If you believe some, Web3 is the end all be all, will completely wipe out Web2 and destroy everything we know about the internet. Maybe this is a little much, but it is also just not true. Is Web3 important for creators? Yes. Does Web3 represent a huge opportunity for creators? Double yes. Will Web3 take over and eliminate Web2 services and platforms? No. Is Web3 an all-or-nothing model for creators? Absolutely not.
For creators, Web3 is an opportunity for them to move away from the flawed system of Web2. Web3 tech allows you to lessen or remove your dependence on centralized platforms that reap the benefits from your hard work. Blockchain and decentralized systems are revolutionary for creators by putting them in control of their content and their community.#Web3 is an opportunity for creators to lessen or remove their dependence on centralized platforms that reap the benefit from their hard work, says @MarcMaxhimer. #ContentEntrepreneur #CreatorEconomy Click To Tweet
Web3’s less-famous benefit for creators
The community aspect is a central component of the Web3 space. Creators focus on building audiences by finding their content tilt and meeting the audience’s desires. With Web3, creators can forego or lessen their reliance on social media platforms to build a better community using social tokens, NFTs, and DAOs. Web3 allows creators to cultivate super fans.
Li Jin, co-founder of an early-stage venture capital firm, believes creators need to amass only 100 “true fans” who willingly pay creators $1K a year. These super fans provide revenue directly to the creator – independent of any platform or service that likely would keep some of that revenue.
Super fans can support your content business in multiple ways, including:
- Among the first to purchase your social tokens to help you build the community together
- Early adopters and purchasers of your NFTs
- Cheerleaders and ambassadors for your community and content to promote and encourage others to join it
- Purchasers of your exclusive content.
Don’t go all ape for Web3
One can get caught up in the Web3 hype and the rags-to-riches stories present in the NFT and cryptocurrency worlds. Those mega-success anecdotes are few and far between. Not every project is going to be the next Bored Ape Yacht Club or Cryptopunks.
As a creator, see social tokens, NFTs, and similar Web3 applications as another source of revenue – not THE source of revenue for your content business. Depending on anything as the sole source of revenue puts your business at risk if something should happen to that one source.
While they shouldn’t be your only source, NFTs and social tokens still represent huge opportunities for revenue. More importantly, they bring tangible and intangible value to your community.#NFTs and social tokens can be a good revenue stream, but they shouldn't be the only ones for your #ContentBusiness, says @MarcMaxhimer. #ContentEnterpreneur #CreatorEconomy Click To Tweet
Implementing a social token or NFT strategy gives the community members the opportunity to partake in the success of your content business. This community aspect is a hallmark of Web3 and changes how you view and interact with your audience. It also changes how some members of your audience interact and support you as the creator.
Why social tokens?
Social tokens are a natural fit for a creator to bring value to their community. A creator’s social token becomes the currency of the community. They enable a loyalty and rewards system within the community.
In successful token models, community members can buy tokens, but they also can earn them in several ways, including:
- Random giveaways
- Rewards for community participation
- Payment for services or content created for the community
- Airdrops to all members
- Bonus promotions for tokens purchased on a specific day, week, etc.
The creator can integrate tokens into their sales payment options so members can cash in their tokens. For example, they could buy merch or content, reserve one-on-one time with the creator, or even pay for a sponsorship.
All of this builds value for the creator, generates revenue, and empowers the community. While not directly driving revenue, adding social tokens to your content business provides much more than just revenue.
Non-fungible tokens (NFTs) also give a creator opportunities to not only build a community and generate revenue but to gain more control over their content. You can generate revenue from the reselling of your work (NFT). Previously, a creator sold a piece of art or content once. They never reaped any benefits from a subsequent resale. But in their NFT’s smart contract, creators can stipulate the return of a percentage of all secondary sales revenue to themselves. This fact alone should be enough for creators to see the opportunity NFTs provide.
For most NFT projects, community building can make or break their success. For example, CryptoDads’ NFT project started as an idea and some art, but its community has become something the creators didn’t expect – a community of dads supporting one another and the project. Community members retain their NFTs (only 4% are listed on the secondary market). That indicates the value and strength of the community built around the NFT project. Strength in the community is an indirect way to further revenue opportunities as the community’s continued support usually increases other revenue streams.For most #NFT projects, community building makes or breaks their success, says @MarcMaxhimer. #CreatorEconomy #ContentEntrepreneur Click To Tweet
Web3 is a new opportunity for creators. It gives creators the ability to build a community of their super fans while building value. Web3 is also another revenue stream that creators can add to their content business. Web2 services and platforms are not going anywhere anytime soon, but with Web3, creators have more control over their audience, content, and revenue. Content entrepreneurs who recognize the power of Web3 are more likely to have long-term success.
To go deeper into Web3, enroll today in The Tilt’s newest online course Web 3 for Content Creators, and complete it at your own pace.