Animoca & Krowdz On How Industry Giants Are Adopting Web3 - TOKEN2049 Singapore 2022

hi everyone thank you so much for being here and spending this time with us at this on this panel the next 15 minutes my name is Matthias Reiser I'm a partner at xventures a german-based VC and I will be moderating this panel after D5 l1s and l2s there seems to be a new kit on the Block and it's called the application layer there's a lot of Buzz going on around this term and how this application layer may lead the next phase of evolution for web 3. to shed some light on this topic we have an amazing panel here together with animoka and crowds and they share their thoughts on how industry Giants are adopting web 3. but before we dive into the speaker introductions I want to take the temperature in the room by show of hands how many of you are investors how many are from media how many are from the old industry and how many are from the SEC just kidding of course but that's awesome thank you um our goal today is to offer some insights on the next level of evolution of the web 3. sound good great let's dive into the topic by the speaker interaction on stay on stage we have two fantastic panelists two experts on the topic we have Zach ciao and Baba nidai Zach is the director of digital strategy and partnership Partnerships at animoka Brands she leads any local brand strategic Partnerships promoting Mass adoption of nfts and metaverses and facilitating strategic Partners transitions into web 3. her current focus is of fashion art music and entertainment coming from music entertainment we have parman he's co-founder and CEO at trouts a social music platform that revolutionizes the fan artist's relationship crowds has tight Partnerships with Sony music and Universal Music and is at the Forefront of onboarding the music industry into web 3.

