NFTs offer companies the opportunity to create new revenue streams through membership and access passes.
Digital Nation Australia spoke to Joan Westenberg, Founder of VC fund for NFT investments, MetaPunk, Founder of creative agency Studio Self and Head of Marketing at MODA DAO.
According to Westenberg, traditional payment gateways and paywalls have not been successful in increasing revenue for developers. The evolving business model around a subscriber-only token that gives the owner exclusive access to content is a unique business model, she said.
Westenberg also points to staking and yield farming as new passive income business models in the metaverse.
“It all boils down to the building blocks of Web3, and those building blocks revolve around business models that focus on personal ownership and personal sovereignty,” she said.
“A world where you build a model where you can trust that everyone owns their data, everyone owns their goods, and everyone can make sensible decisions about what to do with it. And I think business models that leverage it are going to be pretty powerful.”
She believes Web3 will see an increase in individuals monetizing their own data rather than giving away their data and attention for free.
Web3 skills are largely human
For companies to take advantage of these Web3 opportunities, Westenberg believes the skills and capabilities are already largely in place, companies just need to focus on the right ones.
“Community management is a hugely important skill. On Web2, in places like Facebook and so on, community management is not given an important role. It’s kind of like the bottom of the food chain where you don’t get paid much. They’ve asked you for ridiculous hours and you don’t have a lot of decisions to make.
“Whereas in Web3, community managers are simply the most important people in an organization,” Westenberg said.
It’s the soft, interpersonal human skills that will be critical to a company’s success on the Web3, she said.
“Ultimately, Web3 is about managing people who have their own responsibility and sovereignty over what they do, and they need people to care about them, prioritize them and look after their interests.”
In addition to soft skills, Westenberg names developers who understand smart contracts and tokenomics as key skills for Web3.
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