How Web3.0 Will Impact Creator Economy

Devdatta Potnis Mar 30, 2023

Change as they say is the only constant. The classic adage couldn’t be truer than in a post-millennium era when the internet changes the way the world thinks and lives on a daily basis. Another important macro trend-setting phenomenon is the human resilience and undying spirit to identify opportunities in adversity. Two such technology and web-enabled phenomena that have gathered mainstream mass hysteria in a post-adversity scenario are the decentralised web 3.0 and the creator economy.

Breaking it down on a basic social level, the creator economy is a celebration of individuality, while web 3.0 has decentralisation and autonomy in authority as its guiding principles.

Decentralisation Of Power For Creators

Web 3.0 is a beast on its own and is making impacts within the creator economy. Decentralised platforms like Audius and Flamingo DAO are providing new opportunities for creators to connect with their audiences and monetise their content without relying on traditional gatekeepers. These platforms have gained traction with creators around the world, including musicians, visual artists, and writers. In the United States, platforms like Patreon and Substack have enabled independent creators to build businesses around their content, with over 200,000 creators earning more than USD 2 billion in total through Patreon alone.

The rise of NFTs has also been significant in the US, with many high-profile sales and collaborations taking place in the country. In Europe, platforms like OpenSea and SuperRare have gained popularity among digital artists looking to sell their work directly to collectors. Decentralised social networks like Minds and Mastodon are also gaining traction among creators and users concerned about privacy and censorship.

In Asia, the Creator Economy is growing rapidly, with platforms like Douyin (TikTok), Kuaishou, and Bilibili becoming significant players in the space. The use of blockchain technology and NFTs is also gaining traction in countries like China, Japan, and South Korea.

Coming Together Of Web 3.0 and Creator Economy: India Case Study

As for every tech company’s favourite billion market- India is a growing market for Web 3.0 and related technologies, with several startups and initiatives emerging in the space. The creator economy is an organised celebration of what would be called the classical 64 arts in India and web 3.0 is a decentralised autonomous phenomenon powering this enablement.

Take for example the story of Prateek Kuhad, the singer-songwriter from Jaipur who has gained a following both in India and internationally. While he began independent music in 2011; in June 2021, he announced the release of an NFT collection that included digital art, music, and other exclusive content. The collection was sold on the Foundation platform and reportedly raised over USD 100,000. Now that is a stunning story of the confluence of web 3.0 and the creator economy, or the impact of the former on the latter; coming out of the world’s most populous nation, which has the 64 arts seeped into its culture.

While it's difficult to put a precise value on the Indian Web 3.0 market, some estimates suggest that the country could be a key player in the space in the coming years.

While web 3.0 and the creator economy may exist in parallel and complementary zones, with the right utopian mix of all macro & micro level factors, the combination of both economies sounds like a lethally fascinating, dream come true situation for everyone. Just imagine the power have all decentralised platforms fuelling individual strengths, working towards the ultimate individual experience.