The dominance of the Western entertainment and production industry is being challenged by shows like the Squid Game, signaling a potential breakthrough for non-Western productions on the global stage. An industry expert suggests that Web3 technology can play a significant role in helping creators from developing markets gain exposure and recognition.
Mehmet Eryılmaz, CEO of the entertainment-focused Web3 team Faro Company, discussed in an interview with Cointelegraph how Web3 can contribute to the growth of entertainment in emerging countries. Eryılmaz pointed out that media and entertainment companies have often been hindered by gatekeepers who failed to accurately represent diverse cultures. He explained that Web3 technology can address this problem by providing a platform for creators from emerging markets to authentically showcase their culture to the world through films and music.
Eryılmaz believes that the future of the media landscape can be revolutionized by decentralized networks, smart contracts, and token technology. Web3 enables the fractionalization of investments, allowing anyone to become co-owners of content. This vision of an ownership economy, fueled by Web3 technology, aims to distribute economic value across the global community.
Additionally, Eryılmaz emphasized that Web3 can resolve the issue of profit distribution for content creators. By offering various fundraising mechanisms, Web3 can alleviate budget constraints faced by creators. Eryılmaz stated that their company, Faro, was founded on these principles and utilizes Web3 to overcome these challenges. Faro’s mission is to showcase original local stories from diverse storytellers and talent to global audiences, as they believe in the power of a universal, compelling narrative.
Eryılmaz expressed their team’s commitment to creating a future where all creators have an equal opportunity to share their stories, regardless of their geographic location. They aspire to be a beacon of possibility for creators in countries without an established mainstream or independent content industry.