Content is the essence of the Internet and comes in many different forms that the current Web2 Internet iteration supports – text, audio, video, or a mix of all three. However, content is hardly a free resource. It is content creators who are now becoming opinion leaders, influencers, and cornerstones of so many critical services that businesses rely on, such as advertising, marketing, and PR management.
The need for content and its quest for independence – embodied by thousands of bloggers and indie artists – has spawned a vast online economy that trades in talent and often rakes in sales volumes that some top artists would deserve. This economy has been dubbed the creator economy: a financial framework that allows independent individuals to earn from their self-expression by bringing audiences the kind of content they are willing to pay to consume.
A rising force
The creator economy is a tremendous force: a unique online phenomenon that exceeded the $104 billion market size threshold by the end of 2021. With demand for new content soaring on popular platforms like TikTok, empowering independent artists and performers, experts are reluctant to make predictions about the potential market size of the creator economy in the near future.
The reason for the lack of concrete forecasts is that the creator economy is an extremely recent phenomenon that started with the COVID-19 pandemic. The lockdowns unleashed a surge of talent among people confined indoors, leading to a release of creativity that others sharing the confinement were dying to consume as much-needed entertainment.
Considering that microentrepreneur creators are closely related to influencer marketing, what stains With a market size of approximately $13.8 billion, it is possible to understand the prospects that further expansion of the phenomenon may offer. More importantly, experts believe that the transition to a new technological medium will allow content creators to overwhelm markets and industries with new opportunities for product and service promotion.
More than 50 million creatives are driving their own talent economy, attractive over $800 million in venture capital. Such figures are just a shadow of what they may later become as new venues become available quickly.
The development of blockchain technologies has led to an all-out revolution in financial markets, empowering individuals instead of institutions, transferring ownership of data and funds to their holders. The qualities of blockchain – immutability, full transparency and the lack of trust in operation – have permeated many industries, upsetting the balance of business orientation from centralized enterprise reliability to decentralization. This smart contract enabled shift in the fundamental concepts governing the relationships between participants in transactions has not gone unnoticed in the creator economy.
As the decentralized finance and game-fi sectors permeate their respective industries and drive droves of users away from conventional banking and gaming approaches, it was only a matter of time before influencers and content creators decided to embrace the paradigm in their operating environments to change. The content creation model has been changed forever with the incorporation of blockchain technologies that allow users to incentivize content creators, while allowing creators to actually monetize their talent without having to share the proceeds with centralized, often unfair, hosting platforms .
The development of metaverses – fully digital environments powered by the blockchain on Web3 and virtual reality – will herald a new era in content creation. Never before have talent had access to such advanced tools to embellish even the boldest ideas at the cusp of the physical and digital worlds.
Metaverse allows developers to visualize anything in stunning graphical detail, from an opera concert in the void of space against a backdrop of nebulae to a blog stream on a desert island. Anything that creativity can fathom can be implemented in the metaverse for the benefit of all involved. By relying on the unlimited possibilities of the metaverse when incorporating virtual reality, content creators can unleash and let their creativity run free. Such promises of unseen quality of content can only be described as honeysuckle for an eager audience of viewers who crave more variety in the types of content they consume – and, more importantly, new experiences.
The Metaverse’s blockchain foundation offers even more advantages for content creators as it allows them to employ various mechanisms to monetize their content through the versatile nature of internal cryptocurrencies. Users can attribute their digital assets to specific creators and encourage them to publish more content of a specific type. Others can pay to access special content, while others can simply reward their favorite creators with donations. Opportunities for monetization are plentiful and content creators can always rest assured that their talent is being paid and no hosting platform can rob them of their earnings.
Even more lucrative are the prospects for companies in terms of penetrating the economy of content creators in the metaverse. Marketing, advertising and promotions in general take a new evolution with content that can be tailored in an infinite number of ways and seamlessly integrated into select creators’ channels. The Metaverse offers businesses a whole new frontier in engagement and audience reach, and creators are the launch pads that can showcase products and services in front of their followers — at a price.
In digital retrospect
The Metaverse is the next iteration of the internet as we know it today: a fully user-centric environment dedicated to taking creativity to a new level. However, audiences will not be the only source of revenue for content creators as companies seek to tap into this lucrative niche and take advantage of the opportunities offered by native, organic, and highly versatile ad integrations in virtual reality content.
This article does not contain any investment advice or recommendation. Every investment and trading move involves risk and readers should do their own research when making a decision.
The views, thoughts, and opinions expressed herein are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Johnny Lyu is CEO of KuCoin, one of the largest cryptocurrency exchanges founded in 2017. Before joining KuCoin, he had ample experience in the e-commerce, auto and luxury industries.
https://cointelegraph.com/news/the-metaverse-will-change-the-paradigm-of-content-creation The Metaverse will change the paradigm of content creation