What should Dancers know about Blockchain and Web 3.0?
A career in dancing can be very gratifying, but it's no secret that there are some significant problems that come along with it - one of the most significant ones being the commodification of dancers. This term refers to the dancers being treated as objects and having little to no rights. Could the blockchain change this and help to restore some power back to these dancers?
Blockchain is being adopted by many industries at a quick pace, the dancing industry included. Many startups have emerged in recent years, such as Dance Tokens, Crypto Dance Club, and Blockchain Dance Alliance. Despite this, there remains significant pushback from parts of the dancing industry concerning blockchain and cryptocurrency. Lack of control over one's content and data is a primary reason for this hesitance. However, an increasing number of companies and startups are viewing blockchain as a way to help monetize dance data and ensure dancers are paid appropriately for their work. This blog will explore these issues and how the blockchain might be able to restore some power to dancers feasibly.
What is Web 3.0?
The term "web 3.0" is used to describe the third generation of internet services. This includes newer capabilities like artificial intelligence (AI), the internet of things (IoT), and blockchain. Unlike previous generations, web 3.0 has a greater focus on innovative technologies that can provide better security and prospects for those using it. To understand web 3.0 fully, it's important to look at the background and development leading up to its creation.
The road to blockchain and web 3.0
A blockchain is like a distributed database. It's a ledger that is shared among the nodes, or computers, of a network. As a database, a blockchain stores information in digital format. So, what's the innovation with a blockchain? With a blockchain, you can generate trust without the need for a third party. That's because it guarantees the fidelity and security of data. That's why blockchains are best known for their crucial role in cryptocurrency systems, like Bitcoin. They help maintain a secure and decentralized record of transactions
The development of new web 3.0 services through machine learning, as seen in examples such as Siri and Alexa voice assistants, is key in understanding how the third generation of the internet will function. Decentralized protocols will be at the heart of web 3.0, and thus it is crucial to explore the potential for blockchain technology to be integrated into this new network. Networks in web 3.0 will be characterized by interoperability, automation via smart contracts, seamless integration, and censorship-resistant data storage.
Blockchain is a key player in the development of web 3.0. It has the ability to change data structures and supported the creation of a governance layer. The governance layer allows for two unknown people to reach agreements and settle transactions. Blockchain in web 3.0 will focus on introducing a backend revolution.
The journey of Dance NFTs and Natyaverse
NFT stands for non-fungible tokens. These tokens are created with the same type of programming that is used for cryptocurrencies. In other words, they are based on blockchain technology. Unlike other cryptocurrencies, NFTs cannot be exchanged or traded.
In India, dance is not considered a professional career. This is because the art form is highly undervalued and underfunded. As a result, dancers in India constantly struggle to make money from their talent. Natyaverse, a Hyderabad-based Indian Web 3.0 startup, is working to change this by providing dancers with opportunities to make money through the Web 3.0 and metaverse space boom.
Dancers can use computer-generated images to create more spectacular performances. They can create digital effects that would be impossible to achieve with traditional choreography. With this technology, dancers can create the illusion of floating in the air or teleporting from one side of the stage to the other.
Natyaverse uses blockchain technology to help dancers generate income through royalties. With Natyaverse, dancers can create DanceNFTs (non-fungible tokens) of their unique dance moves and claim ownership of those moves. Whenever their NFTs are traded, dancers and fans can receive royalties. In addition, NFT holders get access to exclusive artist communities and privileges like meet-n-greet, merchandise, unreleased music, etc.
At Natyaverse, we provide dancers with a unique NFT marketplace to showcase their digital portfolios. This enables fans to financially support their favourite artists and launch dance moves independently. Our company envisions building the largest dancers' community in India and making it a hassle-free experience for dancers to venture into the Metaverse. We are a team of passionate dancers and metaverse enthusiasts dedicated to making dancers financially independent through technological advancement.