The creator economy has been a fundamental component of the vision for web3, and it was put into action for some time. Is it still flourishing?
Robert Baggs and John Nicholls have decided to combine forces to launch the weekly Mint One Podcast. Each week they will discuss a new topic around web3, as well as feature special guests from all corners of the industry. If there’s a topic you’d like us to cover, make sure you let us know through the Token Gamer Discord or Twitter, or Mint One Twitter.
In last week’s episode, we immersed ourselves in the topic of Ordinals on Bitcoin. This week we’ve gone more macro with a discussion about the creator economy at large.
Mint One Podcast, Episode 77: The Truth About the Web3 Creator Economy
The creator economy has become a rather broad term, but it’s easiest to understand in terms of how well-rewarded it is to be a talented creator. Whether you’re creating art NFTs, game assets, or tokenized music — how well is the system set up to support you?
If you’d asked this question two years ago, most people in the space would have been positive as we saw the value of secondary sale royalties in its full glory. We also saw how powerful web3 can be for building your own community, bypassing greedy publishers, guilds, automatic distributions of royalties, and so on. The promise was indisputable, but with crypto’s crash has come a parallel decaying of the creator economies systems, most notably OpenSea’s recent removal of enforced royalties on secondary sales.
So, it’s time to take a step back: does web still offer the strongest framework for the creator economy? Are creators still enriched in web3? And are the negative changes in web3 for creators merely echoes of the bear market?
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