While Web3 is commonly associated with cryptocurrencies and NFTs, its underlying technologies have the potential to revolutionize the media industry. Key concepts of Web3 include decentralization, blockchain, and token-based economics, which enable distributed data storage across a network of nodes.

This offers greater security, flexibility, and cost savings, as well as the ability to create smart contracts for content access and financial transactions with complete control over identity and ownership of data.

By implementing Web3 technology, the media industry could potentially see a decrease in storage costs for media files to less than 20% of current cloud-based prices, while also benefiting from enhanced security and flexibility.