Back in the 2010s, YouTubers had their channels for fun but later transformed their hobby into real jobs. Nowadays, 86% of American teenagers want to become social media influencers.
However, creators work in an underdeveloped system where their original content isn’t fully protected, and platforms charge them unnecessary expenses. Luckily, Web3.0 will regulate this shortage.
As a trusted provider of NFT consulting services, Synapse Research elaborates on Creator Economy in Web3.0.
What is Creator Economy?
Before we jump into the Creator Economy in Web3.0, let’s reexamine the evolution of the Web.
- Web 1.0: Information Economy — The initial internet version was static. Content was mainly produced for informational purposes.
- Web 2.0: Platform Economy — The second version introduced blogs, podcasts, and other interactive platforms, which increased the number of content creators and influencers.
- Web 3.0: Creator Economy — This web generation will introduce a fairer ecosystem for content creators and their audience called Creator Economy.
Creator Economy and Web 3.0
Up until now, influencers have used various platforms such as Facebook, Instagram, and YouTube to connect with their fans. These platforms act as mediators between the creators and the audience, for which they retain an estimated percentage. Yet, the percentage appears higher than what the creator gets. Web 3.0 aims to provide a fair ecosystem for creators through the following methods.
Smart Contracts for Creators
Creators often undergo unpleasant professional experiences like delayed payments for their gigs.
Blockchain technology, the same one used in Web 3.0, ends that era by rewriting owners’ rights. These smart contracts prevent delayed payments because any creator using blockchain technology will get paid immediately as the user downloads the file. Otherwise, they won’t be able to access the file.
Additionally, the content authentication will be more protected from piracy because blockchain technology allows easy tracking and verifying of sources.
Technology emerged for democracy. Web 3.0 is the logical progression of this thinking.
Creators demand greater control over their jobs, and Blockchain technology identifies their proposal as a fair point. This could start a golden age of content production, in which creators are properly compensated, fans are deeply engaged, and creativity is given the respect it deserves.
Platforms will be unable to push content to keep visitors scrolling.
New Revenue Accumulations
In the past, when an artist sold their art for $10,000, a dealer could yield $1 million. In Web 3.0, NFTs or nonfungible tokens will ensure artists always get credit and can set up a royalty of up to 10% for all transactions done over the lifespan of a work.
NFTs prevent piracy because the source of each piece of content can be tracked using blockchain technology. At this rate, digital art can sell for much more than traditional art, and it’s only emerging.
Find the Best NFT Consulting Services
NFTs are the driving force of the Creator Economy. Future and existing creators should keep up with the newest ecosystem and creators’ rights – both of which fall under blockchain technology.
Contact us for a free consultation with one of our Web 3.0 professionals.