In the era of Creator Economy 3.0, creators are directly monetized through users; in the era of 4.0, the boundaries between fans and creators are becoming blurred, and the ownership of works will be owned by the community.
1. Where is the next intersection between creator economy and web3? I want to talk about my thoughts in the following series.
2. In general, the world we live in is changing from being a creator who needs to earn income on their own to that they can create wealth with the community.
3. The creator economy is not new, but it is constantly evolving.
I personally think that we are now in the third era of the creator economy, and we are about to usher in the cusp of the fourth era.
4. Creator Economy 1.0: User Generated Content (UGC)
The rise of social media platforms and UGC content has made every Internet user a creator.
Livejournal, a virtual community service that provides writing on the Internet, was established in 1999, MySpace was established in 2003, Facebook was established in 2004, and Twitter was born in 2006.
5. Creator Economy 2.0: The Rise of “Internet Celebrity V”
Some creators attract a large audience, and they monetize mainly through advertising and brand contracts. In 2007, Youtube launched a partner program to allow channels to advertise and make money…
6. Creator Economy 3.0 (Today): Monetize directly through users
Creators seek to become independent companies and are increasing direct monetization methods to gain more independence from social media platforms.
Earn multiple SKU income directly from fans by selling lessons, subscribing, and rewarding.
7. The future:
Creator Economy 4.0: Ownership
The boundaries between fans and creators are becoming blurred, until the author’s work is owned by the community, the nature of the creator has changed significantly, and new incentives will be born.
8. Let’s start with the current creator economy (3.0 era).
- In the past 3 years, YouTube has paid $30 billion to more than 2 million creators
- The cultural influence of creators is surpassing the influence of traditional media. Popular YouTube videos may be viewed by 5 to 9 billion people each; in contrast, NBC has only 4 million viewers during prime time.
9. A large amount of money is used to retain and attract creators: TikTok will pay creators US$2 billion in the next 3 years. Facebook, YouTube, Snap and Pinterest have also launched their own creator funds.
10. So far this year, creator economy startups have attracted $3.7 billion in investment, many of which have provided new monetization tools (Patreon, Cameo, Kajabi, Clubhouse, etc.)
11. The current web2 platform does a good job of promoting creators to create content and attracting audiences, but it is often impossible to realize monetization, and monetization is the third pillar of the creator market fit point (CMF).
12. From a higher level, the web2 platform does not allow creators to have independence and ownership of their content.
13. At present, for creators, the killer function of cryptocurrency is to realize the realization of digital scarcity.
Web3 is providing creators with transformative new ways to monetize and increase the loyalty of their audiences.
14. (a16z partner Chris Dixon) @cdixon wrote that NFT enables creators to capture more areas under the demand curve through fine price stratification.
Through the version, 1/1 and auction mechanism, creators can monetize according to fans’ personal willingness to pay.
15. In my previous tweet below, I describe NFT and social tokens as a “fan pyramid”: enabling creators to make money from diehard fans and new speculators/investors.
This is the key to creating a larger middle class of creators.
16. In the first three quarters of 2021 alone, NFT sales will exceed $13 billion.
17. Some of the notable milestones:
- A single gray pixel by @muratpak was sold at Sotheby’s auction house for $1.3 million
- @justinaversano’s Twin Flames photography NFT series, its sales have exceeded 500 ETH
- The transaction volume of @artblocks_io in August exceeded US$400 million. Ringers #109 sold for US$6.9 million
18. Let us take a moment to quietly appreciate the sky-high prices of these creators’ works unheard of in the web2 world.
Most partner channels on Youtube earn between US$0.30 and US$2.50 per 1,000 views.
And a creator sells 1 NFT for 1 ETH = 4 million views of YouTube videos.
19. What the hell is going on here?
By realizing the work, NFT makes the creator’s work comparable to the artwork, and once again introduces the scarcity that fans desire, so that the creator can benefit.
This is like returning to the art market before the era of unlimited digital copying and zero marginal cost.
20. What is exciting is that many creators choose to keep their income in cryptocurrency instead of cashing in fiat currency. They also enter DeFi, collect the NFTs of other artists, and purchase other crypto assets, starting the flywheel of wealth growth. .
21. All of this is an extension and acceleration of Creator Economy 3.0, that is, creators have become independent enterprises.
It’s too early to draw conclusions, but the monetization function provided by encryption for creators may change lives.
22. Turn our attention to the future. What is the future of the creator economy?
Creator Economy 4.0 is an ownership economy.
23. Using the building blocks provided by encryption, everyone participates in the ownership of the network to which they belong and gets more elite rewards for their efforts.
24. The concept of the ownership economy is that in the future all platforms will be constructed, operated and owned by its users. Imagine that token rewards for using the platform are directly proportional to usage or value drive.
25. This is the transition from independence-creators building their own islands to interdependence between decentralized communities.
26. Creators will build together with their communities, and the boundaries between creators and audiences will tend to blur. We are starting to see this today.
For example: @nounsdao, @PleasrDAO, @lootproject.
Who is the “creator” and who is the “audience”? This distinction is gradually disappearing in relevance.
27. Sharing its value increase through tokens and realizing team efforts will create various incentive mechanisms and reward new types of “creators” who have not been discovered or underestimated before.
28. For example, the musician @imdanielallan allocates the royalties to the token holders who funded his EP production.
29. You can imagine that when ownership is shared, some new money-making roles/jobs will appear.
Most of them are unprecedented/unrewarded in history: curators, evangelists, fan club leaders, meme page administrators, etc.
This is the future direction of work.
30. Importantly, this heralds a change in the nature of creators, from creating static media to cultivating and cultivating communities.
What we think of as the “creator” today is a direct reflection of the game invented by web2; in the new game rules, the success of the creator will look different.
31. The creator has changed from the leader of the group (top-down) to the core contributor of the community (a flat hierarchical system with accountability).
32. Each new successive era of the creator economy is a supplement to the previous era, and the creator economy 4.0 is no exception.
It will not replace the previous era, but cooperate and make money to provide new opportunities to choose.
33. Over time, encryption will achieve good results in helping creators attract audiences and reach new audiences.
Blockchain is similar to newsfeeds that lack an interface.
34. The new social media will not be like people posting content for influence, but more like what you do on the chain (for example, skins in games).
This is a great process for showing and matching creators and audiences.
35. In the next few months, I expect more experiments on content/media DAOs, collectors DAOs, social tokens, decentralized social networks, and other emerging business models. This is an exciting time for the creator economy!
36. In another tweet, I also posted some thoughts on creators and ownership:
37. I also discussed the creator economy, its various stages of development, and the web3 economy with @cooopahtroopa and @jessewldn on the @BanklessHQ podcast.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/founding-partner-of-atelier-cryptocurrency-will-empower-creators-to-evolve-from-3-0-to-4-0/
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