3.0. The question is how these companies will join in the expansion or try to create something they control?
From the posting, it appears that Disney's interest in Decentralized Finance (DeFi) is at least promising. This could be taken as the company is seeking to integrate some of the Web 3.0 platforms (either built or under construction) into their ecosystem.
Of course, only time will tell how this turns out. The devil, as they say, is in the details.
The interest in NFTs (non-fungible tokens) is also intriguing. Obviously, Disney could produce an assortment since they have so many trademarked characters. Since these tend to be very popular, even among adults, there could be a phenomenal opportunity for the company.
For this to truly become Web 3.0, however, the NFTs would have to be available on open markets and downloaded to a wallet with a private key. If Disney puts the NFTs for sale on its website along with the asset remaining there, we are looking at a similar proposition to what is already out there.
Another key characteristic of Web 3.0 is account ownership. By having to log into Disney's site, if that is what occurs, one loses that ability. The account is still under the domain of Disney.
Nevertheless, this is the start of a major player looking into what is being developed.
Disney does has an enormous opportunity in terms of bringing out its own token. Since this is one of the best known brands in the world, it could leverage this to generate an unparalleled social layer. In other words, Disney could bring out its own token that is used by the community. This would likely generate an economy that could be the size of many countries.
Here is where a vast amount of value is being lost. Most corporations provide monetary benefits in a couple ways. The first is for the employees of the company. These work and receive some type of compensation in the form of wages. There is obviously a direct trade off.
Thus, we essentially have three layers: labor, debt, and equity.
One of the challenges is these are often in opposition to each other. The players in the different arena all have their own interests. Over the decades, there were moves to try and align them, with varying success.
Could Web 3.0 change this?
At worst, this is going to add another layer to the equation: social. Here we can see tokenization having a major impact. For an entity like Disney, they can generate a token that is distributed to their fans. This is a powerful incentive layer that can further strengthen the relationship with its customers.
Imagine if Disney offered $5 worth of tokens for each month's subscription to its streaming service. One could spend $10 or $12 on the channel yet get near half that back in tokens. This would cost Disney nothing yet get the distribution flowing.
It could also do something similar with its parks and hotels. Those who visit are rewarded with tokens.
The flip side, utility, is already built in. Obviously the company could accept them as payment for the different services provided. To entice the use, a discount could be provided, say 10% off. This currency could then be traded on open exchanges, tied to a blockchain that Disney does not control. It is a move that would place separate between the company and its token.
It would also allow others to create business around the Disney brand, furthering the use case of the token.
Here we see the ability for people to be rewarded simply for being fans of the company's content.
Of course, we can add a host of other ways people can get rewarded. Bounties could be placed for sharing about the different projects. Forums, chatrooms, and other means of social activity could see tokens paid out.
In short, the creativity of those associated with the project would expand the use cases.
Is This The Future?
There was a time, in our history, where equity in the form of a stock certificate was an absurd idea. This did not really emerge until the 1800s. Stock ownership really came into play with the development of the railroads in the United States. Money was raised from European aristocrats (the few who had money at the time). However, these people knew of one thing: land.
The idea was formed to entice these individuals to invest by giving them stock certificates, a way to have something tangible for their investment. This could be sold to others, passed along.
Hence, we saw the massive expansion of the idea of fractional ownership in an entity.
We could be embarking upon another development along similar lines. In a couple decades, the social layer could be as commonplace for major entities as the equity layer is today. There might be a time when the token value actually exceeds the equity layer. Imagine how much exists for companies such as Apple, Tesla, Disney, and professional sports teams.
With the adoption of the "attention economy", we could be at the onset of this very idea. Many of us feel we are going to see the tokenization of everything. This means corporations like Disney will be heavily involved.
After all, a social layer for a company of that nature is worth hundreds of billions of dollars.
This can be accomplished with cryptocurrency.
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