It’s not a secret that Web3 and the mainstream media haven’t always gotten along well. But Time magazine, one of the oldest and most trusted media outlets, has been at the forefront of Web3 integration for the past two years. By 2021, Media wants to sell NFT worth $10 million. They’ve worked with hundreds of artists already. In September of last year, the Web3 community’s publishing project, The Genesis Collection for TIMEPieces, came out for the first time. Looking for a secure investment? Then check out How Bitcoin trading makes money.
The first test of blockchain technology
Grossman then talked about how he found out about Web3 and how he kind of stumbled on its possibilities. After getting in touch with Bored Ape Yacht Club and Guy Oseary, Madonna’s manager, Guy Oseary set up web3 speed dating for her. Now is the time to find out who might be interested in helping in some way with the newspaper
One of these people was John Crane, who works at Superray. He was one of the people who thought Grossman’s ideas were good and who let the newspaper use them to make money. Crane gave Grossman some ETH and told him how to make it super rare. Grossman was still learning about blockchain at the time, so he thought that if he “mined” something, it would only appear on his account, and no one else could see it.
Grossman made three of Time Magazine’s most famous covers with all this in mind. The first one came out in April 1966 and was called “Is God Dead?” In April 2017, “Is Truth Dead?” would sell for at most $15,000. Crane told Grossman that he thought the cover was worth a lot more and that they should take back their offer. After he did that, and after a few days when no one bid on the cover, Grossman got an offer for $440,000 for the cover.
It’s like how different TV shows have other times for commercials. A few months later, Grossman found out that SuperRare had started a decentralized autonomous organization (DAO) and given RARE as the DAO’s native token. Grossman carefully looked through his email and found a message from SuperRare telling him to pick up his tokens.
How Web3 will change the way media work in the future
Grossman also talked about how Web3 is doing now, focusing on which online communities are doing well and which are not.
Grossman said that a group of people can be driven by greed or their values. People who care about what’s best for their community rise to the top when markets are imperfect.
The time that isn’t put to good use People who work in the media also have different ideas about what the president thinks about the future of the press. Grossman said crowd journalism and citizen journalism have grown in important ways in today’s post-truth world.
Grossman drew a parallel between how the US media industry has changed over the last few hundred years and how horses were used in the transportation industry. Grossman says that horses were the most common way to get around when people first moved to the continent. The railroad made it easier for people to move around in a particular area when it was built.
But horses did not go out of business because of cars. Instead, horses moved to other parts of society, including one that was only for the rich. Grossman says that in the near future, only wealthy people will be able to get high-quality media because so many websites now have paywalls that users must pay to get past.
Source: https://www.cryptopolitan.com/grossman-explains-the-business-approach-to-web3/