MANILA - Smart Communications said it has partnered with BlockchainSpace to explore Web3-powered solutions.

The two companies called the deal a major milestone for Web3 adoption in the Philippines.

Web3 is the next generation of the World Wide Web which incorporates concepts like blockchain technology and token economics. It is usually associated with cryptocurrency, metaverse and non-fungible tokens.

Smart and BlockchainSpace announced the partnership in Taguig, Wednesday. Peter Ing, CEO of BlockchainSpace said, “We’re kind of marrying the best of our knowledge base together with a telco that has been working with communities for a few decades already.”

The first project would be the Creator Circle, which is expected to be officially launched next week. This will be their way to further develop the creator economy in the Philippines. Social media influencers, both veterans and rookies, can join the Creator Circle which will give them access to newer technologies aimed at enhancing their reach and their craft.

Dexter Chan, Smart’s Assistant Vice President for Content Business Development, said the goal is,” Maximizing that economy with the creators and their fans using Web3 applications, platforms, and technologies.”

These new processes include a rewards system for fans or followers, monetization for the content creators, and collaboration with other creators not just in the Philippines, but around the world. It’s almost like a management agency, but using Web3 technology. Creators may engage with their fan bases in more unique ways than what is being done now.

“There are certain traits for Web3 solutions that people just are not aware of yet. So we’d like to talk about two things: one is co-creation or co-ownership, and co-monetization,” said Ing.

The two companies are seeing great potential in the Web3 space and the creator economy and they expect more funding to come into this sector in the future.

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