In the era of the creator economy, what comes next for NFTs and Web3.0 – Digital Transformation News
By Devdatta Potnis
Creators continue to carve out their unique digital personas. As they establish not just an online presence but influential brands built upon their passions and stories, the question that looms is, “What comes next?”
From using their influence to persuade people to make purchases, they eventually get to the stage where they actively sell items on social media. This effortless transition from being yourself to monetisation of one’s brand image money shows the significance of a person’s identity in modern digital business.
Content and Commerce Converge
As a new frontier in the creator economy emerges and develops, content and commerce continue to converge. Today’s creators are in a unique position to take advantage of the possibilities of this ecosystem. Creators have the option to monetise their creative endeavours through a variety of channels, including advertising, sponsorships, membership subscriptions, and direct sales, thanks to social media platforms like YouTube and Instagram acting as conduits.
Value Creation and Exchange: Web 3
Taking a step further in revolutionising how creators monetize their content and engage with their audiences are the concepts of NFTs and in the larger sense Web 3. We are yet to see Web 3 in its full effect, but as the creator economy evolves, NFTs and Web 3 will ultimately redefine value creation and exchange, opening up exciting possibilities for creators.
NFTs give a novel option for artists and content producers to monetize their work while ensuring a direct relationship with their audience thanks to their ability to represent unique digital assets and pay creators ongoing royalties. Whereas Web 3 gives creators more control by enabling decentralised platforms and innovative financial solutions that improve their financial independence and audience engagement.
Here are some significant changes are on the horizon:
- Decentralized Platforms: Blockchain-based social media will facilitate direct creator-consumer interactions without intermediaries, enhancing transparency and trust.
- New Monetization: Creators will be able to tokenize exclusive content and virtual experiences, expanding their revenue streams beyond traditional methods.
- Embedded Royalties: NFTs will enable creators to earn a portion of the profits from resales, ensuring ongoing benefits from their digital creations.
- Utility NFTs: Beyond art, we can anticipate interactive digital assets like in-game items, enhancing user engagement.
- DeFi Collaborations: Creators may explore innovative financial products by blending NFTs with decentralized finance, enabling new opportunities for wealth creation.
- Digital Identity: NFTs could represent achievements and reputations in Web 3, providing a unique form of online identity.
- Mainstream Merging: Popular apps and platforms may integrate Web3 features and NFT marketplaces, making them accessible to a broader audience.
- Education: Greater emphasis will be placed on guiding users through the complexities of NFTs and Web3, making these technologies more user-friendly.
- Regulation: As this digital frontier matures, expect clearer rules and regulations to ensure safety and clarity in the creator economy.
NFTs and Web3 challenge traditional models, placing individual creators at the forefront of a new era where their content and digital identity hold unprecedented value. This transformative shift promises to shape the future of the creator economy, offering creators fresh avenues for growth and innovation in an increasingly digital landscape.
The author is CEO, Animeta
