Web3 is changing the world, how will the creator economy be innovated?


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The next wave of decentralization will be Youtube, Spotify and Facebook, and now is the best time to become part of the creator economy.

Original Title: “Break Ownership, Maker Economy’s Web3.0 Journey”
Written by: Daniel
Compilation: ChinaDeFi

The creators have been closed for several years, and we let the monopoly hurt them.

Web 3.0 transformation

We are in the third stage of the Internet. Many Web 3.0 skeptics believe that decentralization will not change anything. I disagree.

Coinbase CEO Brian Armstrong believes that Web 3.0 is nothing new. He said that we are re-decentralizing the Internet. In other words, what was the Internet like in the beginning and why?

He said that we need to “test the power of large technology companies,” also because many countries are excluded from the economic prosperity of creators. Ask a creator like Chinedu, my friend in Africa. It is difficult for them to make money through PayPal and Stripe. However, people like me always take this for granted. The luck of your birthplace should not affect whether you can join the creator economy and make a living from it.

Creativity is not restricted by the country of origin. Web 2.0 makes us think it is.

“Conversion rate” explains the exploitation of creators

Social media platforms like Twitter, Instagram and such have a 100% conversion rate—they don’t share any revenue with creators at all! This is good for them, but bad for users. –Chris Dixon

Before CEO Jack Dorsey saw the power of Web 3.0, Twitter had never shared revenue with its creator, and now he is set sail again. He publicly announced that he will decentralize Twitter and turn it into a Web 3.0 product. In addition, Twitter has just launched a “super follow” feature that allows creators to make money from content.

In addition, there is a new comment communication feature that allows creators to charge for paid communication. This is not all. The best features have been introduced recently. Twitter has now opened cryptocurrency services. You can use Bitcoin to transfer money on Twitter. For example, if you ever tried to send money from the United States to El Salvador, this is the new rule of the game. Twitter proved that the migration to Web 3.0 will happen 100%, albeit slowly.

However, Facebook, Instagram and TikTok have not yet understood this shift. They allow content creators to work hard. The creator has a follower and gets an algorithm-controlled view that can decide whether to like your hoodie color tomorrow. They use this content to attract consumers and show them advertisements. This $0 advertising revenue will be shared with creators. Please read it again.

When content platforms first appeared, we were just happy to be able to use them without spending a penny. Now we are used to it. Our standards have changed. Creators hope to share the benefits of our content to the platform fairly. This is reasonable. However, unless Zuckerberg is forced to sell ads and share the income instead of buying another house, the change will not happen.

If creators no longer provide content for free, what will happen to platforms like TikTok? Please imagine.

Platform ownership is broken

How is Web 3.0 different? Ownership. Creators want to own the platforms they create and have voting rights. When platforms make money, they also make money.

Form a content review policy through voting rights. It is done through blockchain consensus and the mandatory trust of thousands of computers around the world.

Web 3.0 is different. The function is determined by the user through a democratic process. If a group of users don’t like it, they will create a fork. Forking refers to running two versions of the same platform with different characteristics.

When ownership is fixed and transparent, the motivation will change. Ownership leads to user democracy, rather than a dictatorship philosophy similar to web 2.0.

Smart contracts contributed to this revolution

  • At the beginning of the 21st century: Make a website.

  • 2010s: Development of applications.

  • 1920s: Deploy smart contracts.

Many people misunderstand the role of Ethereum in the new creator economy. Ethereum allows machines instead of humans to execute smart contracts.

Entrepreneur Mike Novogratz explained: “Blockchain will allow information that shouldn’t be free, not free.”

The Web 2.0 version of the Internet we use is not built for content ownership. If you want, you can take any video from the tubing.

Smart contracts change this. The smart contract tells everyone who is the owner of the content. The creativity of NFT is to transform your content into portable digital assets so that you can publish it anywhere on the Internet.

According to expert Eric Jorgenson, the current era of web 3.0 is only due to the following three differences:

  • Web1 = free release

  • Web2 = free communication

  • Web3 = free trading

More ways to make money

Now that Web 3.0 solves the content ownership problem and makes our digital assets portable, as creators, we can find more ways to make money.

Mike Novogratz stated that we will “see the transition from businessman to creativity.” Creators will have a way to monetize their creativity. Not only artistic creativity, but also all kinds of creativity.

He even said that we will wear NFT on our t-shirts, and only when we wear AR/VR glasses can others see it.

You can share funds with multiple parties. You can transfer content from one platform to another according to which platform is better. Creators from all over the world will be able to collaborate and come up with crazy ways to make money from our work.

Creators will accelerate the development of Web 3.0, because we just want to be paid so that we can engage in creation full-time. Once content capturers release us, more ways to make money will drown our creative brains.

Web 3.0 changed every major industry

  • ETH: Decentralized Silicon Valley

  • DeFi: Decentralized Wall Street

  • NFT: Decentralized Hollywood

This shift is not unique to the creator economy. All industries will slowly change. Web 3.0 was originally aimed at finance, and later became an industry with more than 2 trillion US dollars. This shift has moved to the creator economy. For example, platforms such as Bitclout have issued coins to allow creators to become their users so that they can invest in stocks.

The next wave of decentralization will be Youtube, Spotify and Facebook. Now is the best time to become part of the creator’s economy. Observe the transitions that take place in front of your own eyes and port any content type you like to Web 3.0. This is how to use this great opportunity as a creator.

Source link: medium.com

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