welcome sir welcome zaf and Batman let's dive into the discussion the first question I have is for Yousef web 3 refers to the next version of the internet which will focus on the decentralization and user ownership we can often read that music will play a crucial role in the evolution of web 3. could you please share your thoughts on why that is thank you very much um this is Seth um for any mocha Brands actually we're trying to promote the mass adoption and I think like decentralization play a crucial role when we talk to Brands out there especially what we're focusing like music and art and entertainment verticals um for music I mean it's quite obvious that um the the gap between the fans and the artists is quite large right now uh like the crowd the space of streaming platforms actually being the middleman holding all the data so the artist or the entertainment company they don't actually have access to the data themselves and they often have to buy it back from the streaming platforms or the social medias that they are on maybe Tech talk maybe Instagram so they don't actually know their customers so I think with the help of blockchain or like the nft um basically having decentralization we can know our customer better and we can and help the traditional industry like the music labels or like the fresher Brands to gain back the assets of their customer data which they should have right so I think this play a really crucial role in the future development of all the industries that we just talked about that's very interesting and I think we're going to come back to some of the topics you mentioned in a little while Batman crowds is a social token platform for artists and the fan communities like a fan club 2.0 3.0 good point good point we skipped the 2.0 okay um what problem are you trying are you guys trying to solve yeah um so music is um one of the biggest undervalued undervalued assets globally um there's no doubt that music touches everyone around the globe and um that is one of the key cultural drivers really globally but if you look at um other cultural driving Industries such as fashion and sports you see fashion captures two a two trillion dollar value Sports around 600 billion while music only captures 50 billion and so the question is why is that it's undoubtedly not the case that music is less valuable um or creates less value it's just that the economic model or the value model or the business model however you want to call it of the music industry seems broken and unsustainable so while imagine a you're a uh we're talking with that before about this if you're a fashion fashionista or a fashion fan you go by the hell out of that fashion brand you spend a lot of money with that fashion brand if you are a um if you're a music fan what can you do you you barely pay for streaming I mean that's great that we get to hear the music we want with barely paying anything and then you go maybe to a concert if it's somewhere close to you or if you can afford to travel there once or twice and that's it but what more do you do how more do you kind of um if you could you would probably spend and much more to be closer to that artist and we think that web 3 and blockchain Technology offers a way out for the music industry we think music is the industry with the most enthusiastic fan communities and we think that the music industry compared to other Industries are the ones that are most desperately in need of a change and have the biggest problem and we see the path of a perfect solution actually powered by blockchain technology to them can I add a little bit on that I think uh what Batman mentioned here is really important I think a lot of fans music fans especially spending a lot of money just on one-off experience for like I mean not to mention streaming but I'm talking about concert going to music festival to enjoy the performance or buying photo cars they're just spending as like a consumer but they don't get anything in return imagine you can participate in the development of an artist from early on stage and you got a stake in it and you become an ambassador to promote it on behalf of the artist so it's mutually benefit if the artists get more popular you actually get monetary return as well so I think this is like the Essential Elements of decentralization and giving back the ownership of data off digital assets ownership to the consumer to the end consumers that's wow that sounds like a big task a big a big uh big problem to tackle but very exciting um zav in your role as the Director of Partnerships at any mocha you must have uh really good insights what is your experience with Legacy firms from the old world and their level of excitement for web 3 are they excited enough should they should they be more excited what do you think um I think a lot of them are still exploring they're excited about the of course the monetary return and I think they're a lot looking at it as a long-term strategy I think a lot of them just looking at it as like a marketing strategy a short-term one maybe a one-off one but what we're trying to do or is to educate them this is like an inevitable change in the future and they should spend more time to study what they can do in the long-term strategy on that and I think giving back some of the ownership of what they're developing to the end consumer may not be something that they're completely comfortable at this point so they're taking like small experiment at a time just to figure out what to do in the long one do you see differences between Industries for example is fashion industry more ready to jump into the web 3 water versus music versus art that's a great question I think fashion is more natural and they're more ready to this because um in metaverse is natural to have wearables and it gives a lot of creativity space for the fashion designer to create some physically impossible fashion in the metaverse right and they're more adaptable to this change I think but for music I think because a lot of writes are associated with the music itself and like the artists have to understand fully to be participating and it's about community building for their fans so it takes a longer time for music industry to catch up you know I find that kind of funny because fashion is a physical product and the physical industry is more ready to jump into the new digital age versus music being nowadays A purely digital product mostly except for concerts and they are still very hesitant of going the next step um following up on this topic apartment I've read that Sony is one of the players that is pushing actually the Evolution for web 3 and it's also backing crowds congratulations let's partnership by the way must be a very big news for you very exciting but how did you convince such a dinosaur to see the benefits of web3 yeah so my experience has not been necessarily that people in the music industry have been hesitant but that the industry itself is very complex much more complex than the passion industry so um for us it was important to from day one make sure that we have like industry insiders within our team but also as allies um so what we did was basically before even making crowds found a founding crowds was to partner up with the for example one of the partners in that sense was the CEO of Sony Music GSE to co-develop the idea and to bring everyone on the table because everyone within that industry or mostly people we speak to they are happy about the positive change they're aware that there is a possibility that sooner or later blockchain technology web 3 is going to bring disruption to the music industry and after the experiences in the path after you know streaming services like Spotify or after even before that with apple and even before that with Napster now there are people who know I'd rather be at the front seat while the while the change is happening so that I can position myself best for the future to come of course there are always people who are who are no Sayers and prefer to go down the path of blocking any Innovation but my experience was there are actual people who are open to it but you have to from us it was we partner up first with key people in the industry and kind of co-develop the solution with them together to make sure you have everyone on the table when you want to go through a big change instead of creating a product and then hoping that you find somebody in the industry to come along okay cool uh keeping an eye on the time that we still have left I would like to ask one final question to the both of you um in around about 30 seconds the third we're looking for 30 seconds answer here what should we all be excited about regarding web 3 in the coming two years I think definitely the Creator's economy like um being discovering the talent and you'll be able to support no matter as fashion designer or music artist from early on and it's actually a change of how the industry play in the in the past you have to go into signing a music label to get published it's not the case right now you can have like a small community to support you if you're no one in web 2 maybe you can be someone in web free this is like something that hears me a lot and I think this would be something that we've seen the coming future maybe a mixing a little bit on the 30 seconds but I think that immersive experience would be uh something looked Worth to look forward to in the near term and we're trying to promote some more interactive immersive experience using AR VR experience to make the virtual experience more relatable to the physical life of yours same answer same question same question what should we be excited about yeah so I'm I'm tokenization will enable to capture the value of culture and I think this will in the end Drive actually because those who create this spirit for their communities and drive cultures such as music artists if that value can be captured then you will have an explosion um of you know when you look at music alone you will have I think in the end you know cultural movements being driven forward and those who create the spirit actually be rewarded um and I think that will have immense impacts on everything sounds like a whole lot fairer world to me than than it is today in the music industry well this was a short session but a very interesting first insight and first glance into this Hot Topic I'm sure if there's anyone who would like to continue the discussion they can find you hang around here somewhere um but we learned a lot of cool things that animal has also at the Forefront of pushing the adoption with two web three across fashion music art we learned that crowds has teamed up with Sony and is ready to kick some web 2s and uh by the way crowds the crowd team also asked me to mention that they are currently fundraising so if you're interested feel free to reach out to Batman I'm sure you've got to be hanging around here um I just want to know um we are launching a first ever K-pop related drop next week and it's like our way of reimagining the Kpop fandom so if you guys are interested check out anycube.

com uh if you're interested like making you talk to me after the section off stage yeah cool thank you zaf thank you Batman for this very interesting insight and uh since we're all here and we need a little wake up please give it up for zaf and Batman