We're seeing a shift in the way creators can monetize their content using Web3 tools. This article describes my view and examples of how Web3 could be a better solution for creators to monetize their work and move away from the current Web2 model.
Web3 can be a better model for creators to capture the value they create. It allows creators to truly own their content and their audience without the interference of a centralized authority like we see in Web2.
An interesting development we are seeing is social tokens that creators can easily launch using many platforms. By launching their own social token, they allow their followers to invest in the future success of their desired creator. I believe this is good because the relationship between the creator and their followers suddenly becomes more transparent and both become more engaged.
The follower becomes more involved in the creator's process and also feels the need to talk about it, knowing that the more successful the creator becomes, the more followers he has, the more benefit can be drawn from his followers, which comes from the token's potential increase in value.
For example, a creator might start producing content about creating DAOs based on the values they believe in. The followers are people who probably also believe in DAOs and/or want to learn more about how to create DAOs in the way the creator is instructing. You can say that the creator shares similar values with its most engaged followers, especially those who are financially engaged. They organize around one central idea - the idea of creating DAOs in a certain way.
When a group of people (even a small one) organize around an idea and share similar values, we have a community. With financial participation and mutual benefit from the growth of the creator, I think it's also easier to build and sustain a community.
Once the community is formed around the creator, followers suddenly become members (who wants to be a follower anyway?). In the future, as the creator and community grow, perhaps these members will also become contributors, helping the creator not only with financial investment but also with their time. Imagine being rewarded for helping your favorite creator spread his word and values. Cool, right?
What happens to the creator? With the community formed around his ideas and values, he suddenly becomes a leader. A community, in the end, and in the beginning, is a group of people organized around a common idea and common values. The ideas and values are formed by the creator in the beginning. He started a movement and gathered people around that movement.
A very good example is Mirror.xyz, a Web3 publishing platform that recently introduced an option for creators to mint their written word as NFTs. This is indeed a change in the way authors can monetize their own work. An NFT on Mirror.xyz was actually the first NFT I bought (it gets addictive, believe me).
You may be wondering, why would I buy an article as an NFT. I have 3 arguments so far:
Another brilliant case is Rehash: A Web3 Podcast, the first podcast DAO. In the beginning, they used the Mirror platform to crowdfund their podcast. They created a DAO around their investors. Now people can join the DAO by buying a podcast episode as NFTs, which is again not only an artwork but has real utilities for the owners. The holders receive governance rights within the community, such as nominating podcast guests or voting on guests. If you can’t afford to buy their NFT, there is also the option to earn it by working for the DAO.
In Web3, suddenly it's not just about the creator itself, but a completely different model of how creators can potentially achieve financial stability by relying not just on advertising models as in Web2, but on direct community support.
We need to mention that right now, stable income coming directly from supporters is probably only feasible for creators who already have a large following and are able to monetize their reach. For creators just starting out, there are still challenges in how to find their momentum, and Web3 tools do not offer a magic wand for creator success.
However, it's an effort to give more power back to creators, just like we want to do at Qvrse, to help diverse creators and leaders make a bigger impact with their work.