Monday, October 2, 2023

During a conversation with a Japanese government official from the Web3.0 Policy Office of the Ministry of Economy, Trade, and Industry, Yuga Labs CEO Daniel Alegre discussed the ongoing evolution of Web3 and its implications for licensing and intellectual property (IP). Alegre emphasized that Web3 is still in its early stages and has the potential to introduce revolutionary changes in the realm of IP, transcending national boundaries and overcoming the limitations imposed by traditional IP models.

One notable concept discussed by Alegre is the emergence of “community-based IP.” He illustrated this idea using the example of the Bored Ape Yacht Club, a global community with significant influence. Alegre highlighted that the power of Web3 lies in its ability to connect creators, consumers, and communities, enabling them to collaborate in building brands together. In contrast to conventional media environments, where IP is typically licensed exclusively for specific use cases, Web3 offers a different approach. For instance, when someone purchases a Bored Ape NFT, they receive an unlimited license to utilize that IP as they see fit, whether it’s starting a business, creating merchandise, or engaging in other entrepreneurial activities.

In the context of government regulation, Alegre did not directly address alignment with regulations. Instead, he encouraged regulators to view Web3 as an opportunity for enablement, allowing more individuals to leverage the benefits it brings.

At the Webx conference, other speakers also shared similar views on the potential of Web3 and its decentralized models of business and finance. Evan Auyang of Animoca Brands emphasized the goal of growing the ecosystem collaboratively rather than focusing on dominating it, reflecting a shift from Web2 thinking. Similarly, Ken Deeter from Electric Capital expressed interest in exploring new models, particularly in the realm of decentralized finance (defi), mirroring the transformative perspective on IP shared by Alegre.

The text concludes by raising a question to readers: Is Web3’s positive evolution away from outdated and coercive models of business, law, and finance sufficient, or is there a need for additional regulation? Readers are invited to share their thoughts in the comments section below.

Frequently Asked Questions (FAQs) about Web3.0

What is Web3 and its evolution in licensing?

Web3 refers to the third generation of the internet, emphasizing decentralization and blockchain technology. In terms of licensing, it is still in its early stages, with potential to revolutionize intellectual property (IP) models, transcending national borders, and enabling community-based IP.

What is “community-based IP”?

“Community-based IP” is a new model of intellectual property where creators, consumers, and communities collaborate to build brands together. In contrast to traditional models, it allows unlimited usage rights for IP assets purchased through methods like NFTs, fostering entrepreneurial opportunities.

How does Web3 reshape business and finance?

Web3’s decentralized approach challenges conventional thinking, encouraging collaborative growth in the ecosystem rather than dominance. This perspective fosters innovation in business and finance, particularly with decentralized finance (defi) models gaining interest.

How does Web3 align with government regulations?

Though not directly addressed by the Yuga Labs CEO, the concept of “enablement” is proposed to regulators, suggesting they view Web3 as an opportunity to empower individuals and businesses to leverage its benefits.

What were other speakers’ views at the Webx conference?

Speakers like Evan Auyang and Ken Deeter also supported fresh perspectives, emphasizing collaborative growth and exploring new decentralized models of business, finance, and defi.

More about Web3.0

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