The musician spoke at VeeCon about how blockchain technology could change the world.
Pharrell Williams, a music producer and fashion designer, believes there is a revolution coming. He thinks blockchain and decentralized technology will be key to that revolution.
On Saturday, Williams was at VeeCon. During an interview with Gary Vaynerchuk (entrepreneur and event creator), Williams described his introduction to NFTs as well as how the technology can empower social progress.
An NFT is a proof that an item has been purchased. They can be used to purchase digital goods like artwork, photos, collectibles, or music tracks. They can also provide access to exclusive communities and experiences and are expected to be the building blocks of the metaverse, a more immersive future web.
Williams stated that he had been exploring NFTs for a while back. Vaynerchuk responded with a facial expression suggesting that Williams was wrong. The reason he was early to NFTs was because the market was just starting to take off in 2021. This elicited laughter.
Williams explained that Williams said, “When I say I am late, it is because I thought about the matter more than I did about it.” “Thoughts are amazing, because thoughts can be things. It doesn’t matter unless you do something about it.
Recent research by the 13-time Grammy Award Winner has focused on the creative potential of NFTs and the wider world of Web3 technology. This includes how it can disintermediate traditional music labels and entertainment studios and allow for more connection between fans and artists.
Music is a rapidly growing market for NFTs. Snoop dogg and The Chainsmokers are some of the most prominent advocates of blockchain tokens to release music, provide additional benefits to their fans, such as a cut in streaming royalties for those who purchase their NFTs.
Williams stated that the NFT market’s rapid growth has some drawbacks, especially for those who are looking to make quick money and have no long-term vision. He said, “You deal with people just trying to make a quick buck.” They are called “grifters” by the men.
NFTs may also offer artists new benefits. He pointed out that artists can receive secondary market royalty payments from NFT sales. These royalties can be integrated into the smartcontract (or the underlying code) that powers these assets. An artist might not receive any additional benefits after the sale of a work in the traditional space.
Williams spoke of a few Web3 projects he is currently working on. He described the Gallery of Digital Assets as “a safe place for traditional artists who have done really well to transition into the digital age.” However, he said it might not be what you expect it to be at its end.
Black Ambition is another initiative that supports startups by Latinx and Black entrepreneurs. Black Ambition offers mentorship and funding up to $1,000,000 to selected startups through its Web3 category.
Web3’s greater impact?
Williams believes the stakes of the Web3 and blockchain space are more than entertainment and tech. Williams believes that decentralized communities and creators can make a significant impact on the world and push back against governments seeking to restrict or remove human rights.
“You are here to talk with people about blockchain and Web3. He said that this is a time when everything is changing. “You are all looking at the old systems–you all know they’re outdated, and you know they don’t work. You are rising up and saying “No more.”
He pointed out the recent market downturn which sent crypto prices falling, which contrasted starkly with the “summer camp-like” vibe of VeeCon. However, he suggested that this would only be a temporary downturn because the underlying technology continues its momentum.
“Yes, we are in recession. Your crypto will go down just like all other currencies. You know what? It will hold because it was founded upon something very different from Wall Street,” he stated, pointing to the legacy that slavery has left for the financial epicenter.
Williams spoke in grandiose language about the potential of decentralized technology for shaking up existing systems and creating more equitable models for all.
He said that Web3 and Blockchain are unlocking something that is threatening the system. They are trying to make laws to support your idea, your concept. You are all the most powerful humans on the planet. It’s not something you know yet.”