Blockchain and decentralized Web3 technologies will be key to a revolution that will shake up the music industry, the financial system and the governments of the world. This was announced by musician and producer Pharrell Williams at the VeeCon NFT conference, says Decrypt.

He said he started studying the concept of NFT a few years ago.

“I’m late to this because I’ve been thinking about technology more than anything. Ideas are great, but without practice it doesn’t really matter,” Williams explained.

The musician was highly interested in the creative potential of NFT and Web3 technologies, including eliminating intermediaries between labels and distribution platforms, as well as new forms of interaction between artists and their fans.

Williams said the explosive growth of the NFT market has naturally attracted various scammers who are trying to make quick money without a long-term vision. However, for artists, NFT has many benefits, such as getting royalties from token sales.

Pharrell Williams is currently working on several Web3 initiatives. Among them is the Digital Assets Gallery, which helps bring traditional art into the digital world.

Another project is the nonprofit Black Ambition program, which aims to support startups of black and Hispanic entrepreneurs for up to $1 million.

Williams believes that the possibilities of blockchain and Web3 go beyond the development of the entertainment industry. Decentralized communities, he says, will oppose governments that can make significant changes in the world, trying to limit or disenfranchise people.

The musician described the current decline in cryptocurrency quotes as temporary, as they are fundamentally different from what “Wall Street is based on.”

“Blockchain and Web3 scare the system, so it responds by creating laws to control the concept. “Those who support these technologies are the most powerful people on the planet,” Williams said.

Recall that in April, rapper Snoop Dogg announced the creation of digital cannabis farms in the form of NFTs.