Blockchain technology has the potential to boost GDP by US$1.76 trillion over the next decade ( PWC report). In the past few years, there has been a lot of buzz about Web3 and how it can impact the future of business. However, the application of Web 3 in practical use cases have yet to be well defined given that the technology adoption is still in its infancy.
One of the most important use cases we have seen is in the creator economy.
But what Web3 means for content creation?
Web3 is a decentralized Internet in which content creators hold more individual power over their content. The biggest problem of Web2 is that the ownership of the web’s biggest platforms is still limited to a few giant players like Google and Meta. That’s why Web3s core features, from the blockchain to NFTs, are all about decentralizing that ownership.
Content creators no longer have to rely on centralized platforms anymore to monetize their content. When compared with centralized platforms, Web3 can provide a sustainable and reliable alternative to monetizing content.
Let’s dig in and explore Web3 use cases
Web3 Games and Streamers
Web3 games bring opportunities and experiences that gamers and streamers did not have before. Streamers and their fans can now enjoy blockchain games (Play-to-Earn) that can facilitate monetization opportunities to both of them.
Understanding this, gamers are increasingly switching to Metaverse Play-to-Earn projects to generate significant profits just by playing and having fun. To learn more about Play-to-Earn projects, read this post.
Metaverse & NFTs
Content creators can now build a digital home for their fans interacting with them in metaverses and tokenize their content using NFTs. NFTs provide many new opportunities to content creators helping prove their ownership of the content they create (new digital identity) and empower their economies.
According to Yat Siu, co-founder and chairman of Animoca Brands, collaborative narrative forms, like fan fiction and YouTube videos, became quite popular with the development of Web2. “But, what was missing was an efficient way to share collaborative efforts for recognition and economic benefit in a scalable and equitable manner. And Web3 can help to change that.
New Engagement Opportunities
Content creators and brands can now provide their dedicated fans and consumers with a clear and equitable value exchange and in turn — get more loyalty and trust. Community members can earn tokens and rewards participating in the content creation or brands’ development processes. Content creators can use social tokens as a new form of patronage.
The value proposition of NFTs is verifiable ownership for content creators. NFT provides authenticity of origin, ownership and uniqueness. Now artists, musicians, writers, streamers, and even bloggers can sell their work directly to their audience without a middleman. Web3 puts creators in control of their content and we have already witnessed some creators and projects with their record-smashing NFT sales.
An NFT by the artist Beeple sold at Christie’s for over $60 million, making it the most expensive NFT ever sold at auction.
Remember CryptoKitties — NFTs from 2017? About $7.27 million worth of CryptoKitties NFTs were transacted over a 24-hour period.
Web3 has already started changing our lives as it is transfering the ownership and power of content directly to the original creators. But there is still a lot of work to be done to adopt blockchain, crypto and NFT technology.
Can mass adoption be a reality for Web3 in 2023?
Join us at GUMMYS we aim to make this a reality in 2023 with the fastest growing Web3 project for the creator economy.