Live Businesses Will Boom Thanks To Web3 Having a panel discussion on "NFTs UX Art, metaverse, sports, gaming, and Auto" at the Tech And Innovation and Web3 Summit 2023 organized by Entrepreneur India in Bangalore, five industry experts agreed on one thing: web3 was going to give a massive push to live business segment
By Paromita Gupta •
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Imagine experiencing the magic of a Taylor Swift concert or watching Virat Kohli's jaw-dropping cover drive at the Lords Stadium, all from the comfort of your home. That's what metaverse is all about and what it's trying to achieve.
Metaverse can be defined as a digital-virtual environment echoing the real world with the help of the latest technologies such as artificial intelligence, 5G, augmented reality, virtual reality, blockchain, and cybernetics. And sectors and industries globally are hopeful of what it can do, especially the live business players.
Having a panel discussion on "NFTs UX Art, metaverse, sports, gaming, and Auto" at the Tech And Innovation and Web3 Summit 2023 organized by Entrepreneur India in Bangalore, five industry experts agreed on one thing: web3 was going to give a massive push to live business segment.
Live businesses can be referred to as social or corporate gatherings such as music concerts, conferences, expos, cultural festivals and sporting events.
"Pre-pandemic and post-pandemic, the live business has changed. We were a small, under 5000 crore industry. Currently, we've done 15,000 crores this year, and we have raised three folds as a live business industry. And this is an opportunity for Web3 on how this scale can be used in that," shares Deepak Choudhary, Founder & Managing Director, EVENTFAQS Media Pvt. Ltd.
Budweiser launched non-fungible tokens at the advent of FIFA World Cup 2022, while the Coachella Music Festival released its NFTs which carried tangible real-world benefits such as lifetime festival passes and access to exclusive areas and events.
"(With sports), when the market was new, the focus was all around collectibles. So, all of the tier 1 brands, at least the biggest ones like the NBA and MLB, of them have done something in the collectables space. But the general theme now is a shift away from using sports NFTs as collectables to using sports NFTs as tokenized fan club memberships," shares Atharva Sabnis, Co-founder of NFT Labs.
The panel also discussed how content creation and monetization are important for creators and brands. "Content opportunity is the biggest opportunity. You use events to create content, and then the content can be turned into crypto and others," adds Choudhary.
They also feel that co-creation and interaction with the community will play a dominant role. And the torchbearer for this strategy has been Nike with its .SWOOSH and its latest sneaker, NFT "Our Force 1". "The most important part is where Web3 is shifting towards is co-creation. Giving the community the right to help and co-create and give access to different events," shares Krishna Bhawanidin, Digital Innovation Consultant, Page-One.io.
"I believe that every NFT creator or brand that wants to launch has to have a very strong live communication, live events vertical team agency," concludes Navneeth Mohan, Director & Chief Executive Officer, Laqshya Live Experiences.
