The dominance of Western countries in the entertainment and production industry may be shifting, as exemplified by the success of shows like the Squid Game. This opens up opportunities for non-Western productions to make a mark on the international stage. According to an expert in the entertainment industry, Web3 can play a crucial role in helping creators from developing markets gain visibility.
Mehmet Eryılmaz, CEO of Faro Company, a Web3 team focused on entertainment, shared his thoughts on how Web3 can contribute to the growth of entertainment in emerging countries in an interview with Cointelegraph. He pointed out that media and entertainment companies have often been hindered by gatekeepers who failed to accurately represent diverse cultures. Eryılmaz believes that Web3 can address this issue by providing equal opportunities for creators from emerging markets to showcase their culture through films and music.
Eryılmaz is of the opinion that decentralized networks, smart contracts, and token technology can revolutionize the future media landscape. Web3 enables fractionalization of investments, allowing anyone to become a co-owner of content. This creates what Eryılmaz refers to as an ownership economy, where economic value is distributed to a global community through technology.
In addition to this, Eryılmaz highlighted that Web3 also resolves the problem of profit distribution for content creators. Its inherent functionality allows for various fundraising methods, helping creators overcome budget constraints. Eryılmaz stated that Faro Company was established to address these issues and utilizes Web3 to find solutions. The company’s mission is to share original local stories and showcase diverse storytellers and talent to global audiences. They believe in the universal power of a good story.
Eryılmaz and his team envision a future where creators, regardless of their background, have an equal opportunity to share their stories. They aim to be a beacon of possibility for creators from countries without an established mainstream or independent content industry.