TIME is moving into Web3 and is providing insights for other companies, on how to leverage this new technology to their advantage.
In this episode of Adventures in Crypto, the host Raoul Pal talks with Keith Grossman about the future of Web3 and TIME’s different involvements with Blockchain Tech.
Read our notes below to learn more.
Keith’s Background
President of “TIME” for three and a half years.
Took “TIME” into Web3 almost two years ago.
Web3 Disrupting Legacy Media
Art and collectibles will change with NFTs just like music did with MP3.
Blockchain infrastructure allows brands to build loyalty-, reward-, subscription- and membership programs in an efficient manner while being transparent.
How TIME uses Blockchain Tech
TIME accepts cryptocurrency for digital subscriptions.
Created a community with 60,000 members and 89 artists.
Businesses that Touch Web3
“TIMEPieces” is a consumer-facing business.
“Blockchain to Big Screen” is developing IPs within Web3, turning those into television series.
A B2B solution for helping other brands and organizations to enter Web3.
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TIMEPieces
Currently working on their next drop, drops have been an iteration of where TIME sees the marketplace going.
It is fully interactive, decentralized, and highly immersive.
Instead of TIME paying an artist to create a cover and claiming the rights to it, artists and TIME share the sales generated after 1% goes to charity, done on-chain.
Utility of the NFTs is that it allows owners to remove the paywall of TIME, raffles to meet the person of the year, access to special talks.
Blockchain to Big Screen
In Web3 there are no barriers blocking creations and communities being able to form around those ideas.
Web3 communities tend to take the projects they are involved with into the real world and create content around those themselves.
Hollywood has too many gatekeepers for allowing creativity.
TIME works with artists that have a large following to build off of that community.
B2B Model
Since Web3 evolves and moves fast, TIME uses the insights of TIMEPieces to ensure engagement stays high, helping other brands/organizations with these learnings.
A joint venture of TIME, Salesforce, and Mastercard lead to the Miami City utility token.
Micah created a utility token for Galaxy Digital to show that he was participating in its ecosystem.
Difference between Audience and Community
Any brand should focus on who their audience is and who the community is, both are important.
An audience shows up and engages for a moment, is great for reach.
A community wants to engage deeply with the brand and build around it, important for sustaining power.
Community gives constructive feedback that allows for building a strong brand.
Web3 gives brands the opportunity to activate the community, traditionally brands have just an audience.
Companies moving to Web3
Ticketmaster sold 10 million NFTs, VeeFriends gave some concert tickets value after they were used by updating the metadata and integrating it into a Snoop Dogg partnership.
Amazon has 40 job listings for Web3-related work.
Starbucks uses Web3 Tech very efficiently and shows other companies the way to use it.
Google knows it has to move away from the ad model, it’s just a matter of managing it.
Facebook's move into the Metaverse might fails but has to try it, to survive.
Salesforce’s NFT Cloud is about enabling companies to join the Web3 ecosystem.
Companies like Marriot Bonvoy and airlines should tokenize their loyalty programs turning users from renters to owners of their points and statuses, to deepen the relationship with customers.
The Evolution of the Web
Blockchain Tech has become a politicized topic, but it is just a revolution of technology.
Web1 was a revolution that caught many companies off guard, some companies paid attention and were not as surprised as Web2 came into play.
Web3 will also take some companies by surprise and these will fall back in innovation and revenue.
Web3 allows users to decide, do they want to be an owner or a renter, do they want to be anonymous or not, turning customer relationship management upside down.
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TODAY’S EDITION IS BROUGHT TO YOU BY LEDGER HARDWARE WALLET
We are all having trust issues with centralised exchanges so we have partnered with the Ledger, who is the industry leader and most trusted vendor in the hardware wallet space.
Using a hardware wallet is the smartest way to secure your assets.
Act now, click the link below and secure your crypto.