Content is crucial for brands in Web3
Creators are on a roll, and brands are clamoring for a piece of the action.
The creator economy received a record-breaking $1.3 billion in financing in 2021 alone. In 2022, funding and the number of creatives are predicted to rise dramatically. The creator economy is formed when independent creators — vloggers, social media influencers, writers, photographers, and dancers — monetize their skills or their creations.
Creators are searching for more direct ways to monetize their work and get a larger share of the overall income pie. On the other hand, giant tech platforms are battling to retain creators to increase engagement and gain the largest share of the total revenue.
On top of all of this, various issues have strained the relationship between creators and their native platforms, which casts a large shadow of doubt over the future of Web2 based media publishing websites. With the shift to decentralized technologies already poised to take over the world (billions of dollars are being poured into the crypto industry), this also provides creators with the opportunity to rethink their entire approach.
Tokenization is a crucial pillar of the Web3 paradigm which creators can leverage. BitFans allows brands, influencers, and organizations to create branded digital tokens and create their own DAOs (Decentralized Autonomous Organizations) to run their communities independent of any existing platform with issues of ownership of their content and audiences.
Brands today are fully aware of the importance of creators, and thus, it’s crucial for them to learn how to better engage and incentivize their collaborators. On the other hand, because deciding what content to create is so crucial, the creator economy has developed even more due to this interplay.
First, Why Is Content So Crucial in Today’s World?
The way we consume information has changed a lot. It has changed how we think, interact and relate to each other. This is apparent in how Generation Z and millennials are opting to live their lives with flexible working hours, creative control, and being their own boss.
Indeed, corporations have discovered that leveraging social media influencers to boost their popularity is more effective than using traditional marketing or advertising — like television and radio.
So, why is content so crucial?
For the simple reason that consumers are more knowledgeable about the product they are consuming. Most of Huda Kattan’s fans can identify with her cosmetic brand when she posts videos applying her makeup.
Because content is king, consider the following as a brand to build a robust and long-term relationship with creators:
● Be sure to partner with open-minded creators who are enthusiastic about your product. Customers want relationships that don’t feel forced, and it’s easy for your consumers to notice when a creator used her influence to bring awareness to your brand.
● Be receptive to the creators’ ideas, as they bring fresh perspectives to their work that can reach a larger audience than you could on your own.
● Be intentional in creating long-term creator partnerships to build more trust and authenticity with your customers. Creators have established a massive following because they understand what their audience wants and develop content that appeals to them. It would be better to use one influencer, long-term, as long as they bring in results instead of keeping a crowd for the short term.
Read more: A Creator’s Guide To Maximizing Exposure
Social Media Is All-in on the Content Creator Economy
Social media is the framework for content creation. Many creators have been able to get noticed by engaging their followers on social media. Because of this, most creators are setting social trends.
This might be the reason why even venture capital firms are backing creators by coming up with features exclusively for creators on social media platforms like YouTube, Twitter, Twitch, Facebook, and LinkedIn.
Features only for Creators on Social Media
Social platforms are coming up with features to connect creators directly to brands for future collaborations through programs and initiatives like:
● Facebook’s Brand Collabs Manager connects brands with content creators. As a result, marketers and content creators can collaborate more effectively, resulting in better-performing and more measurable branded content.
● YouTube BrandConnect enables creators to monetize their content when they partner with a brand to promote their product.
● Twitter ArtHouse to facilitate brand-creator collaboration in creating Twitter content that appeals to a brand’s target demographic.
● Twitter’s Super Follow and Communities. Super Follow will be a paid feature, at $4.99 per month, giving Twitter users access to bonus Tweets created especially for them. Communities, are like Groups on Facebook, will enable Twitter members to form and join groups based on specific interests, allowing them to see more tweets centered on those subjects.
● LinkedIn’s Creator mode allows you to choose up to five hashtags for any topic you want to discuss. For creators, this feature will also change the connect button to follow.
● Twitch Creator Goals enables creators to set relevant goals for their viewers to focus their contributions on to create sub and follower objectives. A creative can use their community to generate buzz for their stream.
What This Means for Brands
If brands are serious about collaborating with content creators, they must first grasp the basics of the creator economy. Creators can facilitate dialogue that would not have occurred otherwise and bring awareness to your brand that you couldn’t have otherwise achieved.
According to Activate, an influencer marketing platform, 70% of over 100 businesses polled said they planned to increase their influencer marketing budget in 2019. This means that brands have learned that they need to use creators more than traditional methods to promote their products to increase sales and awareness.
Creators will help brands achieve brand awareness and engagement. In another survey, by Sprout Social Index, 58% of marketers say increasing brand awareness is their top priority, while 41% say community engagement is their top priority.
BitFans and the Creator Economy
Many celebrities have released tokens, like Gary Vee, who has a collection of 268 characters and 10,255 tokens on his NFT website VeeFriends.
BitFans focuses on providing community tokenization to individuals, particularly creators, to encourage and obtain direct access to their most devoted fans, regardless of which social media platforms they use.
BitFans promotes the creator economy by allowing content creators and fans to easily form a community where attractive rewards and digital assets such as exclusive memberships to private groups, one-on-one conversations, meetups, and even NFTs may be shared and accessed through community tokens.
Creators are actively seeking ways to further create value and increase their revenue, which could potentially be through tokenization. Community Tokens can be acquired not only by their fans, but by brands and sponsors alsol. This will help creators design their incentives and provide additional value to a brand by allowing them to have significant exposure to the upside of the creator’s ecosystem over time, rather than doing one-off engagements. This will potentially tip the scale in the coming years, and will be telling of the future of the industry.