The dominance of the Western entertainment and production industry is still prevalent, but shows like the Squid Game are proving that non-Western productions have the potential to make a mark on the global stage. According to an expert in the entertainment industry, Web3 technology can play a crucial role in helping creators from developing markets gain access to a larger audience.
In an interview with Cointelegraph, Mehmet Eryılmaz, the CEO of Faro Company, a Web3 team focused on entertainment, shared his insights on 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 emphasized that Web3 can level the playing field by providing equal opportunities for creators from emerging markets to showcase their culture through films and music.
Eryılmaz firmly believes that the future of the media landscape can be revolutionized by decentralized networks, smart contracts, and token technology. Web3 allows for the fractionalization of investments, enabling anyone to become co-owners of content. This opens up a world of possibilities for creators and ensures that economic value is distributed across a global community.
Additionally, Eryılmaz highlighted that Web3 resolves the issue of profit distribution for content creators. Its versatile nature allows for various fundraising methods, addressing the budgetary challenges faced by creators. Eryılmaz explained that Faro Company was established to address these issues and utilizes Web3 technology to overcome them. The company’s mission is to tell original local stories, showcasing diverse storytellers and talent to global audiences, as they believe in the power of a universal narrative.
Eryılmaz and his team are dedicated to creating a future where creators have an equal opportunity to share their stories, regardless of their background. They aspire to be a beacon of possibility for creators from countries without an established mainstream or independent content industry.