In a relatively short period of time, NFTs have come a long way. Back in 2017, the CryptoKitties NFT project was described as the largest decentralized application on the Ethereum network. Despite the fact that this year the project accounted for the largest share of sales on the Ethereum network, this project consisted of only digital collectibles intended for the community.
And only in March last year, NFT projects began to rapidly gain popularity due to their financial potential. This became apparent when artist Beeple sold his work to NFT, raking in over $69 million at Christie’s. After that, the works of NFT began to become more and more popular, attracting an increasing audience of both creators and fans.
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Over time, thanks to the development of Web3, authors have many opportunities and approaches to create their own unique NFTs that not only develop within the framework of aesthetics, but also have useful value for the ecosystem.
For example, Animoca Brands co-founder, Yat Siu, drew a parallel by saying that forms of collaborative storytelling such as fan fiction and YouTube videos have become quite popular with the rise of Web2:
“But what was missing was an effective division of joint efforts in order to create economic benefits in a fair way. Web3 can help change that,” Siu said.
He noted that it was Web3 that made it possible for artists, writers and filmmakers to collaborate with people in various creative endeavors. Siu stated that this is partly because the contribution of Web3 content can be tracked on the blockchain:
“It opens up so many opportunities for co-creation in almost all media formats. Imagine intertwining stories created by a huge number of end users in the manner of user-generated content, but with full tracking of each participant and the origin of the story.”
At the moment, more and more creative projects are being created that involve traceable NFTs . This allows project creators to collaborate with fans. The Palm NFT studio became interested in this way, which recently launched an NFT project with Warner Bros. The Bat Cowl Collection project, consisting of 200,000 unique 3D images of Batman’s superhero mask, allows fans who purchase these NFTs to participate in the creation of content for superhero comics.
Josh Hackbart, NFT Creation and Development Representative at Warner Bros, shared that the company has been looking for ways to revive interest in Batman for a long time. Web3 gave them that opportunity, bringing the creators closer to the fans. He also added that NFTs will be integrated into every DC Comics story in the future.
“It is no longer about holding an anonymous vote or dialing 1-800. NFTs allow fans to become authenticated, verified participants in this entire process. This is what we are happy about”
Another comic book studio, HeroMaker Studios, followed the same path. This studio is focused on the fact that fans themselves create stories for comics based on NFT technologies. The studio recently launched a new project, Kumite, featuring an NFT collection of 9,600 generative superheroes and villains:
“These characters will be featured in an upcoming issue of comics, games and merchandise, all created by our community.”
Regarding the potential of Web3 in games, Yat Siu noted that preferences will emerge from user-generated content that will inspire and inform professional game developers, creating new storytelling opportunities for indie game studios:
“Web3 allows for a more collaborative approach to content creation. It’s not much different than what happens in some other areas like fanfiction.”
Web3 has also spawned NFT artworks that allow users to create their own visual stories.
“With NFT, I have the opportunity to create a world around my art. I don’t just sell these pieces because they have a meaning that goes way beyond that,” shared director and NFT artist Kira Bursky.
Her Magic Mind project allows NFT holders to expand on the concept presented in the main project and add new psychic traits in addition to existing ones. Later, Kira plans to create a movie based on these NFTs and what their owners came up with.
Yat Siu concludes by stating that engagement encourages collecting NFTs rather than mindlessly selling them. While Web3 is revolutionizing storytelling in a variety of mediums, it’s important to understand that the sector is still in its infancy. Therefore, mass adoption may take longer than expected.
