While the entertainment and production industry is still predominantly Western-dominated, shows like Squid Game demonstrate an opportunity for non-Western productions to take off on the international stage. With the help of Web3, creators in developing markets can access a bigger stage, according to an entertainment industry expert.
In a Cointelegraph interview, Mehmet Eryılmaz, CEO of the entertainment-focused team Web3 Faro Company, shared his thoughts on how Web3 can contribute to the development of entertainment in emerging countries. According to the executive, media and entertainment companies have been plagued by gatekeepers, who have often failed to properly represent other cultures. He explained that:
“This exclusion not only reflects the type of stories being told, but also prohibits telling the whole story. As social creatures, we all feel validated in our self-worth by seeing ourselves reflected on screen.
This is where Web3 comes in. Eryılmaz said that Web3 can open up new opportunities, allowing those in emerging markets to properly present their culture to the world through movies and music and have equal opportunity. odds. He said that:
“Web3 gives creators and producers in emerging markets a chance to level the playing field, bypassing existing highly centralized funding and decision-making structures.”
The executive believes that the future media landscape can be revolutionized by decentralized networks, smart contracts and token technology. Indeed, Web3 technology makes it possible to split the investments, allowing anyone to become co-owner of the content. Eryılmaz also pointed out that Web3 is triggering the start of what he describes as a proprietary economy that uses technology to distribute economic value to a global community.
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Apart from this, the CEO also noted that Web3 solves the problem of profit distribution for content creators as well. Due to its inherent feature that allows for various ways to raise funds, Web3 can also solve budget problems for creators. Eryılmaz said:
“Web3 is hugely exciting for content creators, freeing them from traditional access control and unfair distribution of profits. […] Web3 has already proven itself as a great and effective alternative for crowdfunding entertainment projects and enlisting fans.
Eryılmaz also shared that their Faro Company exists for the reasons he stated earlier and uses Web3 to solve the issues he described. “Faro’s mission is to tell original local stories, introducing diverse storytellers and talent to a global audience. We believe in the universality of a good story,” he said.
The exec shared that his team believes in a brighter future, where creators have an equal chance to share their stories, no matter where they come from. He said, “In a way, we want to be a beacon of opportunity for creators in countries that don’t have an established mainstream and/or independent content industry.”