The Web3 creator economy refers to a new way for artists, musicians, writers, and other creative people to share their work and earn money using blockchain technology and decentralized platforms. It’s a shift from the traditional Web2 platforms like YouTube or Instagram, where creators rely on advertising revenue or sponsorships.
To date, the creator economy has evolved in three stages:
Creators make all the content for web2 platforms like Youtube, Instagram, Twitch, and Twitter.
For a period, the web2 platforms worked side by side with creators to grow. However, as platform growth started to plateau, web2 platforms began looking towards creators to extract value:
This came in the form of taking 30-40% of a creator’s earnings while not letting the creator own their audience. As a result, most creators have never been able to generate a consistent income stream to sustain themselves.
We just covered web3 topics such as cryptocurrencies, wallets, DeFi, NFTs, and DAOs. Let’s go back to our first email.
The point of web3 is that it lets creators – not platforms – own and use the value they create.
By owning their upside, creators can:
Essentially, we’re building a new creator economy:
This is an economy where creators and fans – not middlemen – own the upside from their work. That’s why we’re excited about web3.
In our next section, we’ll cover: “How do I explore more?”