Building Creator Communities In Web 3.0

It is estimated that there are 50 million content creators worldwide. The question now is how we can accelerate the growth of the industry from 50 million into 500 million in due time, and if it can be done at all.

Building Creator Communities In Web 3.0

It is estimated that there are 50 million content creators worldwide. The question now is how we can accelerate the growth of the industry from 50 million into 500 million in due time, and if it can be done at all.

From an infrastructure perspective, there is still work to be done before the Creator Economy’s full potential can be realized. The internet is currently on its way to once again undergo a massive shift that will change the way we interact, transact, and perceive ‘value.’ We’re now at the twilight of what we call the Web 2.0 era which served as the catalyst for social media and creator platforms to gain global adoption.

The current configuration of the internet’s platform giants greatly hinders the creative industry because of its nature. This is why we are making a push towards the next evolution of the internet. Although this transition isn’t just limited to applications for media and creators, it will certainly play one of the most pivotal roles for years to come.

The tremendous implications of Web 3.0 or the Semantic Web on our society cannot be stressed enough. It signals the demise of capitalistic models in favor of more democratized, decentralized, and community-centric configurations built on the premise of data. Granted, we are still in the early days. The transition from Web 1.0 to Web 2.0 took over a decade, and it might be a little while longer until we are able to fully implement the next iteration.

Web 1.0

The most primitive form of the internet is fondly remembered as the read only web. Most pages were static and offered little to no interaction with users. During this period, users were limited to searching for information and surfing websites. There was no real line of communication between consumers and producers of the content made available on platforms during the time. One thing to note is that content wasn’t as regulated as it is today.

In fact, the earliest forms of e-commerce could be traced back to web 1.0 which allowed website owners to present a catalog of their products to potential customers and sell said products anywhere in the world. The problem? The use of credit cards for online purchases back then wasn’t as widely accepted as it is today and with good reason. There were no security measures in place to protect users from potentially fraudulent activities. Paired with the fact that there was little to no flow of communication between users, this meant that the timing simply wasn’t right and that there would need to be an infrastructure in place before it could take off.

Web 2.0

From being heavily consumption focused, Web 2.0 created a wealth of what we call user generated content or the read-write internet. Users craved more than just consumption. They wanted to be involved in the information that was available to them. Whereas content contribution was previously limited to those with technical expertise, now, anyone could actively produce material on the web using different platforms. The key distinction is that users gained the ability to interact with others which dramatically changed the landscape of the web in a short period of time. This gave way to the birth of new mediums of communication such as comment threads, bookmarking features, RSS feeds, and more. Noteworthy innovations that withstood the test of time in this era include the likes of Facebook, Twitter, YouTube, Flickr, eBay, Amazon, and Google.

For creators, this meant that things were starting to take shape. Prior to Google’s acquisition of YouTube, popular content creators on the platform would turn primarily to brand sponsorships and selling merchandise to their viewers, both of which were enabled by Web 2.0. E-commerce gained traction on the heels of payment aggregators like Paypal that ensured the safety of various online transactions.

Over time, the world collectively realized that with the abundance of information that’s out there on the internet, there was value in monetizing it. The biggest winners of the Web 2.0 era capitalized on this and began to utilize their user data to create profitable business models in the form of advertising. Because of the profound effect of connectivity in terms of how we communicate and go about our day-to-day lives, it was also around this time that companies began to explore using social platforms with the intent of bringing awareness to their brand through the same medium.

Web 3.0

The reason why we haven’t fully transitioned to Web 3.0 is because our current pillars are actually still compatible with many of the technologies that are poised to take over. As with any form of technology though, what we have today will soon have to adapt to the growing needs of the next generation of users.

The definition of Web 3.0 isn’t set in stone just yet. The general idea is that it makes life simpler than it already is by augmenting and automating existing tools on the market using data. Web 3.0 allows users to leverage collaborative working groups and newer technologies like the Internet of Things, Artificial Intelligence, and Blockchain to connect information to come up with much ‘smarter’ results, thus why it is called the read-write-execute era. Web 3.0 might as well be going into sci-fi territory by creating intelligent systems like Jarvis from Iron Man.

What this means for Content Creators and their Communities

The web is already heavily data-driven as it is, but ownership has always been a key issue for content creators. For the future to be ushered in, there needs to be a catalyst. Today, there are 50 million content creators. Only a very small percentage of them are earning incomes that would be enough to convince others to consider this path. Large corporations are still very much in control of the algorithms and their business models have historically been much friendlier for high-budget advertisers.

The reality is that the platform owners are very much in control of the narrative. They can censor content and even demonetize it with a single change in their policy. They can increase their fees and further decrease margins for creators. They can tweak their backend recommendation engines on a whim to change what appears on people’s feeds.

Despite the availability of many third-party monetization services, sustainable new age media will not be about gaming social media algorithms. It will be driven by communities. BitFans is pioneering the shift for creators by allowing them to mint Creator Tokens on our marketplace. This allows creators and fans to co-own their communities while interacting without boundaries. These tokens are a pivotal asset that differs vastly from typical loyalty programs and rewards platforms. They not only represent the value of the creator, but of their community as a whole.

Web 3.0 will heavily rely on blockchain technology as it is the perfect candidate to enable creators in particular to create real digital economies. This means that creators of the future won’t have to worry about battling the tides of the platforms that they’re on to compete for precious exposure, and they won’t be worried about creative restrictions either. The implications of the new internet will be huge for the creator economy.

Did you enjoy this read? Want to learn more about how BitFans can support you and your community? Feel free to reach out to me or to any of our team members and we’ll be happy to assist. For more information, check out our social media links here: https://linktr.ee/bitfans

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