Why Web3 is the Future of the Creator Economy
Since forever, the creative industry is known for unfair creator remuneration.
Today, society might have the answer to revolutionize the Creator Economy: the Web3.
⇒ Only if you wonder what is the Web3 we are talking about:
Web3 is a new technology, as the creation of the internet was a new technology or the development of mobile apps. It is based on the blockchain concept: a network of decentralized computers recording transactions on a “chain” of blocks. Each block is linked to the previous one. This makes all transactions very secure because every block is checking and recording the information of the previous one. This could seam heavy but it’s actually very very fast, almost instantaneous!
How is Web3 opening a huge box of benefits for all the creators?
- Reinvent the way value is created
The economy tries to make us think the consumer is king. Everyone is always looking for ideas to satisfy the client. And what’s resulting? This mindset break creativity. Everyone is working hard to do the same thing, copying what’s working, as if they were infinitely testing ingredients in order to reproduce a magic recipe… because they are asked to! Artists can’t present their own ideas or their whole work, intermediaries (salesman, channels, …) are always selecting the bankable pieces of their work.
What if artists could free themselves from this system? Creativity would explode!
For centuries, artists are forced to need specialized companies to diffuse and sell their work. Before the internet, those specialized companies were galleries and bookshops. Today on the internet, in addition, we have companies such as Amazon and Netflix. Those companies have the monopoly of the skills and the hardware to find buyers.
In this system of intermediaries, only a bit of the revenues goes to the creator of the work. Actually, around 6% of the value produced by the creator goes back to them.
What if creators could recover the value?
You already know what I am hinting at: web3 allows us to reinvent the way value is created, it can enhance creativity and finally offer respectful remuneration to the creators.
- Intensify interactions with the community
Web3 can start a new area, a golden age, where the creators have the power to reach out to their fans and monetize their content by themselves.
As often, new technologies are about democratization. Indeed, it’s not just about freeing the existing creators, it’s about permitting new talents to grow and even more boosting Creativity.
Anyone will be able to start creating, to share their work and monetizing it fairly. Actually, Web3 will allow much intense interactions between the artist and the community. It is also an incredible way to reward both creators and followers.
- Half of the creators make less than $1000 yearly: they need a new respectful remuneration
According to Linktree, 46% of full-time creators earn less than $1,000 a year!
Creators will be able to earn more thanks to the blockchain technology. Moreover, every transaction will be very fast! No more waiting periods, everything will be instantly paid.
You can imagine the Blockchain as a big account book where every transaction is registered. Therefore it permits tracking ofall the transactions, enhances security and sets the share of royalties in a very accurate way.
- Real protection for the intellectual property
Web3 is indeed very secure because everything is recorded, everything is traceable.
Blockchain technology will really reduce piracy and stealing, as the ownership is registered all the time on every block. Everybody will always be able to track the provenance of the work and who the owner is.
It constantly proves the ownership of the content without any contracts signed with companies thanks to Smart Contracts (cf the article of Quentin Nivelais, Head of Crypto at Frak). The content itself will have ownership embedded within its code.
So, Web3 will generate very secure ecosystems to share content with communities of real supporters.
- Full transparency
The security is also based on transparency. Blockchain is like a giant account book that everyone can check! Every transaction related to a content can be traced back so cheating becomes very difficult.
Conclusion
Thanks to Blockchain technologies, creators will have control of their creativity, of their data, and of their ownership. They will earn additional revenues and have new opportunities to broadcast their work.
Web3 can revolutionize the creative industry for both creators and audiences. It stimulates authentic creativity and allows the creation of a new system where the creators are finally winning :)
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