The last few years have seen a huge boom in the creator economy, with more and more people using the Internet or turning to gig work to earn a living.
You could say it feels like a golden age for creators.
Why?
Because it gives them amazing opportunities to make money from their skills and wildest ideas.
For example, event organizers have become key players in this new economy by creating real-world experiences (RWEs) fueled by crypto culture and Web3. This helps them to not only make a profit but also bring artists and their fans together.
Artists are also jumping on the bandwagon, using the technology to grow income, build communities, and connect more deeply with their fans.
So, how lucrative is Web3 for the creator economy, and why should organizers and artists consider tapping into its potential? Let’s look at some of the facts and figures.
Web3 for the Creator Economy
The global Web3 market size, estimated at US$3.2 billion in 2021, is expected to skyrocket to US$81.5 billion by 2030. With such a big pie up for grabs, it’s a no-brainer for artists and organizers to leverage the technology.
After all, the technology does promise to boost innovation, foster collaboration, and prioritize individuality and self-expression.
But how, exactly?
The Dawn of Tokenized RWEs
Tokenizing of RWEs empowers true fans to champion organizers’ intellectual properties (IPs). In return, these fans receive various perks, such as access to one-of-a-kind experiences or a feedback loop that potentially influences events or artists' performances.
With a network of over 50 independent brands and creators, All Access Anonymous (AAA) is a platform that wants to revolutionize the relationship between event IP owners and their attendees.
One of AAA’s partners, It’s the Ship, embodies this mission to a Tee. The music festival excels at hyping up potential attendees and instilling FOMO by teasing interactive artist experiences, private shows and exclusive, invite-only parties.
By integrating 888 unique duck totems to access these benefits, the festival ensures a money can’t buy experience, rewarding loyal fans – or 'shipmates' - for participation in its community.
Now that sounds like a win-win, right? Well, there’s more.
How Totems and Gamification Influence RWEs
The first quarter of 2024 saw digital totems increase 50% in trading volume, raking in a whopping US$3.9 billion in revenue. This shift indicates that people are now choosing to spend their money on RWEs instead of material possessions, which is great news for the creative industry.
If you're an organizer, you may want to include some gamification elements at your events to increase engagement. After all, which fan doesn't love immersing themselves in interactive narratives and gaining digital assets that can be used to redeem valuable rewards?
The Watera Festival in Ho Chi Minh City, Vietnam, is a perfect example of this trend. During the event, 532 AAA wallets were created, and an impressive 68% of attendees redeemed loyalty packs and enjoyed curated experiences, including artist meet-and-greets.
Meanwhile, the Main Quests at Coachella 2024 also proved that gamification can transform events. For example, by participating in the festival’s Discord server or on-site scavenger hunts, attendees earned stamps and points that could be exchanged for prizes and access to VIP lounges within event grounds, or unreleased music from performing artists.
Coachella's Side Quests, meanwhile, focused on the redemption of rewards and experiences from the festival’s partners, artist line-up, and community programs.
So, what lies ahead for organizers and artists in the creator economy? The possibilities are endless, yet one thing’s certain: With crypto culture and Web3 leading the charge, innovation will continue to thrive, and we can expect to see the lines between creators and true fans blur into a vibrant ecosystem of collaboration, inclusivity and freedom of expression.