Development of Web3 and Creator economy
In this video I answer the common questions about the development of Web3 and the creator economy.
The development of Web3 and creator economy
It’s a really broad question. But to answer it really briefly, I believe that the main purpose of Web3 is actually enabling a decentralized creator economy. Creator economy development started way before Web3. It started with the creative industries which were already present for many years, for a thousand years. It’s just only now that these industries are becoming so wildly popular and so, so big, and account for a significant part of the global economy.
When we introduce a decentralized creator economy, it will even accelerate the growth of creative industries even more and basically allow creators to be rewarded much more efficiently and much more fairly. I think in terms of Web3, we are getting closer and closer to the point where most people who are working in the Web3 industry will be focused on how to accelerate adoption beyond crypto, and how to bring in new people, and how to solve real problems of real people with Web3 technologies.
What Web3 will look like in 5 years?
I believe that in five years, many web applications will already be using Web3 under the hood, and some people will not even notice. I’m pretty sure that at that time, we will already have had a breakthrough in some industries. Maybe we will have music services done on Web3, on the protocol, and all the data and all the assets will be owned by people. What is also important is I think we will notice and we will witness the creation of global governance bodies, which will govern the whole Web3 industry.
What is the future of the creator economy?
I think the future of the creator economy is crowdsourcing and peer review, because at that point, we have a decentralized system for the creator economy, and more and more decisions can be done peer to peer based on review of assets and review of work of other creators within your industry. Basically, this is what we’re trying to achieve with our Collective Intelligence Protocol. It’s how to elevate assets based on peer to peer review without creating these centralized bottlenecks for redistribution of capital. Once these peer fully-decentralized review systems are enabled, the capital will flow much more efficiently into the hands of creators, to let them have a resource to realize their potential.
How can creative industries benefit from blockchain?
First of all, the tokenization of assets. Any intangible assets can be put into NFT, which effectively makes it more liquid. When you apply F-NFT, it makes it even more liquid. When you apply the five protocols on top of it, it also increases liquidity of this asset. Basically, all these assets which right now are under utilized will become much more liquid. People will be able to commercialize these assets much more efficiently.
Another point is transparency and openness. With Web3, all these creative industries will become much more accessible for general people and much more transparent. We will know why this specific work is popular, or why this specific work is considered high value or high impact in a specific industry.
How is the world shifting to a creator-centric model?
You can already notice that the most influential people in the world are also influential on social media, and they are also influential on the internet, and some are influential because of the work they create. This is already a sign of the shifting of the whole economy. Now, it’s not that easy to get access to capital and get access to resources. In the future, it will be much easier for creators. That’s why they will be able to aim for much higher goals and for much higher ambitions.
