Popular musician Pharrell Williams feels that the music industry is about to undergo a transformation. This is in regards to blockchain and decentralized Web3 technologies playing a crucial role.
Williams spoke about his introduction to NFTs and how he sees the underlying technology empowering social development. This happened during an onstage conversation with entrepreneur and event founder Gary Vaynerchuk at VeeCon.
Pharrell Williams on NFTs – Better late than never
Williams mentioned that he began testing the concept of NFTs a few years ago. Not to mention that he was “late to it”. Vaynerchuk responded with a facial expression implying that Williams’ take was incorrect. Actually, he was early to NFTs, given that the market only began in 2021. This triggered laughter from viewers.
“When I say I’m late, it’s because I thought about it more than I did anything about it,” Williams explained.
“And thoughts are awesome because thoughts are things, right? But it doesn’t really matter until you do something about it.”
Web3 will shake up entertainment
The stakes in the blockchain and Web3 space, according to Williams, are much higher than simply radically altering technology and entertainment. He believes that decentralized communities and producers will be able to make a substantial difference in the world by opposing governments that want to limit or eliminate human rights.
He mentioned the recent market downturn, which sent crypto and NFT prices plummeting—a stark contrast to VeeCon’s “summer camp” vibe—but said it was simply a temporary dip as the underlying technology continues to gain traction.
“Blockchain and Web3—it’s unlocking something that is scaring the system,” he said.
Williams also pointed out that the quick growth of the NFT market has some drawbacks, especially for people who are just interested in making money in the short term.