How social media Influencers are driving mass adoption of Web3 in the Creator Economy
What is common between Gary Vaynerchuk, Benjamin Coven, Chris Dixon, and Balaji Srinivasan?
These individuals are some of the well-known names in the Web3 industry who have steadfastly urged and promoted their audience to use decentralized platforms and blockchain-based services. In the same realm, we have an entire ecosystem of the creator economy poised to undergo a major revolution.
Creator economy and Web3 are two fundamentally distinct genres, but it’s the efforts of the creators and influencers that bring the two ecosystems together. The names mentioned above are early adopters helping demystify these new technologies to their fellow creators and encouraging them to create content using Web3 technologies. How successful they will be in their endeavor remains to be seen; however, this blog will focus on the aspects of internet 3.0 that are the potential game-changers for content creators.
Here’s our analysis.
Web3 is more than just a new Internet; it’s an opportunity
Tim O’Reilly may not have anticipated how quickly the term “Web3” would capture the imagination of internet users, particularly those with entrepreneurial mindsets when he coined it in 2007. Although it is a developing technology, it is still in its infancy. Still, there is no denying that it provides what Web2 did not: privacy, security, and decentralization. There is no limit to what can be accomplished or created by leveraging blockchain technology.
The widening web of Web3
In December 2021, crypto influencer Lark Davis tweeted a chart on Twitter predicting that if current trends continue, the number of crypto users will reach 1 billion by 2027. However, cryptocurrencies are just one of the first and many use cases of blockchain. The DLT technology- which is the catalyst to all and sundry in the Web3 space — global market size is worth $69 Billion at a 68% CAGR by 2030!
Experts believe that internet 3.0 can play a significant role in content creation and marketing. Nowadays, almost every individual is a part of the creator’s economy, either as a producer or a consumer. More than 165 million creators have been added to the ever-growing creator economy since the pandemic began, bringing the total to 303 million creators and counting.
How can influencers widen the gambit for Web3?
Web3 influencers can help convey its overwhelming benefits to content creators using social media platforms. Powerful influencers like Gary Vaynerchuk are already working tirelessly to educate people about the ‘new internet,’ its future possibilities, and its usage.
1) NFT Mania
The best bet for Web3 to get mainstreamed is the non-fungible tokens. It’s not just artists like Beeple and Grimes (Elon Musk’s ex) making the non-fungibles famous. Since last year, many global celebrities have also caught on to the current NFT trend. Many global icons from various walks of the industry are leading from the front, including Paris Hilton, Jimmy Fallon, Bella Hadid, Snoop Dog, and Emily Rajatkwoski — the list is only growing.
NFTs also introduce a new monetization model and boost fan engagement for content creators like artists, game developers, musicians, influencers, etc., who can digitize their content and generate a passive income source. Beeple’s famous art piece — every day’s sale, became a symbol of success for many struggling artists who finally understood what getting into Web3 space could do for their careers. When Justin Moniker, also known as 3LAU, sold his first Music NFTs back in 2020, nobody could have realized how quickly the music NFTs would become a trend in just two years. In fact, Lau again sold a collection of 33 NFTs of his 3-year-old album ‘Utltraviloet’ for $12 million in 2021. Since then, Music NFTs have gone mainstream like nobody’s business, with big names like Shawn Mendes, Whitney Housten, Linkin Park, Eminem, and Ringo Starr launching grand Music NFTs projects on social media platforms.
According to recent research, the global NFT market will grow at a CAGR of 23.9% between 2022 and 2028, reaching a market size of USD 19.57 billion by the end of the forecast period.
Many social media influencers use Web2 platforms like YouTube and Twitter to spread the word about Web3. They are not just educating people about the usage; they guide upcoming creators and entrepreneurs on leveraging Web3 for content creation. For instance, Youtubers like EllioTrades educate their audience about NFT space and the latest trends.
It’s also interesting that these social media giants integrate non-fungible tokens into their ecosystems. One example is Twitter’s latest initiative of verified account holders turning their NFTs into profile pictures. Following this announcement, Gwenyth Paltrow, Hollywood’s lead actress, changed her profile pic into a Bored Ache Yacht Club NFT.
Content ownership is one such issue that is the bane of life for many influencers/creators. Celebrity influencers like Kylie Jenner and Lele Pons, famous YouTubers, trademarked their brands at the USPTO (the United States Patent and Trademark Office). However, NFTs work as a counter that creators may use to get the power back into their hands and hold absolute proprietary rights to their work. Now, who wouldn’t want that kind of power?
2) Make money through memes
As the trend continues, many artists and musicians are racing to convert their old work into NFTs. Some even have turned famous memes into digital format and sold them at a hefty price. Remember the famous disaster girl, Zoe Roth, who sold her iconic meme as NFT for $50000 back in May 2021? Since then, many popular memes have sold like hotcakes and continue to do so.
3)Metaverse+Web3 = mass adoption
Let’s look at the rising star ‘Metaverse,’ which is expected to be a more than trillion dollars industry by 2030. The adoption of Web3 on a massive scale becomes even more relevant than before, as most metaverse platforms are blockchain-based ecosystems. Influencers like Logan Theobald, Mat Lorion, Shrersay VR, and Ben Armstrong are playing live Meta games, giving opinions, and sharing advice on how to make money through Metaverse with their millions of followers.
And that’s not all! Metaverse, backed by other fundamental Web3 technologies like blockchain, NFTs, and AI, has given birth to a new breed of virtual influencers, which are instrumental in the mass adoption of these technologies. AI Companies are developing third-generation robots to promote the Metaverse among youngsters. Miquela, a 19-year-old AI robot with millions of followers on Instagram, possesses all the characteristics of a living, thinking human. Famous brands such as Prada, Calvin Klein, Burberry, and others have used her as a marketing tool in ad campaigns. TIME named her the most “influential person on the internet” in 2018. Like any other person, she shares stories about her boyfriends, OOTDs, travels, personal opinions, and so on with her Instagram followers, who call themselves “Miqaliens.”
With great powers comes great responsibility
There is no greater power than being able to influence a mass population to the extent they take action based on the advice or opinion of one particular individual. In this day and age, Social media influencers carry that power or influence. Therefore, it is their responsibility to ensure that they address or forewarn the public of the potential dangers of Web3 technology, such as scams, hacking, crypto laundering, crypto-jacking, rug pulls, ice phishing, etc. Generating awareness becomes even more relevant when it’s raining frauds almost on a daily basis. According to a report, in Q3 of 2022 alone Global crypto market suffered a loss of $428 million due to hacks and scams.
The way forward
The role of Web3 will increase with the growing need for personal branding and content marketing. The Global Web 3.0 Market Size is Expected to Reach $81 Billion by 2030.
According to current statistics, there are currently 196 million new internet users every year, or a 4% yearly growth in the total number of internet users. Although internet 3.0 is now at a turning point, social media influencers can help spread awareness of its numerous benefits to the 4.9 billion active internet users worldwide, who represent 69% of the global population. This crucial integration will also contribute to creating new employment and revenue streams and provide the businesses that are either Web3-based or use it in some way with the necessary boost.
About Spreadd
Spreadd is proud to be a part of this revolutionary movement. We are an automated marketing platform that uses Web3 technology to build a decentralized ecosystem for businesses, influencers, and content creators. That’s not all, either! Our future goals include building a healthy ecosystem with a wide range of options and revenue streams for platform users. Therefore, if you are someone who’s a part of the creator economy, we’d love to hear from you.
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