The internet as we know it today might seem like it has already ended up reaching its ultimate form, but the thing to note about this statement is that there are a lot of ideas being proposed that are meant to improve it to one extent or another. The most popular idea in this regard is Web3 which is a concept for a decentralized internet that exists on the blockchain and incorporates various aspects of token economics into the mix.
If Web3 ever becomes popular enough, it could completely change the internet as it exists right now. That is the sort of thing that could impact all kinds of areas of society, but with all of that having been said and now out of the way it is important to note that content creators in particular could benefit from this at least from their point of view. Using NFTs and a decentralized internet could allow content creators to genuinely profit off of their work.
One of the biggest problems with the content creation industry is that the people that work so hard in it usually don’t get the full fruits of their labor. Instead, their content helps multi-billion dollar companies like YouTube and Instagram to vastly increase their stock prices and the content creators that made that possible get a pittance in return. This often forces them to turn to platforms like Patreon that would enable them to get money from their followers as well as do things like sell merchandise and the like instead of just focusing on making content that people would like to see.
NFTs can be a really powerful way to allow creators to gain control of their content and earn more money from it whilst also becoming independent of large corporate entities that often force creators to follow rather labyrinthine rules and algorithms that few can understand. The interesting thing is that NFTs are rather notorious for being involved in various scams, and people have already lost tens of thousands of dollars because of them.
However, it does not seem that content creators are deterred by this at all. Quite on the contrary, even a few creators that have been scammed say that they are more than happy to stick with decentralization at least for now. Web3 and decentralization can create a direct link between creators and their fans, and can cut conglomerates and their centralization out of the picture entirely which is a tantalizing thought for a group of people that have been famously cheated out of the just rewards for all of the work they have put into their content.
The total value of NFTs traded in 2021 exceeded $41 billion, and that means that this year’s growth could very well be exponential. It will be interesting to see how social media companies that often rely on content creators will rise to the challenge. Chances are that they might try to increase the money that they pay out to these creators which is definitely something that would benefit the content creation industry as a whole. On the other hand, it might not be enough to prevent what is quite quickly starting to seem inevitable.
Illustration: Freepik / Pikisuperstar
H/T: Business Insider.
Read next: This Report Reveals How Content Creators Feel About the Metaverse
If Web3 ever becomes popular enough, it could completely change the internet as it exists right now. That is the sort of thing that could impact all kinds of areas of society, but with all of that having been said and now out of the way it is important to note that content creators in particular could benefit from this at least from their point of view. Using NFTs and a decentralized internet could allow content creators to genuinely profit off of their work.
One of the biggest problems with the content creation industry is that the people that work so hard in it usually don’t get the full fruits of their labor. Instead, their content helps multi-billion dollar companies like YouTube and Instagram to vastly increase their stock prices and the content creators that made that possible get a pittance in return. This often forces them to turn to platforms like Patreon that would enable them to get money from their followers as well as do things like sell merchandise and the like instead of just focusing on making content that people would like to see.
NFTs can be a really powerful way to allow creators to gain control of their content and earn more money from it whilst also becoming independent of large corporate entities that often force creators to follow rather labyrinthine rules and algorithms that few can understand. The interesting thing is that NFTs are rather notorious for being involved in various scams, and people have already lost tens of thousands of dollars because of them.
However, it does not seem that content creators are deterred by this at all. Quite on the contrary, even a few creators that have been scammed say that they are more than happy to stick with decentralization at least for now. Web3 and decentralization can create a direct link between creators and their fans, and can cut conglomerates and their centralization out of the picture entirely which is a tantalizing thought for a group of people that have been famously cheated out of the just rewards for all of the work they have put into their content.
The total value of NFTs traded in 2021 exceeded $41 billion, and that means that this year’s growth could very well be exponential. It will be interesting to see how social media companies that often rely on content creators will rise to the challenge. Chances are that they might try to increase the money that they pay out to these creators which is definitely something that would benefit the content creation industry as a whole. On the other hand, it might not be enough to prevent what is quite quickly starting to seem inevitable.
Illustration: Freepik / Pikisuperstar
H/T: Business Insider.
Read next: This Report Reveals How Content Creators Feel About the Metaverse