Forbes just announced a new partnership with the Web3 technology platform Magic. The first initiative from the collaboration will oversee the release of the Forbes ‘Connect Wallet,’ a digital wallet that lets users store and manage cryptocurrencies, as well as grants access to premium content from thought-leaders, and other rewards.
Forbes will use the wallet, which serves as a sort of digital key, to offer exclusive content about Web3 to its readers. This content could include interviews with experts in the industry, Web3 news, and in-depth analysis of Web3 and blockchain-based projects.
In a win for authors, Forbes’ content creators will be able to monetize their work by receiving payments in cryptocurrency through the wallet. Forbes is also experimenting with blockchain technology to give more control to content creators, potentially using Web3 tech to secure copyright protection and verify ownership over work. Furthermore, the Connect Wallet will reward readers with crypto, creating a gamification and rewards system for top fans of the publication.
The rewards are aimed at encouraging readers to engage more with Forbes’ content as the company seeks to build a Web3 community around its publication. The move from Forbes is one of the most significant integrations of Web3 tech that we’ve seen from a traditional media company.
In an industry that’s been suffering since the rise of the internet and independent media, the pivot from Forbes could help protect authors and bring in additional revenue streams. If it’s successful, we’ll likely see more legacy media companies follow in their footsteps.
