The creator economy, emerging online trends, and the new crypto-economy provide more opportunities for creators.Various platforms, protocols and digital marketplaces are competing for the attention of users and the creativity they provide. This leads to a high degree of independence, especially among the young digital native Gen Z. The crypto economy is shaping the future of work for the next generation of creator economy participants.
There are now a variety of “earning” models that affect the way users create, consume, play, learn, socialize, and position themselves. While all models have underlying ownership factors that are the well-known driving force behind emerging economies, the main purpose of all models is to help users monetize by converting human input into capital.
play to earn
The business model of game “play and earn” has exploded, which is the first well-known concept of “earning” to shake the crypto economy. Notable games in the crypto space include: Axie Infinity, Alien Worlds, RONIN, Splinterlands Hive, Bomb Crypto, Sunflower Farmers, Upland, DeFi Kingdoms, and more.
Players can “earn” in-game currency or acquire in-game assets by participating in the game, while maintaining ownership of their own in-game assets. Players can “own” and “earn” things of value in the game, such as lands, characters, skins, and in-game currency. It’s more of an economy than a traditional game.
The more players play, the more value the in-game asset or token is used to gain. Monetization opportunities can incentivize players, whether it’s native tokens, existing cryptocurrencies, or NFTs that are being earned. Game developers are discovering a new relationship with gamers for the first time – developers are building partnerships with players because developers need to design designs that will actually make players interested in investing time in the game, making them want to hold A “play and earn” economy where valuable assets are distributed and those assets are distributed in transactions.
Developers can benefit from in-game transactions, token value growth, and even display ads to players. The key factor is attention. As long as players put in a lot of time, developers are able to make a profit while empowering players.
The next “earning” model to make a splash in the new cryptoeconomy is the “money earning” model, which encourages people to monetize their health and physical activity by moving to earn tokens. Users can monetize by participating in sports activities such as jogging, rather than playing games to make money. This project is achieved by collecting data and physical activity with the help of a smart watch or smartphone.
Arguably the first popular game with the concept of motivating movement was Pokèmon Go, which required the user to have to move outside to different places to acquire Pokémon through GPS tracking and augmented reality. Research shows that Pokémon Go makes people walk an average of 2,000 more steps.
Through the crypto economy, users are able to truly monetize their movement. This is somewhat similar to how Pokèmon Go gives users full ownership of Pokémon in the form of NFTs, which they can then trade to earn.
The SweatCoin project, founded in 2018, was one of the first apps to pay users digital currency using their workouts. There are other popular crypto fitness projects that also show a growing interest in earning money by walking, jogging or running. For example, Genopets, players can collect digital pets in the game and gain experience points in the process of moving, which is a necessary condition for further training, fighting and evolving pets. Another well-known project is StepN, where many users shared their success stories, such as earning $357 a day by walking.
Step App is the next upcoming fitness program that is creating a gamified Metaverse for the fitness economy. FitFi and “move2earn” combine the fitness and gaming industries to connect physical experiences with digital experiences in virtual worlds through NFTs and geolocation (including AR for immersion). The Step app will have multiple tokens, including FITFI (a governance token) and KCAL (earned in-game token). Unlike STEPN and Sweat Coin, Step App has also announced plans to develop a software development kit that provides others with tools to build within its Metaverse.
In general, the “money earning” model usually requires an up-front investment, namely the purchase of an NFT sneaker, which is used to track movement and profit potential. Users can also take advantage of the “money earning” model at a lower cost by renting NFT sneakers and sharing profits with other players. More concepts of wellness and gamification are still in development, such as meditating earning or sleeping earning. But at its core, projects are able to collect health data and enable participants to monetize their own data.
The creator economy is continuing to prosper, with an estimated market size of $104.2 billion (as of May 2021). The creator economy includes content creators, curators, bloggers, videographers, vloggers, influencers, and any other type of creation around content that is disseminated directly or indirectly through the platform to the community.
The audience and users of the platform, especially social media users, are growing rapidly, with more than half of the world (58.4%) now using social media, 4.62 billion people using social media, and 424 million new users in the past 12 months alone. User goes online. This gives creators a greater opportunity to reach more people and monetize their content or ideas. However, as Mario Gabriele explained, there have been some less-than-ideal setups on the platform so far, where top creators often don’t get rewards to match.
Game developers contribute to platforms like Roblox by creating virtual experiences for the player community, creators provide content to the entertainment community every day on YouTube, Twitter, Instagram, Facebook, Twitch and TikTok – so many platforms are leveraging the creation of advertisers to attract users’ attention, and can monetize these users’ attention through advertisers. However, creators receive little ad revenue share or profit share, and they are often forced to turn to sponsorships to make ends meet.
The crypto economy is now developing incentives and new opportunities for creators to earn income through creative labor. When researching the “earning” model, one type of content was particularly interesting — word-of-mouth content.That’s because it’s a type of user-generated content (UGC) that’s relevant to brands, mostly product/item recommendations, and gives advertisers an interest in paying directly to the creators who use the content. WOM Protocol has developed a tokenized monetization model that rewards creators for genuine referrals and makes advertisers pay to enter the system. This is achieved through decentralized word-of-mouth marketing campaigns that allow advertisers to discover their brand followers, run campaigns with creator content, or display those testimonials on their website for social recognition. The protocol can be integrated into any website, platform or application and is currently running in the BULLZ application for processing web3 related video.
