Is Exclusivity Mandatory to Succeed in The Creator Economy?
Exclusivity is multi-faceted and humans desire to have access to something that’s scarce or limited is a major psychological tool that can propel the creator economy forward.
Gad Allon (Director of the Management & Tech program at Wharton) posted about the power of the priority queue, and it got us thinking about the relationship between access, Web3, and the creator economy.
A priority queue is exactly what it sounds like. Essentially people who pay will skip to the front of the line or as Allon says, “[it’s] serving a certain group of customers before another.”
And this is big business.
This summer Disney announced the replacement of its free Fastpass program with a paid version. People must pay $15-$20 per day to skip the line and access the “Lightning Lane.”
Sleek (line-skipping app that lets users pay to skip lines at stores, music festivals, food truck, etc) was recently acquired by Snackpass for an undisclosed amount.
Paying for access is nothing new, but it’s becoming more prevalent in the web3 and creator economy world.
Friends With Benefits is described as a “token-gated Discord Server” by a16z and the “ultimate cultural membership” for the Web3 community and charges 75 $FWB for membership.
It costs over $200,000 to join the Bored Ape Yacht Club, an NFT project that has sold 10,000 digital apes and solidified itself as one of the biggest blue chips in the Web3 world. Steph Curry, Jimmy Fallon, and Post Malone are just a few of the celebrities who have already jumped on board.
Does paying for access attract a “better” person? And will mandatory paywalls be critical to fuel the creator economy and its growth?
Consider checking out Trends.VC twitter thread for some answers. Or keep reading below for our answer!
Billion-dollar industries have been built around exclusivity (uhmm..fashion). Humans are drawn to things they can’t have. But many successful creators are proving that paywalls and velvet ropes aren’t the key to building a successful business.
Andrea Hernandez, founder of the cult-following newsletter Snaxshot, has no advertisements in her newsletter. It’s entirely community-supported; however, it’s not mandatory for readers to contribute. She also gives readers access to her Discord group which is filled with valuable information and consists of members who eagerly share knowledge about products & trends across CPG.
Her community-first method seems to be working. Hernandez did a nostalgic snack drop with Foxtrot and recently went on Access Hollywood to predict the next trends in snacks.
Emily Herrera, Gen-Z investor and founder of Wiress, an investment community & syndicate for Gen-Z women, makes her platform accessible via a simple Airtable signup page. Herrera is 22 years old and already experiencing tremendous success, she was recently interviewed by Business of Fashion, featured on Jason Calacanis’s podcast, and spoke at Lerer Hippeau’s Gen Z VC summit (to which approximately 3,000 people tuned in).
Deana Burke and Natasha Hoskins started the Boys Club, an inclusive dinner series and group chat for women to learn more about crypto. Their debut dinner on November 3rd was packed (check out the Instagram reel here to learn more about the event). Burke and Hoskins also have a Telegram chat that’s totally free to join. The point is “there are zero dollars needed to be a part of Boys Club,” says Burke and Hoskins in their blog post. With the Boys Club vibrant community, it’s no surprise that sponsors and venues are interested in partnering with them.
Final Words of Wisdom
A successful creator provides a unique value & insight that they build a community/following around. From there, they’ll attract others who can bring value, and the money will follow.
