Image source: Medium
The ever-evolving nature of technology has produced some innovative features that allow society to move forward, and Web3 is the latest addition.
In 2022, Web3 has become the most sought-after investment sector, producing Non-Fungible Tokens or NFTs, the Metaverse, and other blockchain applications.
Recently, the publishing industry has started using Web3 technologies to transform the traditional methods.
Time magazine and Web3
Textbook publishing titan Pearson announced plans to integrate NFTs to track digital textbook sales.
Their decision comes as an attempt to capture revenue lost on the secondary market.
Meanwhile, Time magazine – one of the oldest publications to date – has been using NFTs as a means to create revenue streams and build a strong sense of community within the publishing industry.
The president of Time, Keith Grossman, shared that the magazine is producing new possibilities of engagement that Web3 brings to the industry.
“Web3 can evolve one’s brand in a world where individuals are moving from online renters to online owners,” said Grossman.
“Privacy is beginning to move from platforms to the individual.”
Read also: Starbucks to Up Their Game and Integrate Web3 Into Rewards Program
As one of the oldest and most renowned magazine publishers to host an NFT gallery, Time has dropped nearly 30,000 NFTs to date.
He said the NFTs were collected by over 15,000 wallet addresses, with 7,000 connected to the Time website to remove the paywall without requiring personal information.
“Along the way, the TIMEPiece community has grown to over 50,000 individuals,” said Grossman.
TIMEPieces is a Web3 community initiative – it is a digital gallery space hosted on the OpenSea marketplace that includes pieces from 89 artists, photographers, and musicians.
The growth of the project ultimately falls on the distinction between “audiences” and “communities,” something few can distinguish, according to Grossman.
However, he noted that Web3 provides a “tremendous opportunity for those willing to explore this oversight.”
Royal Joh Enschede, a 300-year-old Dutch printing company, is also following suit by entering the Web3 space.
The company provides clients with an NFT platform for “crypto stamps.”
Gelmer Leibbrandt, the CEO of the company, shared that the postage and philately world is very traditional, but that NFTs will allow for expansion.
He also said that the company started conceptualizing blockchain technology utility two years ago.
They started with crypto stamps for its utility and market fit.
Leibbrandt also said linking physical objects with their digital counterparts provides customers with additional features.
Bywire is a decentralized new platform that utilizes AI, machine learning, and blockchain to identify false information or misleading news content.
Michael O’Sullivan, Bywire’s CEO, explained that the platform was built with a “trust or not” algorithm.
“This can provide readers with an ‘at-a-glance’ reassurance that the content served on the Bywire platform is trustworthy, and those who produce it are indeed accountable,” he explained.
Read also: Campground: Revolutionizing Content Creation and Monetization in Web3
Web3 influence on the publishing industry
While Web3 is more than capable of transforming the publishing industry, its impact remains questionable.
Lars Seier Christensen, the chairman of Swiss blockchain Concordium, said NFTs don’t have any significant influence on most organizations.
However, he believes NFTs and other Web3 technologies will become the norm.
Keith Grossman remarked that the rise of computers sparked more discussion surrounding technology until Steve Jobs revealed the iPod’s features.
Grossman believes something similar is set to happen with Web3.