Our team took part in The Africa Metaverse Summit that concluded on June the 3rd. It was an exciting 3 days summit and first of its kind, that brought together stakeholders from all backgrounds to discuss the potential and future impact of the metaverse on the Africa continent. Our CEO Martial Medi was part of a panel discussing the challenges, opportunities, limitations and risks this new frontier represents for the Africa continent.
More than just a collection of panellist opinions and audience awe, the summit was an insight into the mind and ambitions of stakeholders across all spectrums.
A special mention to the AFERVERSE, a football inspired project born from our community.
From big telecom, blockchain and video games corporates, to domain experts ,web 3 project owners and creatives; the conclusions were unanimous.
The Metaverse is now a reality and Web3 is the future of creative industries; not just in Africa but all around the world.
The Facts in Numbers
A recent report by the crypto team at “A16z” Andreessen Horowitz, the world's most successful Venture Capital firm, provided a clear insight on how blockchain technology and Web3 were slowly but surely having a meaningful positive impact on our world.
The numbers are clear!
Web3 is much better than web 2 platforms for creators!
Web2 | Web3 |
Opensea | |
Youtube | Crypto.com |
Medium | Mirror.xyz |
Spotify | Sound.xyz |
BitCloud |
Creative Industries in Web3
Web3 platforms provide more revenue to creators than Web2.
Meagan Loyst, a venture capitalist with Lerer Hippeau tweeted how she earned $1,084 from 2 articles on Mirror, while she earned $0 from 11 articles on Medium.
In the music industry, record companies are thriving while artists keep struggling to earn a living. While streaming accounts for 85% of the music business revenue in the United States, artists get paid an average of $3,000 per million plays. On Web3 platform, artists get to price their creation as they wish and keep the lion's share.
The Elephant in the Room
Despite the staggering opportunity Web3 represents for creators all over the world, a very important topic is still yet to be fully understood in the space. The importance of intellectual property and the management of intellectual property (IP) rights in Web3.
IP is the asset class that fuels creators and Web3. As always it’s primordial for artists and other creatives to take the necessary steps to protect their work and avoid infringements. Given the decentralised nature of Web3 this duty rests in the arms of each individual and business. Hence at SIP Management we have made effective IP protection and management accessible and affordable to all.
How to protect your IP in the Web3
Register your original NFT collection copyright before minting
Register your Web3 project, business, or product name as a Trademark
File a Patent for your Web3 invention if and when applicable
Consider an IP insurance for your valuable projects
Seek legal support when someone infringes your work
Web3 presents a new future and opportunity for creatives and businesses alike.
Moreover it provides a new source of innovation and capital for the many, as investors keep allocating Billions of dollars to fuel this new economy, while the world is at the edge of a recession.
A bright future for creators all around the world.
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