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Sports stars, entertainers, and producers have discovered unprecedented, more powerful methods to monetise their work, strengthen links with their fan bases, and become entirely self-sufficient thanks to blockchain technology.
Spencer Dinwiddie and I immediately found through New Money With Spencer and Solo that existing Web 2 systems no longer easily support artists in their career aspirations. Our participants described a substantial disparity between the amount of content they produced and its monetary value vs the amount they were paid. They invested a lot of time and money creating content that appealed to both audiences and algorithms.
Creators have had to wager for a prominent place at the top of social feeds since the fickle aspects of Web 2 algorithms are not publicly available. As a result, determining how to optimize monetary value from content creation has proven challenging, making revenue sources unstable for producers. Under these circumstances, how can one manage a successful business?
Web 2 has given tiny groups that build social media algorithms and advertising functionality the power to dominate these protocols and choose which producers make money, how they make money, and how much they make.
This dictatorial power dynamic is amplified by how these companies connect with a platform. For advertising income, social media firms rely on brands. Meanwhile, companies rely on social networks for visibility, taking advantage of social influencers' followings. Digital producers are used as pawns by social media platforms and businesses. For the large firms engaged, it's a win-win arrangement, but the value obtained by artists falls short.
The open nature of Web 3 removes power hierarchies, allowing entrepreneurs to take charge of their enterprises. "Our New Money dialogues taught us about the great necessity for creators to be able to monetize directly, without the influence of a third-party," Spencer said, adding that newly built, decentralized platforms offer more efficient channels for creator-fan interactions.
Career security
Web 3 content production looks drastically different, with producers having complete control over how much they charge and under what terms. This concept transforms social media into a reliable employment option, removing the uncertainty that causes anxiety and discourages involvement. Fans may detest paywalls, but creators have more equity than under conventional payment schemes.
However, most fans and artists are unaware of how Web 3 makes content more accessible and generates more sustainable revenue models than other ways. Now is a perfect chance for developers to close this gap fast and permanently shift power away from large businesses.
Correcting mistakes
Web 3 gives us the ability to remedy some of the most glaring flaws in today's social networks. Unfortunately, we've seen a number of instances where Web 2 algorithms have discriminated against disadvantaged groups.
Indigenous American activists discovered that their Instagram postings were being restricted, while Black producers have sued YouTube for allegedly racial bias in automatically eliminating their work. Many Black producers have left TikTok because of its 'filter bubble' style algorithm, which supposedly pushes videos from the same demographic and has caused many Black creators to exit the app.
Web 3 platforms' focus on direct contact allows creators and fans to avoid algorithmic prejudice and ensure that minorities have equal opportunity to define their careers.
Learning experiences
We learned from New Money that artists still have basic worries regarding Web 3 access and use. They are used to our existing web infrastructure's closed-source, centralized monopoly.
Creators, for example, want instructions on how to download a crypto wallet and utilize it to purchase and store digital assets. Even the biggest digital companies and worldwide brands have yet to completely adopt these technologies, making such data difficult to get by.
For social media influencers, there is no step-by-step manual. The Victor Twins, who were our New Money guests, thought they were underpaid and lamented the lack of resources from which they might learn how to rectify this.
Many of our attendees were unaware of the many ways that Web 3 may help them further their careers, including the usage of non-fungible tokens, which is becoming increasingly crucial (NFTs). NFT collections are being released by influencers, artists, and others on a daily basis. Several professional sportsmen and politicians have turned their pay into cryptocurrency.
How may such technology be incorporated into businesses? How can they embrace anything if they don't have the right tools or know how to utilize them?
The most significant takeaway from the 12 episodes is that Web 3 projects must start thorough, educational activities that reach out to a wide range of people. "Education on existing monetization models and the benefits of content production in Web 3 is needed," Spencer stated.
New Money is a beginning point for Spencer and myself. Future dialogues will provide us with even more opportunities to learn and find methods to incorporate real Web 3, decentralized philosophy into our work. We are aware of the knowledge gaps that might affect business in creative sectors, as well as possibly every other facet of everyday life.
Our event also provided a unique opportunity to look at the larger crypto environment. What we saw was a world with immense promise if developers and others interested in its development take the appropriate steps forward—steps that will eventually lead to a digital economy with more equitable revenue sources and a world of new money.
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