Other programs that incentivize content creation, such as Audius, where users can upload music tracks, edit playlists, and earn AUDIO tokens to attract attention, even Reddit has announced that it will expand its Community Points crypto token rewards program for participants, So that they can use the tokens in the Reddit app to pay for memberships, tips.
Judging Earning/Evaluation Earning/Voting Earning
When coordinating a larger decentralized network, due to the need for qualitative information, the profit model of judging earning, evaluation earning and voting earning came into being. Judgment tasks can include planning, risk assessment, dispute resolution, evaluation, reputation, and any other subjective task in which people act as judges but collectively can provide relatively objective outputs.
As Stephen McKeon mentioned, “We’re going to see the rise of subjective oracles,” especially smart contracts that will require soft information that can only be conveyed through human judgment.
Emerging project applications including judging earning/evaluation earning/voting earning:
- Decentralized governance or dispute resolution: Aragon, UMA Protocol, Kleros, Bribe.
- Curation: WOM Protocol’s WOM Authenticator App, where viewers can watch and perform a quick QA on content to help filter out valuable products or items, as well as SuperRare and JPG are both working on decentralized curation of NFTs.
- Contribution/Participation Reward: Coordinatinape.
- Subjective evaluation: Upshot, the result of NFT valuation by peer prediction models.
Another well-known monetization opportunity is the “watch to earn” model, which rewards users for their attention, such as Xcad Network, which unlocks more content when users earn enough dedicated tokens, or can also watch ads like Brave. Earn rewards. In addition, Coub announced that it will focus on providing “Watch Earn” rewards to its 105 million users.
learn to earn
The concept of incentivizing people to learn is a new paradigm shift from the traditional education business model, which is mainly “pay-to-learn” and students have to bear the cost of education. However, according to a recent report from LinkedIn Workplace Learning, “46% of L&D leaders say upskilling or reskilling is the area of greatest focus this year” due to new innovations and skills push demand for high-skilled labor.
More and more big companies are offering their courses or training tools for free. Google, for example, has a whole suite of courses available to anyone willing to learn. “Learn digital technology for free — is the catchphrase they use to advertise their courses. Many students are motivated to learn to be more attractive in the job market and to get a paid job. The crypto industry is expanding this concept through a A new ‘learn and earn’ model to motivate learning and make students more ‘in the game’ when they truly have some of the value they provide by learning something new.
Seth Godin once said, “The Internet is the greatest resource for self-learning ever, but few people use it because it has no engine.” The “learn to earn” model will provide this motivation through monetary incentives.
Crypto protocols are willing to directly fund people’s technical learning and entry process because they need talent and a proven product-market fit for users who actually use their protocols. RabbitHole is a project that helps users earn rewards for completing specific tasks of different protocols/projects. By rewarding users for learning new skills, allowing them to gain fractional ownership of the protocol, the protocol also adds value by expanding their network, which is a win-win for both parties. Now, even exchanges and price-tracking services are considering promoting “learning and earning” by partnering with cryptocurrency projects such as Coinmarketcap, Coinbase, KuCoin, and others.
Additionally, Animoca Brands announced plans to add an education business to its multi-billion-dollar NFT and gaming business. Siu said: “As the crypto ecosystem continues to implement new ways of earning rewards, he hopes to boost the teacher economy through a ‘learn to earn’ or ‘teach to earn’ model, where both teachers and students’ time can be exchanged in tokens or cash. Form is rewarded. It also shows his interest in finding a way to reward educators, not just students.
wear and earn
With the rise of the Metaverse and the transition from the physical to the digital world, the $3 trillion global fashion industry will be no exception. Many fashion brands such as Gucci, Ray-Ban, Louis Vuitton, Nike, Adidas and many others have entered the NFT space to launch virtual wearables. Soon, users will be able to take advantage of digital fashion through augmented reality in the virtual world or in real life.
Wearing or using NFTs in these environments is becoming an upcoming monetization model, providing further uses for NFTs. Every time NFT holders “wear” in a virtual world or online game, they are rewarded. This could open up a future where brands will airdrop users virtual currency, or offer upgrades, or new limited editions that users can wear in their skins or digital collectibles.
The combination of digital technology and the crypto economy is reshaping the future of work. It looks like we’re going to see a multi-currency future in the gig economy that empowers people to do a variety of tasks and earn money. Whether someone will still work for just one organization may depend on personal preference, but there are opportunities to take advantage of multiple revenue streams.
We should delve into all the “earning” models and ask the following valid questions:
- Why should these behaviors be financially rewarded?
- Who the hell is paying for the system?
There must be a clear value system in order to have a feasible model.
There needs to be a clear “employer” to have a sustainable model.
Interestingly, the “earn” mode starts with the game environment, and as Chris Dixon writes, “the next big thing starts looking like a toy.”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/metaverse-can-every-one-of-our-daily-actions-be-a-money-making-tool-in-the-future/
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