The ways we consume media, interact with technology, and protect user data are constantly changing. Web3 and Artificial Intelligence (AI) are new technologies that are transforming the media and entertainment landscape even further.
In a panel discussion titled “Reimagine Media & Content Ecosystem with Web3 & AI,” Feida Zhu (Associate Dean at SMU), James Liu (Director at Alibaba Cloud), Raymond Chung (CTO at ZEASN), and Anndy Lian (Advisor at Bybit) discussed the impact of these technologies on the industry.
Here is a recap of the event:
AI and the Changing Face of Television
With the proliferation of smartphones and portable devices, traditional TV viewership has been on the decline. People are now looking for more convenient and interactive ways to consume content. This shift has prompted experts to contemplate the future of television.
Many believe that AI is the key to making television more interactive and engaging. AI can offer personalized recommendations, provide real-time interaction, and enhance the overall viewing experience. AI-powered TVs can respond to voice commands, adapt to users’ preferences, and even offer educational content for children.
“AI can transform TV from a passive experience into an interactive one. Imagine a world where your TV is not just a screen but a knowledgeable companion. It can ask what kind of movie you’d like to watch, suggest content based on your preferences, and even help you with tasks like gaming or education.”
He added that AI can play a significant role in generating high-quality content. By using AI technology, content producers can create engaging, diverse, and unique content, ensuring that there is always something exciting to watch.
Raymond shared his experience:
“The integration of AI technology into the content creation process is another exciting prospect. With AI’s ability to generate high-quality content, it becomes possible to produce a plethora of new, engaging materials. This means AI can generate dynamic, interactive, and even personalized content, enhancing the user’s experience.
AI’s capabilities can extend beyond entertainment to areas like education and gaming. For instance, AI can create educational content tailored to a student’s learning style or generate interactive gaming experiences that adapt to a player’s skills and preferences. With AI, content creation is limited only by our imagination.”
Web3 and the Promise of Transparency
As the entertainment industry moves towards a more decentralized and transparent ecosystem, Web3 technology is gaining prominence. Web3, built on the principles of blockchain and decentralized networks, aims to provide a secure and transparent environment for content creators, users, and service providers.
“One major advantage of Web3 is data privacy and security. Traditional platforms often collect massive amounts of user data, raising concerns about privacy and data breaches. With Web3, data can be stored securely on decentralized networks, ensuring that users have more control over their personal information.”
Feida continued by say that Web3 also enables creators to tokenize their influence. By using blockchain, content creators can create and manage their tokens, which represent their influence or popularity. These tokens can be traded or used within the ecosystem, creating a more fair and sustainable economy for content creators and their audiences.
Moreover, the transparency of blockchain can help combat piracy issues. Blockchain technology can track and verify content ownership, making it difficult for unauthorized parties to distribute content illegally.
To make the most of AI in user engagement, trust, and control are paramount. We must be cautious of deep fakes and manipulated content. This is where blockchain technology comes in as a control tool. By utilizing blockchain to verify the authenticity of content, we can ensure that what we see and hear is genuine.
Additionally, blockchain can offer transparency and accountability, which are essential in combating misinformation and promoting reliable content. By combining AI’s creativity with blockchain’s security, we can create a safer and more immersive digital landscape.
See the Full Panel Here
Monetization and the Creator’s Economy
Feida emphasized to all that Web 3, with its cryptocurrency and decentralized platforms, opens up new monetization opportunities.
Creators can use Web3 to create and sell non-fungible tokens (NFTs) of their content. This gives them a new way to monetize their work and reach a wider audience. The Creator’s Economy allows users to create content and share their experiences. AI, together with blockchain, can enhance the value of these experiences.
Users can be incentivized to produce content that resonates with a wide audience. From anime to soap operas, the possibilities are endless. AI and blockchain technologies provide a win-win situation for content creators and consumers, driving user engagement to new heights.
The Challenge of Data Privacy
While AI and Web3 technologies hold tremendous promise, they also raise concerns about data privacy. AI models require vast amounts of data to function effectively, and this data can potentially be misused or exploited.
Anndy shared his views:
“The responsibility falls on both service providers and users to protect data privacy. Service providers must design robust systems to ensure that sensitive data is stored securely and accessible only to authorized personnel. Users, on the other hand, need to be cautious about the information they provide and understand the implications of sharing personal data whether is it Web2 or Web3.”
Additionally, the development of privacy-focused AI models and encryption methods is crucial in safeguarding user data in the AI-driven world.
The evolution of entertainment is driven by AI, Web3 technology, and the demand for greater data privacy and security. The transformation of television into an interactive experience, the promise of Web3 for transparency and fair content monetization, and the challenges of data privacy all shape the future of the entertainment industry.
As we move forward, it is essential to embrace these technologies while being mindful of data privacy and ethical AI practices. The entertainment industry is on the cusp of a revolution, and only those who adapt to this changing landscape will thrive in the digital age.
This event is supported by Singapore Management University and Moledao.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.