Thanks to blockchain technology, sports stars, celebrities and creators have discovered more powerful ways to monetise their work, build stronger bonds within their communities, as well as gain more autonomy.
Existing Web 2 structures are no longer the optimal choice for content creators
They described a significant imbalance in the amount of content they produced and how much they were getting paid for it. They spent a lot of time and money creating content that can cater to both audiences and algorithms.
Since the fickle features of Web 2 algorithms aren’t publicly accessible, creators have had to gamble for a prominent spot at the top of social feeds. Understanding how to maximise monetary value from content creation is thus impossible, meaning creators’ revenue streams have been unstable. How does one run a successful business in this situation?
Web 2 has given the small groups that create social media algorithms and advertising functionality the power to monopolise these protocols and determine which creators make money, how much they make, and how they make it.
Unfortunately, the way brands interact with social media platforms has also helped to magnify this tyrannical power dynamic. Social media companies generate advertising revenue from brands. On the other hand, brands rely on the popularity of social media influencers to gain exposure. Digital creators are pawns that brands and social media companies exchange. The big corporations win, but the value received by creators falls short.
Thanks to Web 3’s open access, this power hierarchy will be eliminated. Creators take full control of their business. Spencer Dinwiddie, an American professional basketball player, noted that there is a “pressing urgency for creators to be able to monetise directly, without the interference of a third party.” He also believed that it’s time we have new decentralised platforms that provide more efficient avenues for transactions between creators and fans.
Career stability
Content creation on Web 3 is very different, with creators having complete control of how much they charge and under what conditions. This model turns social media into a stable career option, removing the uncertainty that causes anxiety and discourages participation.
However, most fans and creators have yet to comprehend how Web 3 facilitates easier access to content and generates more sustainable revenue than other approaches. Developers now have a golden opportunity to address this gap quickly and permanently shift power away from large corporations.
Correcting wrongs
Web 3 allows us to rectify some of the most egregious wrongs committed by current social platforms. Unfortunately, there have been numerous reports of Web 2 algorithms discriminating against marginalised communities.
Indigenous American activists discovered that their Instagram posts were being censored, while Black creators have filed a lawsuit against YouTube for automatically removing their content. Critics of TikTok have criticised its “filter bubble”-style algorithm, which reportedly promotes videos from the same demographic and has caused many Black creators to abandon the platform.
The direct engagement central to Web 3 platforms allows creators and fans to avoid algorithmic discrimination and make sure that minorities have equal opportunities to define their careers.
Lessons learned
Creators still have fundamental questions about accessing and using Web 3, as they are used to our current web infrastructure’s closed-source, centralised monopoly.
For instance, creators need practical guidance on downloading a crypto wallet and using it to buy and store digital assets. Even tech giants and major brands have yet to fully embrace these tools, making it difficult to obtain such information.
There is no step-by-step manual for social media influencers. Victor Twins, a digital creator, felt that creators were underpaid and lamented the lack of resources to help them learn how to fix the problem.
Many creators were unaware of the numerous ways in which Web 3 could help them advance their careers, including the use of non-fungible tokens (NFTs), which is becoming increasingly important. Influencers, artists, and others appear to be releasing NFT collections daily. Several professional athletes and politicians have converted their salaries to cryptocurrency.
How can such technologies be integrated into businesses? How can one adopt something if they don’t have the right tools or know how to use them?
We believe that Web 3 projects should launch comprehensive educational initiatives that reach diverse communities all over the world. “There is a need for education on current modes of monetisation and the advantages of content creation in Web 3,” Spencer said.
