Opinions expressed by Businessman the collaborators are his.
Smart entrepreneurs will always look to infrastructure and markets instead of businesses. In Web2, it’s the difference between creating Google and creating an online website visited through Google. In Web3, it’s the difference between creating the Ethereum ecosystem or an ERC-20 token in Ethereum.
The infrastructure and architecture on which companies and meta-businesses are built are orders of magnitude more profitable, as long as you can get in early and keep up with it. The most important thing is to think in terms of markets rather than companies. If you create a marketplace, you are the owner of all transactions.
This is extremely relevant right now because large corporate monopolies are being divided and redistributed through distributed ledgers, creating new markets in a bold new world. This provides ambitious entrepreneurs with opportunities to reap benefits that are only available in times of disruption, not stability.
Related: 5 Things You Need to Know Before Investing in Cryptocurrencies
Below are three extremely lucrative markets that are rapidly becoming a more equitable model and why you should consider branching out into them (or any other industry that is disrupted by cryptography).
Industry # 1: The gaming industry
The problems of centralized gaming are well known. Platforms like Steam, Microsoft and Apple take more than 30% in exchange for publishing games. Gaming development is a competitive industry, and among retailers and large platforms, developers often see very little benefit. This is a problem given the size of the annual revenue of the eSports and online gaming industry.
That’s why this old model is fast becoming obsolete thanks to multiple innovations. Newer models are based on rewards, which means that the entire architecture of the game works in such a way that all parties are rewarded for their participation. Cryptographic wallets are integrated into the system with NFT in the game available for exchange, sale and purchase. Assets are interchangeable between blockchains with minimum rates. The problem is to link Web2 and Web3, although some decentralized providers, such as Ankr, offer a secure solution.
Related: Meet Entrepreneurs Redefining the Cryptographic Space with Their Passion to Build Sustainable Blockchain Businesses
Industry # 2: The Freelance Industry
The independent market or “concert” is gigantic. It is so large that it is difficult to get reliable estimates. Self-employment is independent of industry. This means you can have hundreds of different industries (healthcare, finance, gaming, eSports, etc.) contributing to the numbers. With people currently forced to work from home, self-employment is the future of the global economy in many ways.
However, many freelance platforms account for more than 20% of all work done, and this is outside the automatically charged VAT. The self-employed then have to pay regular income tax and have no profit. One of the largest stand-alone platforms, UpWork, now also charges freelancers for job offers and rejects several new applications. In addition, it has the power to suspend workers’ accounts at any time. There are also withdrawal fees. It all adds up: in the end, workers and employers lose and centralized third parties win.
Decentralized companies like “The Collective” are venturing into this aspect. The emphasis is on building a trust economy based on mutual collaboration rather than a competition-based concert economy. Built on Chainlink and automated through smart contracts, the goal is to build a market similar to Fiverr and Etsy.
Related: 3 reasons why the world will never go back to crypto
Industry # 3: The Film Industry
Television has long been associated with exclusivity. Entering this industry has historically been notoriously difficult. Even with a lot of talent, people were forced to connect and meet someone “inside” to get exposure.
But distributed account books can separate even this industry and give more power to the public in terms of contributing to film and television. FilmCoin, for example, allows people to actually be part of a studio. The high-utility token (FLIKS) can give you access to studios, actors, and even directors to gain opportunities to appear in a movie. A whole new movie market is being created through distributed ledgers and NFT.
The long-term approach
A long-term approach is needed for revenue generation. Particularly with regard to the hype and hysteria inherent in cryptocurrencies, it’s easy to feel like you’re losing the huge profits made in one currency or another. But sustainable benefits require time, commitment and dedication. There are always more winners than losers: the winners are the ones who write the blog posts. Losers don’t, for obvious reasons.
The most sensible solution can be found in the diversification between projects and blockchain industries. Since all industries are being disrupted, it will be worthwhile to participate in as many projects as possible to take a portion of a very large pie that is ready for redistribution. As long as you have patience, it’s really like shooting a fish in a barrel.
Make no mistake, profits are being redistributed from centralized entities to smaller organizations and individuals. Just be prepared to receive as much of the redistribution of wealth as possible, whether in games, freelance work, film, or any other industry that is being shaken through modern technological mechanisms. Positioning is key.