Like many, you are probably wondering how your media company can benefit from Web3 and make the leap into the future. At first glance, this challenge may seem almost overwhelming! In this article, we will explain to you how not to miss the boat, but how to help shape the future of Web3.

Media companies and the Web3

If you have not yet dealt with Web3 more closely for your media company, you are not alone. Many media professionals are currently considering whether and how they can take advantage of the opportunities offered by the next level of the Internet. If you would like to get involved with the new technologies of Web3, now is the ideal time to do so, because now the new Internet can still be actively shaped.

The topic cannot simply be sat out, which is also the result of the “Web3 study: What is to come for the media industry?” by XPLR: MEDIA in Bavaria. The Web3 experts surveyed agree: Technologies such as blockchain, smart contracts, DAOs and NFTs will turn usage, development and exploitation patterns inside out in the coming years, resulting in completely new systems.

In the following five tips, we will show you how you can implement all of this with your company.

Tip 1: Be open to new technologies

New technologies are nothing more than new ideas and they need room to grow. Therefore, create free space in your company in which employees – especially those who are open to these technologies – can learn, research and experiment. This way you can find out what works and what doesn’t.

Tip 2: Work with others

Many good ideas and concepts result from an exchange of knowledge and experience from which everyone benefits – therefore work together with other companies and experienced Web3 experts. In this way you learn with and from each other, because Web3 is a place for experimentation and cooperation.

Tip 3: Build sustainable communities

In recent months, Web3 has been known primarily for the fact that supposedly quick money can be made with NFTs and crypto tokens. However, media companies should think and act in the long term and future-oriented. Anyone who neglects or ignores the community and collaboration factor is in danger of failing.

Because not in all cases the existing brand reputation can simply be transferred to the Web3. Users and existing communities want to be assured that the commitment of companies is sincere and long-term, which means that the Web3 projects are maintained and expanded. So invest in building a strong reputation and a loyal community to guide your business through Web3.

Tip 4: Rely on a solid foundation

In order for your entry into Web3 to be successful, you should build a solid basis of understanding and know-how, as well as a solid technical infrastructure and the right legal framework. This is the only way you can grow with your company and your community on Web3.

Tip 5: Inform yourself – and never stop!

Especially in view of the rapid developments in Web3, it is of great importance that you are always up to date. Find out about the state of affairs and news and take advantage of further training opportunities, e.g. B. the new Web3 think tank of MedienNetzwerk Bayern.

With the Web3 think tank, MedienNetzwerk Bayern, a sister brand of XPLR: MEDIA in Bavaria, not only provides Bavarian media professionals with further training opportunities, but also space for experimentation.

As a continuation of the “Web3 Study: What’s in store for the media industry?”, the project offers deep insights into the next level of the Internet with cooperation, education formats, input sessions and a digital Web3 Academy for the Bavarian media industry. You can find out more here!

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