There’s a whole new world being created out there, and if you were wondering what The Metaverse and web3 were after yesterday’s iHeartMedia announcement, we are. We’ve taken a deep dive to try to help simplify everything and help you understand which direction some people think interaction is headed.
First, what is the Metaverse? The Metaverse is defined by many as a shared virtual space where the physical world converges with the virtual one. It blurs the lines between your interactions online and in real life. Look at platforms like Sandbox, Mirandus, and Decentraland as examples.
Next Web3. We are in Web 2.0 today. The early days of the web were the days of dial-up and fixed websites. This was followed by more vibrant sites that were eventually incorporated by a few major tech companies. Web3 is a decentralized online ecosystem based on the blockchain. Web 3 based platforms and applications will not be owned by a central portal, such as Facebook and Google for example. Early believers say Web 3 will be user owned. These users will gain ownership by assisting in the development and maintenance of these Services.
Not everyone believes in web3, including people like Elon Musk. He calls it marketing rather than fact.
iHeartMedia is the first radio company to announce its investment in Metaverse and web3. More announcements about iHeart’s plans will be announced in the next few months, following what was released yesterday.
iHeart announced Wednesday that it plans to create iHeart events and experiences for listeners and music lovers using the Roblox platform.
Roblox is a platform that brings users from all over the world together through gameplay as they explore millions of 3D experiences, all created by a community of global developers (Watch a video about the Roblox platform here).
iHeart may do something like having a creator or artist perform a performance, iHeart listeners, followers, etc. will get exclusive access to that performance on the Roblox platform.
Here’s what CEO Bob Bateman had to say about the iHeart plan. “While there are a number of great new products for the metaverse and web3 from a wide range of creators, with unparalleled audience access, multiple platforms and our trusted hosts for broadcast and podcasts, iHeartMedia is uniquely positioned to build the consumer awareness, understanding, and demand necessary for the success of these new products and platforms. From us and others. We see this as a unique opportunity to serve the needs of our listeners, provide an important new layer of growth for the company, and help advance the advertising and consumer potential of the metaverse and web3.”
As part of its Metaverse and web3 strategy, iHeart plans to bring immersive musical moments to its users on Roblox and launch its first token community, building a new token. Coding helps create seamless payment experiences with satisfied customers. It also cuts out a lot of middlemen. Coding is driving the technology behind payment services such as mobile wallets.
Kunal Byrne, President, iHeartMedia Digital Audio Group. “In the same way that we believed in and stuck to digital radio and podcasts – and became a strong number one in both – we believe very strongly in the enormous potential of Web 3. We have really entered the metaverse with NFTs.”
NFT stands for non-replaceable token. NFT is defined as a unique digital asset that belongs to you and only you. The most popular NFTs now include artwork and music.
Byrne says there is more to come. “iHeart’s place in this ecosystem – giving fans extraordinary access to the special events and influencers we offer every day of the year – is what we focus on as we work with key partners and develop an easy-to-use metaverse and web3 for the mass market.”
If you want to know more about web3, Follow Moxie Marlinspike. He created the platform Signal. here He presents his ideas on web3. If you want to understand NFT better the edge it in detail here.
Whether all this activity in tomorrow’s world translates into radio revenue or causes a distraction remains to be seen.