Ann asks, “What should content marketers be doing about Web3?”
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What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
Christopher Penn 0:13
In this episode and asks, What should content marketers be doing about web three? Well, first let’s quick definition web three is all of the decentralized blockchain based stuff so cryptocurrencies NF, T’s, creator coins and tokens, things like that.
What should content marketers be doing about it? Well, a few things.
One, be keeping an eye on this space.
Even though it’s kind of a hot mess right now very much wild, wild west West, no regulation, all sorts of crazy scams and pyramid schemes, pumping dumps, rug polls, you name it.
The underlying technology of web three is sound, the idea of a blockchain, which is really nothing more than a publicly available, encrypted spreadsheet, right? At its heart, that’s really what a blockchain is.
Think about an Excel spreadsheet.
Now think about an Excel spreadsheet, everyone can edit up to a certain point.
And in that Excel workbook, there’s an individual tabs and you know, every time you fill up a certain number of rows, and everyone agrees on that, you know, all the changes, like no changes allowed to be made until everyone agrees on it.
Once that’s done, and then a tab gets locked.
That’s effectively what a blockchain is, right? It’s, it’s a really big spreadsheet.
And there’s blocks of data that are read only and encrypted.
And that’s why it’s called a blockchain.
It’s basically just a spreadsheet.
There are very practical use cases for this technology.
For example, audit trails.
IBM has been talking a lot about this.
IBM has a blockchain application for shipping companies where you have a shipping container.
And there are sensors in that container, that are constantly writing their data to a publicly accessible blockchain that everybody can see everybody can see all the data on it, and maybe you buy this cargo container.
And you specify, hey, we are contractually requiring that this container.
Never exceed, say 37 Celsius, right.
And the sensors are on all the time we’re recording and boom, of course, suddenly, the container gets too hot one day, everybody who has access to the blockchain can see Yeah, this container the recipient, you refuse to accept it refused shipment because it contractually exceeded that.
The requirements, right, that’s a really good example of a blockchain that great use.
Another great use that I think would actually be really significant is an aviation one.
Right now, services like Inmarsat, and stuff provide satellite tracking of aircraft.
But when you have things like the Malaysian Airlines flight 370, that just vanished and there was very little data about it.
Imagine sensors onboard the plane, transmitting their data via satellite to a publicly accessible blockchain that everybody can see the National Transportation Safety Bureau news organizations, you know, unsolved mysteries, hunters at the FBI, you name it, everybody can see the evidence that has been posted is that blockchain minute by minute.
And so the idea of a flight just vanishing, right? Should be impossible, because this technology would create this publicly available, you know, read only resource that everybody can look at.
Another good example potentially, would be something like voting identities would be obscured, but you’d have this immutable record that said, Here’s what happened.
That’s really, Blockchain is essentially nothing more than a public ledger.
So when we talk about content marketing, what should content marketing be doing with these public Ledger’s? There’s some really, really interesting potential applications.
Nf T’s are one of them.
The current implementation of NFT is, by and large, just stupid, right? It’s it’s just digital Pokeyman.
But the underlying architecture is sound.
The idea is you have this piece of content.
And it comes with a license of authenticity that can be traded.
And every time it gets traded, built into that contract, the Creator can get a referral fee.
So if I make, you know, dancing monkey, right.
Christopher Penn 4:50
And it’s got this license of authenticity that travels with it and every time somebody buys this thing, and trades it to somebody else for a fee, I as the Creator get a piece of it, it’s basically royalties.
It’s a mechanism for collecting royalties that is decentralized that doesn’t necessarily have an ASCAP or BMI or somebody a licensing authority Harry Fox, administering and taking a big cut of the fees, right.
So for content creators, movie makers, video makers, professional photographers, musicians, the NFT architecture has the potential to be very powerful, right? Suppose that I make a two minute song, I’ll just put together some loops and stuff like that.
And I attach this licensing agreement to it and put it on the web.
And assuming that we work out all the issues with the infrastructure today, you could take my thing, remix it, reuse it commercially.
And every time it gets used commercially, that and you collect money, I get money to write that’s a great application is built in royalties.
And that’s a very appealing, potential use for for this.
Most content marketers today with the current situation, it’s a wait and see.
Right, there’s not a ton of really good use cases.
There are some Joe policies, the tilt organization and the CX show are a good example.
Same with Gary Vaynerchuk V friends, where you you buy licenses from them.
And then it comes with like some cute artwork, but the license is really what you’re buying.
And that gets you in, for example, into their conferences.
And it’s like a three year license, you get through your license, and you can trade it, you can resell it, it’s built into the terms.
So if you can’t go to that conference, you can resell it to somebody else, you make money.
And then the issuer of the license also makes money.
So it’s like, you know, imagine ticket scalping, right? Instead, you can have tickets that are resellable and Auphonic, fully auditable and tradable.
Think about with airline tickets.
So once upon a time, you could sell an airline ticket to somebody else, you can’t do that in today’s system.
But imagine a an NF T style system, a licensing system, forget again, remember, forget the today’s implementations are stupid.
But imagine a license that of authenticity.
That is your ticket, right? And it’s baby, it’s built into an app or whatever, and you sell it and you sell it to somebody else, they then have to authenticate.
And they then have to authenticate the airline gets paid again.
You get paid as the ticket purchaser and then this other person provides their credentials, their known traveler number and all that stuff.
And then they can use your ticket.
There’s some very strong potential there.
It’s not really yet it’s not live yet.
But there is potential and that potential is very, very interesting.
So today, content marketers should be watching should be looking at use cases should be figuring out.
Are there small examples or tests you could run that might prove the usefulness of the technology, get versed in the underlying infrastructure, right learn the IT requirements behind it, so that when it does become more widespread, and it does, you start seeing practical, boring, mundane use cases.
We have not hit the Clay Shirky moment yet for web three.
Clay Shirky famously said when something is technologically uninteresting, then it becomes societally interesting, right? You take a device like your smartphone, right? Your smartphone, this is not a new device anymore.
In 2007, the iPhone was revolutionary.
15 years later, this is commonplace.
But in the process of becoming commonplace, it is now societally impactful, this device is probably more societally impactful than almost any other devices.
Erevan created for humanity because it connects people and lets people communicate in ways that never have happened before.
So you want to be on the lookout for the boring use cases of web three.
When those come out, then you’re really talking about applications for content marketers.
Really good question.
Thanks for asking.
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