Comment: The future of communities with Web3 and how it will affect the creator economy

August 4, 2022 – 6:00 am

Decentralization is one of the key attributes of Web3 (Credit: Shutterstock)

After a two-year hiatus, VidCon – one of the world’s largest occasions for the audiovisual business, bringing collectively content material creators, fanatics and on-line video professionals – returns to Anaheim, California. In addition to audio system resembling Khaby Lame, Rebecca Black, and Luisa Castro, over 50,000 attendees attended panels on the future of content material creation, Web 3.0, the metaverse, and range over the 4 days of the occasion.

VidCon brings collectively the world’s main digital creators, platform innovators and their followers in a single place. For the previous decade, YouTube has been the primary sponsor of the occasion. This 12 months, TikTok took the reins. However, throughout the opening, it is evident that the dialogue is now not about platforms and codecs, however about communication in the context of the new world created by web3.

This web3 umbrella makes use of buzzwords like “NFT” and “Metaverse” (even popularized in early 2022 when Facebook introduced it was altering its identify to “Meta” and launching its world platform known as Horizon Worlds). shelter. And Hank Green, founder of the Creators Conference, and Pam Kaufman, president of Paramount, opened VidCon, speaking about the significance of information to attach with audiences, turning the emotional and tangible features of “proudly owning” one thing into revenue. .

Before we proceed, it is vital to grasp that the so-called internet 1 refers to the emergence of the Internet, in its common model we had much less house for alternate and extra one-sided data (which we are able to summarize right here). we are saying “Google, what’s that?” when requested). The transition to Web2 is pushed by the emergence of social networks, centralized areas full of data, and decentralized suggestions (like the period of “what do you consider this?”). We are actually transferring in direction of web3, the place decentralization is absolutely achieved and we’ve the autonomy of our data and relationships with out intermediaries.

This decentralization leads us to the formation of so-called self-governing DAOs (decentralized autonomous organizations). In flip, NFTs will let you “tokenize” any kind of content material (artwork, music, video) and promote it in a direct and authenticated method, additionally in the background of group constructing.
This creates the future of leisure and engagement content material creation. In addition, it solves one of the primary issues of the creator economy, which is monetization and copyright safety. An instance of that is the TV sequence “Stone Cats” starring actors Mila Kunis and Ashton Kutcher. They did a form of crowdfunding with NFT. Whoever will get the NFT has the proper to look at the animation, which must be five-minute episodes. And those that invested in a big quota obtained different advantages, resembling inventive participation in the growth of audiovisual merchandise. The case is much like the financing of the Entourage sequence, which Slash is doing with MGMT Fireside. And the firm’s president, Jake Webb, famous that for the first time, creators and manufacturing corporations are dealing with the alternative to monetize tasks earlier than they launch, as followers are mobilized and begin contributing lengthy earlier than manufacturing.

On Web3, expertise speaks on to an viewers that pays on to devour an creator they are a fan of. That is, they will develop into new streaming platforms. In addition, the metaverse helps create an immersive relationship and immersive expertise that isn’t attainable in actual life, resembling being in that individual’s studio and watching a recording.

We are dealing with a precedent that has the potential to revolutionize the creation economy in principle. However, all this raises a quantity of questions that also don’t have any clear solutions. Will viewers be desirous about collaborating in any respect, or will most individuals simply wish to watch a video and be entertained? It’s the identical factor for creators: how to breathe to obey this tireless settlement?

Nevertheless, the total ecosystem that revolves round relationships resembling influencer advertising may be affected by web3 modifications and evolutions, as manufacturers should discover new methods to speak with mediums and codecs. content material creation.

“DAOs: The Future of Online Communities” panel that includes Brendan Gahan, companion at impartial inventive company Mekanism; Jeff Kaufman, digital technique providers specialist; Jim Daly, who works with web3, AdTech and crypto; and Nicole de Ayora, Director of Product at Dapper Collectives, defined how it must be. Brands ought to develop into, create or take part in an autonomous decentralized group as a result of the group has the energy to develop one thing that creates worth for itself. The identical applies to platforms, which must be extra involved than ever with embedding themselves on this universe via a participatory group.
In this triad – manufacturers, platforms and creators – the tales proceed as a method of connecting all the ends, even when they’re supported by information and know-how, they will not change in order to not lose the primary asset of this chain. all modifications thought of: viewers.

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