The singer Pharrell Williams described how blockchain technology is changing the world for the better at VeeCon.
Pharrell Williams is a musician, producer, and fashion designer. He believes that a revolution is on the way that will disrupt the music industry, the banking system, and even the government. Moreover, that blockchain and decentralized Web3 technologies will play a crucial role.
Pharrell Williams is Now into NFTs
On Saturday, Williams spoke onstage with entrepreneur and event creator Gary Vaynerchuk. It was about his introduction to NFTs and how he sees the underlying technology empowering social progress. In addition, people knew Williams best for the hit songs “Happy,” “Get Lucky” with Daft Punk, and “Drop It Like It’s Hot” with Snoop Dogg.
An NFT is proof of ownership for digital products like artwork, profile photographs, collectables, and even music recordings. They can also grant access to communities and experiences that the system restricted. Furthermore, they’re projected to act as foundations for the metaverse, a more immersive future internet.
Williams admitted that he started looking into NFTs a few years ago and was late to it. The audience laughed as Vaynerchuk returned a facial expression. It suggests that Williams’ view was incorrect. On the contrary, he was early to NFTs, considering that the market just took off in 2021.
William’s NFT Projects
More recently, the 13-time Grammy Award winner has been looking into the creative potential of NFTs. Not just that, he was also studying the broader world of Web3 technology. He showed interest in how it can disintermediate traditional music labels, entertainment studios, and distribution platforms. It allows artists and fans to connect more directly.
In addition, artists like Snoop Dogg, The Chainsmokers, 3LAU, and Nas have been strong proponents of using blockchain tokens. They used it to release music and provide additional incentives to fans. It is similar to a portion of streaming earnings to people who buy their NFTs.
NFTs can supply artists with new forms of rewards. Moreover, artists can receive secondary market royalties from NFT sales. In addition, they can integrate these sales into the smart contract (or underlying technology) that supports such assets. After the initial sale of work, an artist may not receive any more advantages in the traditional space.
Williams talked about some of the Web3 project’s working on, including the Gallery of Digital Assets. He describes it as a safe area for conventional artists who have done incredibly well to have a location where they can move into the digital world. Other platforms, he noted, assist seasoned artists in entering Web3. However, it may not be what users want it to be in the end.
Another project is Black Ambition, a nonprofit that supports Black and Latinx entrepreneurs who are starting businesses. Web3 is a category in Black Ambition. Moreover, the program offers mentorship and up to $1 million in funding to selected entrepreneurs”.
“The opinions voiced in this Cryptocurrency news article are solely those of the individuals quoted or interpretations of the author. These opinions & interpretations are not necessarily endorsed by Your Crypto Banker or its subsidiari “s.”