The advent of Web3 has brought about countless innovations in various industries and sectors. As the technology continues to mature, more and more use cases for NFTs, the Metaverse, and blockchain technology are being discovered. The publishing industry is one of the latest industries to adapt to the Web3 ecosystem, transitioning traditional models to the digital space to reap the many benefits of this emergent technology.
Web3 has transformed numerous segments of the publishing industry. For example, the textbook publishing titan Pearson recently announced plans to utilize NFTs to track digital textbook sales in order to capture revenue lost on the secondary market. Several industry powerhouses have also made a move to Web3, with Time Magazine also utilizing NFTs to create new revenue streams.
Aside from the revenue angle, these massive business enterprises have also seen the potential of NFT technology to foster a community of like-minded individuals. In the modern digital age, engagement has become tantamount to success. Despite being a 99-year-old company, the higher-ups at Time Magazine fully recognize the importance of connecting with their audience.
Keith Grossman, the president of Time, told Cointelegraph in an interview that the magazine is demonstrating the new possibilities of engagement that Web3 brings to the publishing industry. “Web3 can evolve one’s brand in a world where individuals are moving from online renters to online owners, and privacy is beginning to love from platform to the individuals,” shared Grossman.
As more and more businesses make the leap to the digital space, innovation and expansion are top-of-mind for the more traditional sectors of the publishing industry. NFTs have become a hot topic among these massive brands, pushing traditional publishers to become a part of the global phenomenon and enabling them to build communities that will further expand their influence.
Royal Joh Enschede, a 300-year-old Dutch printing company, joins the fray as it employs its own modern twist to the publishing industry. Recently, the company announced that it is entering the Web3 space by providing its clients with an NFT platform for “crypto stamps.” These specific use cases are what make NFTs versatile, fresh, and constantly evolving.
CEO of Royal Joh Enschede Gelmer Leibbrandt explained the traditional nature of the postage stamp and the philately world. He cited NFTs as an avenue for further expansion of their brand, saying, “The crypto stamp opens up a global market that will appeal not only to the classic stamp collectors but also to collectors in their teens, twenties and thirties who buy, save and trade NFTs. This is naturally very appealing for our main customers — over 60 national postal organizations worldwide.”
Blockchain technology and NFTs are currently evolving into a massive digital industry all on its own. As more traditional businesses across various industries dive into this ever-growing technology, the inherent value of the technology is projected to grow even more. Early adopters will be greatly rewarded, while staying behind the curve is highly discouraged. The current trend of century-old businesses transitioning to the digital world is a sign of the times. All of this is a testament to the power of blockchain technology to elevate the quality of service businesses can employ while shaping the world as we know it.
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