🎧Creator

How DEW benefits content creators

Creators are raking in money on Web3. Paris Hilton has launched an NFT collection and Reese Witherspoon advocates digital identity. They're launching NFTs and mining money by the millions. Web3 experts say social tokens will be much more valuable to independent creators.

This is the usual story we hear from Web3 advocates in the content creation market. But will the process of making money be as simple and great in Web3?

How will creators make money on Web3?

There is a concept of true fans. Kevin Kelly, founder of 'Wired' magazine, coined the concept '1000 true fans' over a decade ago and explained that creators should work to build a community of true fans who will buy everything they make for $100 a year, a total annual revenue. of $100,000. This concept of 'true fans' has captured Web3. In recent months, as artists became more aware of the possibilities of Web3, we noticed an increase in the number of them experimenting with creative methods of monetization.

Mainstream creators are increasingly using fungible tokens (NFTs) to monetize their material, as they enable a host of new use cases. NFTs also come with status, scarcity and a sense of community. Fans can purchase tokens that allow artists to not rely solely on money earned from Web2 platforms (e.g., YouTube ads); and creators, through the token, grant ownership to fans by sharing with them the benefits of their content.

In addition, content creators can use fungible tokens, also called social tokens, and build projects and give incentives to their audience to participate and make direct investments in the projects. With fungible tokens as shares, fans will be able to work and get tokens in return, allowing them to redeem profits in the project's virtual economy or sell them for USD later on if the initiative is successful.

The whole purpose of Web3 is to break the monopoly of the big platforms that content creators depend on and build the whole monetization process from scratch. In Web3, the creators are the owners of the project and the audience is the direct consumer.

There have been some developments in the segment as some platforms are coming soon to build the community for creators.

In 2021, Carlos Gomes, founder of Forefront, a community that raised $2.1 million to build the "Port of Entry" to Web3 Social Clubs and Digital Cities. The company wants to help 2.0 creators find communities that share their beliefs and support these groups to do amazing things.

This idea from Web3 for Creators 2.0 sounds like a great idea. It's about giving power directly into the hands of creators. But is it really that easy?

Web2 for all, Web3 for the few.

There are a plethora of creators, possibly millions, who use platforms like YouTube, Spotify, Facebook, TikTok and many more to create content and get paid directly from them.

Of all the content creators, only a minority have been able to successfully build a direct audience base.

Existing Web2 platforms provide direct access to billions of audiences from day 1, which is currently not available through the Web3 route. The platforms created on Web2 give new creators the opportunity to build and expand the audience base while providing monetary support, which is one of the primary motivations for them.

The concept of monetizing content directly from fans is not new. It has existed in Web2 for several years. Many creators have created their own platforms and asked users to subscribe to content "behind the paywall." Those quality content creators are being paid directly by users and that is happening on Web2 as well.

While the introduction of social tokens into the world of content creators is interesting in terms of empowerment and platform for meaningful exchanges, it also raises a number of concerns about whether this system would lead to everything being commoditized.

There is a barrier of exclusivity with Web3, which will definitely bring some opportunities for a few, but it's definitely not going to generate all content monetization for everyone.

(Retrieved from https://www.ultcube88.com/es/will-web3-change-the-monetisation-game-for-content-creators/ SEP 5, 2022)