_{Well-Versed is a monthly newsletter brought to you by Horizon Media’s Chapter and Verse with our thoughts on the latest Web3 News & Trends.}

SUMMARY:

• What a time it is to be in Web3. Meta announced they will not be supporting NFTs, shifting their focus to more immediate goals revolving around creator monetization for Reels.
• On the flip side, Microsoft is incorporating crypto wallets into Microsoft Edge, this news comes after the ChatGPT integration for Bing announcement a few weeks ago. It is clear Microsoft is looking at Web3 and AI as an opportunity to elevate its web and search offerings moving forward.
• C&V traveled to Austin for SXSW earlier in the month, and Web3, XR and NFTs took center stage. Specifically, community and education were themes that continued to present themselves throughout the week.

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TOP NEWS AND TRENDS THIS MONTH (FROM SXSW)

NFTs:
SXSW provided ample fodder on this topic, for example PorscheX held a session where Marjorie Hernandez of The Dematerialised spoke about Dynamic NFTs, use cases for authentication and 1:1 matching of digital and physical assets. Dynamic NFTs, in Lehman’s terms, are NFTs that change over time, both the artwork and the metadata in the smart contract. This can be a powerful tool for brands, particularly as a part of a loyalty program where the rewards to NFT holders can evolve with current business goals.

METAVERSE:
Starburst announced its “JuicyVerse” execution in partnership with TheMall.io, the world’s largest virtual shopping mall to create a vibrant and colorful metaverse filled with fruit-inspired characters and designs. The new addition to TheMall.io’s virtual shopping experience was unveiled at SXSW 2023, and features a range of exclusive merchandise and limited-edition t-shirt NFTs. In the metaverse, Starburst is encouraging users to create their own digital art.

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SPOTIFY CASE STUDY

OVERVIEW: 
Spotify is testing NFT-gated playlists with Overlord and Kingship who are digital music artists linked with web3 communities Creepz and Bored Ape Yacht Club respectively. These playlists allow NFT holders in these communities access by connecting their crypto wallets for verification.

STRATEGY:
Music and Entertainment are industries where Web3 has enormous potential to disrupt at multiple points in the process, from contracts to content. While the disruption might not happen tomorrow, creator economies and crowdfunding are easily facilitated through digital assets and we are seeing major players such as Warner Music Group enter the space. Spotify is no different here, they see a potential disruption and are looking at how they can embrace technology and learn about how they can best leverage it moving forward rather than ignoring the possibilities.

WHY IT MATTERS:
At its core, this is an example of providing custom content and products to NFT holders. Many brands are establishing opportunities for this as it is one of the great use cases not only for entertainment brands but across verticals. It is encouraging to see brands who might not have a dire need to enter the space at this moment do so to gather learnings for if the time comes that they need to integrate this technology into their business.