What Can Give You A Kickstart As A Web3 Content Creator.

Web3 communities are effective, and for good reason — they’re a safer and more optimized way to connect with members. Riding on the principles of decentralization, Web3 communities have an equal say in the decision-making process. If you are part of a Web3 community, your voice matters in everything that shapes the character of the community. A creator in a Web3 community does not have to depend on traditional Web2 metrics and this has paved a new path for the creator economy.

The Current Form Of The Internet

Right from the genesis of the internet, the manner in which content is created and distributed has seen many phases. Web1 was the read-only generation where the content creators were merely those who created websites to host links or specific information. It was only after the advent of Web2 that the creator economy was born. People understood that their services could be monetized via promotions on Web2 platforms, which in turn led to fan following and brand recognizing their creator’s powers with sponsorships.

But ownership and sustained monetization are two glaring problems that content creators face in this current structure of the internet, and they’re just two of many. For instance, YouTube pays certain ad revenue to the creator per thousand views. The more views, the more revenue attained by the company. But of course, ad revenues don’t entirely go to the creator. YouTube takes about 45% of the ad-revenue share, leaving the content creator with whatever is left. The focus is on content consumption, on your reach and not your engagement.

Creators take time and effort to create content, while users need to navigate cluttered feeds controlled by algorithms to keep up with the content they like. All the while, the platform churns out ads and pockets ad revenue that goes to neither creator nor user.

1 — Web3 Communities are Brimming with Perks

When talking about Web3, digital anthropologist Brian Solis said, “Community is so much more than belonging to something; it’s about doing something together that makes belonging matter.” And with Web3, you can create communities where you don’t have followers, you have members. Where each member is incentivized to participate and add value, where they can interact directly with you and each other, and where monetization actually works in your favor.”

Thanks to blockchain technology, Web3 communities are proving to be healthier and more encouraging than ever before. You as a content creator, have full reign over your data since Web3 kicks out any third-party involvement due to its decentralized nature. And of course, armed with incentives that go both ways and work in favor of creator and community member, Web3 communities promise more engagement.

2 — Incentivize & Monetize Via Tokens

One of the fundamentals of building a Web3 community, is that creators provide incentives to the community. According to Abimbola Abe, a Community Manager, “Once you understand your community members, you can create a utility that will provide value to the customer. This utility may be access to exclusive content or discounts on products or services.”

If you’re looking to be a Web3 content creator, you can use Social Tokens as a means of monetization. This form of crypto technology is a great way to incentivize your followers to engage more and reward them for their active participation in the community. You could start by creating a token that once purchased, grants fans special access to exclusive content or privileges. With the token, they can also gain access to community events, which you can use to narrow down the most loyal supporters. Harrison First (@harrisonfirst777) is one of many musicians who has already started using Social Tokens and even gives readers a nifty breakdown.

As you become more famous, the value of your special access tokens increases. Now, everyone wants to be part of the special access and privileges received via the tokens! When high values are hit, these tokens can be used to exchange them with coins, making it a form of investment. You as a creator, can enjoy the resulting liquidity that comes, using it to provide better content or fund new projects. Members of your community can also choose to directly fund you, benefitting from the increased value. In all, it’s a win-win for everyone!

3 — Jump On The NFT Bandwagon

“Communities of the Web 3.0 era will bring voices with shared interests together and evenly distribute gains from the pursuit with the creators and builders of the community.”

This is how digital product designer Rohit Malekar looks at Web3 communities, and it’s certainly an accurate description.

Of late, many artists have shifted to NFTs as a source of monetization and engagement with the community. It allows them the freedom to monetize their content however they want to, but at the same time, provides certain incentives along with it. The creator can gain the full value of the work produced since there is no intermediary. A musician is not at the mercy of Spotify or Apple Music and an artist isn’t banking on Instagram to promote their work; all revenues obtained directly go to the creator.

Through NFTs, communities have ownership of the artist’s work. Think of it as a collaboration between audience and artist where ideas are shared and interactions are prominent. Creators on Web2 bank on immense audience engagement so that more ad revenue is generated. But, for Web3 creators — monetization and engagement goes hand in hand. NFTs contribute greatly to this; as entrepreneur and marketing professor Scott Galloway puts it in his article The Real Potential of NFTs, “NFTs offer digital commerce, something the Internet lacks: scarcity and authenticity.”

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NFTs In The Physical World

One of the most recent and popular examples of Web3 fusing with the creative world is the band Kings of Leon. The popular group is the first ever to release an album as an NFT. As part of a series called “NFT Yourself”, they’re releasing three tokens. One is a special album package, the second has live show perks, while the third grants access to exclusive audiovisual art. They introduced 6 “golden tickets” as part of their package which allowed fans access to four front row seats of their choice for life!

The end result? The band has garnered over $2 million in net sales over this NFT project, as covered and mentioned by NME’s Sam Moore. A majority of the revenue came from those golden tickets since the masses were bidding incessantly for the 4 exclusive seats. What topped it all was that over $500,000 of the revenue was donated to help live music crew members during the pandemic.

Digital artists are also using the power of NFTs to create and sell their digital art. The most expensive digital art to be sold so far is The Merge, a piece of work that was sold in units rather than a whole. This unique style of art garnered a lot of public attention because no single person was the owner of The Merge. It was a group of collectors and the more units sold, the higher the value of the project would become. By the time the sale ended, the project raked in $91.8 million net sales, securing it as the most expensive NFT to be bought. It joins 9 others on Manas Sen Gupta’s coverage of [the most expensive NFTs ever bought](https://www.prestigeonline.com/th/pursuits/tech/most-expensive-nft-artworks-ever-bought-until-now/#:~:text=The Merge%3A USD 91.8 million&text=It fetched a record sum,sold that is an artwork.).

Additionally, NFTs are taking on newer forms that go beyond music and art to become gatekeepers, creating exclusivity and a new method of access. For instance, take the Flyfish Club, opening in 2023. Slated to be the world’s first NFT restaurant, the only way you can dine at this seafood restaurant is by owning one of their NFTs. In another first, a private island aptly named Satoshi Island will use a crypto economy and function on a blockchain-based democracy. Ownership of land and other assets on the island will be granted via the ownership of NFTs that will be released in phases.

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FAQs On What Creators Need To Know About Web3 Communities

What Does Web3 Mean For Creators?

Web3 signals a switch in power dynamics for creators, bringing a lot of control back into their hands. Web3 platforms being decentralized, creators don’t have to deal with intermediaries or worry about their data. They also have better options in terms of monetization, getting a share in revenues, alongside the ability to vote and actively create a platform that benefits them and their community members.

What Are DApps and How Many DApps Exist?

A decentralized application (DApp) is an application built on a decentralized network that combines a smart contract and a frontend user interface. Currently, there are approximately 1,000 DApps both developed and in development.

What Is Special About Web3?

The most striking feature of Web3 is the freedom you get. You don’t have intermediaries, which means you won’t have to ask permission to do a certain action. No one can block you or control your browsing behavior in a Web3 environment.

By Anamika Rana, Anuya Chakravarthi, Aparna Acharekar, Diya Parakh, Poorvi Gupta, Nandhini Gopal

coto Community Team

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