The creator economy is booming, with a worth of $100 billion and millions of people identifying as creatives. However, the average income for a full-time creator is less than $100,000, and only 4% of creators earn a living from their content. Web2 platforms extract high fees and percentages of revenue, and creators face disadvantages such as outages, data breaches, and censorship.
Web3 offers an alternative. Blockchain-based storage secures files with private keys and distributes files across a web of computer “nodes,” meaning no single point of failure. Proof of ownership is baked in, ensuring equitable profit-sharing in perpetuity. Web3 platforms have no central authority with the power to take down or censor creativity.
Web3 also offers attractive new mechanisms for monetization, such as NFT token-gating, limited edition airdrops, and customized content. Up-and-coming metaverses promise literal whole new worlds where creatives can design without limits or earn from existing work in new ways.
The shift to creator control heralds a clear choice between a supportive, productive ecosystem and a dog-eat-dog race to the top. Web3 is built to empower creators, offering infrastructure services without a hefty cost burden that inhibits growth. It’s time for a better future for creators.