The term “creator economy” is commonplace in Web3, particularly in blockchain gaming. So, what is it? And how will it be different in Web3?
Token Gamer and NFT Insider have decided to combine forces to launch a weekly podcast, Mint One (formerly WAX Lyrical). John Nichols of NFT Insider and I will discuss a new topic every week, as well as feature special guests. 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 the NFT Insider Discord or Twitter.
In last week’s episode, John and I discussed what not to do in Web3 in 2022. This week we’re on a more positive slant with the creator economy.
Mint One Podcast, Episode 55: What is the Creator Economy in Web3?
The creator economy can be seen very loosely as the result of being able to make money from creating content. Although there has always been a creator economy of sorts, the rise of social media, video and streaming platforms, and Web2 as a whole, meant a great many people were able to earn handsomely from creating content.
The creator economy is now worth tens of billions, with the top YouTubers earning over $50 million per year in revenue. As liberating as this has been, reports suggest that 97.5% of YouTubers in the U.S. fail to make $12,140 per year, putting them below the poverty line. This, in conjunction with not owning your data, having little control over the distribution of your content due to platforms’ algorithms, and controlling middlemen, it has long since been suggested that we need a creator economy reform.
Well, Web3 could be exactly what the creator economy needs with its trustlessness, the removal of middlemen, automated royalties, and so on. So, John and I discuss the benefits of blockchain technology to this crucial entertainment sector.
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