Web3 and decentralization covers a wide range of topics including crypto, NFT, metaverse, augmented reality, virtual reality, publishing, multimedia, DAOs, token-gated communities, and much more. However, in order to help bridge existing pro wrestling companies from their current marketing efforts to web3 platforms on a consistent basis the promotions are likely to adopt decentralized social media platforms first (if at all).
This is because they already are sold on the power of centralized (web 2.0) social media like Facebook, X, Instagram, and a handful of others. However, the wrestling companies are not yet aware of - or possibly won't embrace - these core tenets of web3:
- Getting rewarded by the community for posting and interacting with the community's members. They are used to the YouTube model of posting video content and getting a % of the ad revenue in a "set and forget" approach.
- Fans have ownership to some degree, such as each fan owning his/her own profile & content. Therefore, it is difficult for the wrestling promotion to contact the decentralized platform to censor or otherwise remove a user's negative comments about a company & its products/talent.
- Transparency. Very few wrestling companies will post publicly their revenues gained from something like a YouTube channel. One would have to dig deep into WWE's balance sheet when it still was a publicly-traded company in order to have even a ballpark figure as to how much the company made from YouTube ads at the time. Now that the company is part of TKO, and privately held, those numbers are unknown.
- Ability to leverage its fans to increase enough activity to warrant the creation of a digital token/currency, used for exclusive benefits within its decentralized/web3 marketing plan.
In addition to channels on HIVE like , which works with former wrestlers in its card game and using web3 strategies, very few in the pro wrestling industry understand or implement web3 methods on a consistent basis. This is despite the worldwide popularity of the sport.
Web3 social media covers a range of topics within the niche including posting, image sharing, video sharing, engagement with fans, and online community creation. Going back to ECW's early days (1992-1994, when still "Eastern Championship Wrestling") the old Usenet online bulletin board group rec.sport.pro-wrestling (aka "RSPW") helped spread the word about ECW across the world. This was an effort started by the fans, and indirectly supported by the company, to grow the "bingo hall" promotion into what it became just a few short years later. Those fans, many of whom later started fan-owned ECW-related and pro wrestling-related websites once web browsers became more widely adopted, became the early pioneers of what now is known as the Internet Wrestling Community ("IWC").
Do any of you have good information as to which pro wrestling companies are likely to adopt web3 social media to a degree nearly a similar degree as they use web 2.0 social media. This can include HIVE (of course!) and other platforms like InLeo, Farcaster, Mastodon, Pixelfeed (for images), 3speak & other decentralized video sharing (3speak, Odysee, etc.). Do you see a major company adopting these platforms first, or do you foresee a smaller upstart company - like ECW did in the early-mid 1990's - be the first to embrace these platforms in order to give itself a competitive edge with fans who are open to future web3/wrestling opportunities?
Thank you for your thoughts on this.