Bet on Your Community
Whoever you are, whatever you do, and whoever you do it with, web3 will have an impact on you. Web3 is showing consumers what’s possible, opening up many new opportunities for businesses and creators, and rattling the cages for many more.
Who will win on this new frontier?
The people who bet on their communities.
And I’m not just talking about chatting to your Discord community more often or engaging in your Instagram comments section more frequently. No no. Much more than that.
This is about delivering real value. Things you might not want to deliver at first. Things your community would be overjoyed to receive from you.
Share the Value
With web3 technologies, we can tokenize pretty much anything. Tokenization is so important because it allows us to seamlessly distribute value to people who support our endeavours.
In web2, many people claimed to be delivering “value” to their audience and communities through content. Although this is true in some cases, it’s often just marketing jargon. The term “value” has become shallow and hollow.
In web3, you’ll have no choice but to make “value” real again and share your rewards with the people who helped you get there. Businesses and creators who take this opportunity and value long-term community over short-term profit maximization will leave everyone else in the dust.
Those that ignore this web3 revolution for too long, won’t live to fight another day.
The landscape of business and entertainment will become much more consumer centric, rewarding people for their involvement and consumption, while decentralizing wealth across the world.
Let’s get Practical
Every creator and every company says they care about their community but that’s rarely true. Blockchain and web3 have brought about a new age of transparency and accountability that nobody can escape. If you really care about your community, people will know. It will be verifiable on chain.
What does this look like in practice though?
Well it depends on who you are, what you do, and who you do it with. I’m going to use the creator economy and musicians as examples here.
Creators have a staggering opportunity to engage with their audience in ways they’ve never been able to do before thanks to web3 technologies. We now have the technology to seamlessly share the pie with more people, making it a much more inclusive and rewarding creator economy.
Let’s say you’re a musician. You’ve just released your new EP and your existing audience is super hyped. They all start streaming and sharing your music like crazy. This helps you grow your brand and reach your goals faster. If only there were a way to thank your audience for this.
To reward your audience, you could set aside a portion of ownership rights in your EP as exclusive NFTs and award them to your top streamers at the end of the year. This would allow your biggest fans to share in your financial success. Perhaps the people who shared your music the most throughout the year could receive 2 VIP tickets to your next show with flights included.
Imagine how cool that would be as a music fan? Your favorite artist releases music that you absolutely love. You can’t get enough of it and stream it everyday. At the end of the year, the artist rewards you for being such a loyal fan. If it were me, I’d be over the moon.
How is this done?
Smart contracts, digital wallets, and oracle networks will power this process and make it seamless for creators and consumers. In the case of the music scenario mentioned above, your listeners would simply connect their digital wallet to a streaming platform when they log in to listen to music. The data would be stored against their public key and be logged as irrefutable records. That way, artists can know for sure who their biggest fans are (versus the people who are the loudest).
Although this technology isn’t quite there yet, it’s not far off. We have all the building blocks already. Audius, one of the biggest web3 streaming platforms, does a lot of this already and Spotify has already entered the web3 space. I expect plenty more businesses to follow suit.
In the meantime, there are already plenty of tools for creators to verify their biggest fans and ways for them to be rewarded. By using platforms like Crew3 and distributing pieces of your work as NFTs, you already have the basic lego pieces to start rewarding your community for their support and dedicated. The sooner you start, the quicker your audience will realize that you actually care about them and you’re willing to put your money where your mouth is. In return, they’ll reward you for it.
Those that share the most with their community will find the most success.
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