Pharrell Williams shares his insights about Web3, says it is scaring the traditional system

  • Famous American music rapper and producer, Pharrell Williams, was among the speakers at the VeeCon NFT event over the weekend.
  • Williams gave his opinion on how Web3 will affect the future of the human race.

Talented music producer and fashion mogul, Pharrell Williams, opines that there is an impending revolution that will soon happen in all industry sectors, including the music industry. He added that the revolution wouldn’t spare governance systems worldwide.

Williams believes that blockchain technology, particularly Web3 technology, will be central to this revolution. The popular music star shared his opinion while speaking at the VeeCon event, which happened over the weekend. During the live interview with event host, Gary Vaynerchuk, Williams also revealed his foray into the NFT space.

Owning an NFT is similar to having a part or whole ownership of a specific item. NFTs are often the digital version of physical items like music tracks, physical artworks, and collectibles.

NFT sellers especially influential persons also use these NFTs to develop a closer relationship with those who purchase the NFTs. Hence, they provide those buyers with access to exclusive events. Many industry analysts tout NFTs as the foundation of the virtual reality space (popularly known as the metaverse).

William’s foray into the NFT space

Williams remarked that he started his foray into the NFT world a few years ago. When he added that he was a latecomer to the NFT space, Vaynerchuk chuckled. His expression indicates that Williams is an early comer into this sector since the sector started booming last year. The host’s remarks resulted in general laughter among the audience and even Williams himself.

However, Williams explained his definition of being a latecomer to the NFT space. He said, “I say I’m late because I’ve heard about it way before I did anything about it.”

I hesitated because I had mixed thoughts – some good, but most were bad. However, I decided to take the bold step of exploring the space. I reasoned that we can’t be sure about anything until we take action.

Williams added that he is now exploring more about the NFT world and the immersive metaverse. He said he is more interested in how NFTs and the metaverse are the removing middleman-ship concept in the entertainment industry.

According to the 13-time Grammy award winner, NFTs foster a deeper relationship between artists and their fans.

Musicians such as Snoop Dogg and NAS are already reaping the benefits of the NFT space. For instance, some of them are starting to give a percentage of their streaming royalties to those who purchase their NFTs. Hence, they have become the sector’s best advocates.

Related: Snoop Dogg and Wiz Khalifa launch ApeCoin themed music NFTs

Williams added that more musicians who explore the NFT route get to receive secondary market royalties through NFT sales. In contrast, it is rare for any artist to receive additional compensation once they make those initial sales selling their works.

Williams also revealed the top two Web3 projects he is currently working on – the Gallery of Digital Assets and The Black Ambition.

The former is a platform that eases popular traditional and veteran artists into the digital creator’s world. However, the former is an NGO that assists Black and Latinx entrepreneurs. This assistance is usually in the form of mentorship and funding. He noted that some entrepreneurs could receive up to $1M in funding.

Web3 has more effect than revolutionizing the tech and entertainment industry

Williams opines that Web3 would do more than revolutionize the entertainment space. Web3 communities and digital creators will become a strong force such that they can make a significant contribution to the governance system globally.

“Many of those looking to make a quick quid will fade away; you people call them grifters, right?” He said, “agreed that this conference is about giving more enlightenment to people about Web3 and blockchain technology.

However, it is important for anyone listening or watching to realize that this technology is about to change the world as we know it.

It is standing up against the old antiquated system. We all know these old systems no longer work. So, there is a need to change them. This technology provides such a change.

Williams further remarked that the recent market downtrend in the crypto market is temporary. He opined that the market will still reverse, gain momentum and become bullish again.

The broader downtrend in the crypto market contrasted with the bullish vibe the VeeCon intended to create. Williams contrasted crypto with the legacy of slavery and its economic impact.

He said, “the crypto is in a bear market, and like every other bear market, it will have less value. However, I’d advise that you hold onto it because it has a different foundation than the foundation of wall street.”

He further spoke glowingly about how the decentralized technology will affect the traditional financial systems. He noted that Web3 and blockchain technology would place everyone on an equal financial pedestal.

“This new technology seems scary to the traditional systems. Hence, it is no wonder that government is making concerted efforts to regulate this concept,” Williams added.

The Happy hitmaker concluded;

you may not know it yet. But you are now more powerful than the government and the traditional system.

About Author

Paul is a cryptocurrency enthusiast from Canada, and since 2021 he has been writing about cryptocurrency for online news portals. He writes mostly news-related articles. Stay tuned to his posts to stay up to date with the crypto world.

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