Forbes’ Web3 Exploration

It is not very common for a 105-year-old company to explore the Web3 space and try to issue NFTs, but now for Forbes, the American business news giant, this kind of leaping and trying to new fields has become accustomed.

Speaking at VentureBeat’s Transform 2022 event, Forbes CTO Vadim Supitskiy detailed how Forbes is transforming into digital, including what it took for its early entry into the Metaverse.

Forbes’ web3 exploration

On the internet in the 20th century, nothing changed the way people consume news more than creating a portal to social media.

Forbes was an early practitioner in the media field in the early 20th century. Its website went live in 1996, and the paper publication Forbes followed suit, joining the social media bandwagon around 2005 when the social media portal boomed.

According to reports, Forbes now has an average monthly cross-platform readership of more than 150 million people.

Forbes' Web3 Exploration

It stands to reason that, as a large traditional publisher, Forbes does not need to worry about how to acquire readers, and it only needs to maintain normal business operations. But on the contrary, Forbes is not willing to be limited to the development of traditional media. It is not afraid of new technologies and has taken a big step forward in embracing streaming media.

Forbes launched a new service in 2019 called Forbes8, also known as the “Netflix for Entrepreneurs.” Although the new service didn’t have much utility since then, the service, which was designed to inspire entrepreneurs, became a regular news section of Forbes.

And now, it’s looking at how to keep the core elements of its business in the hottest Metaverse.

Supitskiy said: “We have been trying to reach readers in a number of areas including other traditional media platforms, but also various websites for video and music, and now with the advent of the Web3 era, we are trying to do the same in the Metaverse Because the world is changing, we also want to follow in the footsteps of users and present information in the most convenient and interesting way.”

Forbes’ NFT project

Given the company’s technology-forward mentality and continuous innovation, it has adopted new ways of engaging with readers in order to align with the next generation of the Internet (NFTs, Metaverse, and Web3).

Last year, the first NFT auction took place in the publishing world. The auction, organized by Forbes, which auctioned off its magazine cover as an NFT, sold for $333,333, with the proceeds donated to the Committee to Protect Journalists and the International Women’s Media Foundation.

This year, it went a step further, expanding its presence in the NFT space by selling billionaire NFTs to reach a larger audience.

Each NFT in the series is associated with a fictitious stock market portfolio. Every day, based on real NYSE market performance, the ranking of Forbes NFT roles held by users rises or falls like the ever-changing Forbes list.

“We have a very large and engaged audience in Web3, blockchain, and other crypto spaces, and it’s very important for us to get that audience involved with the Forbes list,” Supitskiy said. Speaking of, we want to continue building in that space, we want to bring more utility to our users, we want to engage our users in Web3 and the Metaverse and really create the environment for that. Of course, we’re still in the early stages stage, but we will do more and more of this.”

Web3 needs easier accessibility

One of the negative voices about Web3, Metaverse, and NFTs is that they lack accessibility.

Experts say these technologies will eventually drive the democratization of the digital world and information, but for now, it may be costly for ordinary people to start dabbling in these emerging fields and technologies. As the entrance to the Metaverse, even if the price of NFT is low, not everyone can easily obtain it.

Supitskiy said that while many Forbes readers are financially well-off, perhaps executives or business founders, the accessibility of these emerging technologies is still critical for companies to make Web3 and the Metaverse accessible to more general readers. key consideration.

He said: “I want to make sure that our industry itself makes this emerging space accessible. Obviously, at this stage, it is not so easy for everyone to enter this emerging space. You have to create a wallet, buy encryption software, in order to Join the marketplace, but also buy NFTs or enter any of the Metaverse platforms. While waiting for this step to become convenient and smooth, we will continue to play a role in this area to attract the attention of other users.”

Popular science Web3 is the goal of Forbes

A Transform reader asked Supitskiy what Forbes is doing, from a social responsibility perspective, to help marginalized communities understand these new technologies and level the playing field?

Supitskiy said that Forbes has a team of journalists dedicated to reporting stories about Web3, NFTs, blockchain and other crypto spaces, as well as ways to share how these innovations continue to impact different communities now and in the future.

Forbes’ goal is to educate the masses about the technology as a whole and how it will affect society.

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