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Creator economy in Web3 by Shreya Badonia
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Nov 15, 2023
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So today I'll be talking about the creator economy in Web 3
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Before we begin, let me introduce myself. I'm Shreya Bordonia. I hail from Bhopal
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I studied in Nif Bangaluru and I am currently working with socially
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Socially is helping creators and communities launch their own Metaverse and I've been creating content since I was 13
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I have a newsletter crypto creatives where we talk about the creator economy and how creators
0:42
can leverage Web 3. We socially is the product from the Wow Labs team
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I've been blogging on Kora and Medium just to give you an idea how long I've been creating content
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So today we're going to be talking about the creator economy and why do we need a new
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creator economy in Web 3 and why is it important for us to learn and solve the issues
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that were present in the current creator economy. So what are, what do you understand, how many creators are here
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Any creators, writer, YouTuber. anything wow and how many of you consume content everyone right content is
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everywhere what we are doing here it is content right so created economy
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happened when technology gave an opportunity for people who had some kind of
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talent which they couldn't monetize before and because of technology people who
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were living in remote villages you know they started creating stuff, you know, creating media and started making a living out of it
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But there was a big, yeah, so there are like 200 million content creators in the world and
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one million people will be calling themselves created in the next five years
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So you can see where we are heading. Previously I think having a YouTube channel was like a big deal, right
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But now you ask anyone, every third person has a YouTube channel
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Every person is like tweet storming and every person is like posting on Instagram
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So and the worst thing about this is even though we are creating so much content
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we are providing the tech giants, the content to make money on
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only 10% of creators make 100K every year. And only a few of them make a living creating content
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Do you understand how sad that is? Zuckerberg is a billionaire, but people who are creating for him, they can't even make a living
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That is what is happening in the current creator economy. So when you look at platforms, what do you see
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You see UGC, user generated content. Like everything on your feed is created by another creator
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And what happens when you create content, let's say on Facebook? You're not only creating content for them, you are creating a network for them
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So if I tell you that I am on, let's say, LinkedIn and I, you know, posted something and it was so much fun
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two of my friends will also join LinkedIn. You know, that's how Facebook got the initial traction
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because all the Stanford grads started using the platform. So not only they are giving the content to the platform
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they're also giving their network. They're also giving their communities. So let's say if I tell you that, you know
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I am going to be joining a new platform which is like, which is amazing and it, you know
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helps you learn new things and you can make money out of it. So my community will join that platform
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So now it's not just the content. content that we are giving to all these tech giants
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It's our network. It's our time. It's our effort. So there are like multiple platforms of first layer we understand is all the platforms that we use
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you know, like Facebook, Instagram, YouTube, everywhere where there's a media. And then when creators saw that they cannot survive on these platforms, they cannot make a living out of it, then there came
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another kind of platform where you could transition that gap you know you could connect
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directly to your to your audience to your fans and then then became another evolution in
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let three where people could take money from their fans like if i like the video i don't have to
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i mean there's no how do i thank my creator who created that video that's when a patreon
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Patreon, you know, all these co-fee and all these platforms came into business to help creators
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make a living out of what they were doing. So like there are tons of ways creators make money and like there are advertisements, subscriptions
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donations, brand sponsorship, merchandise, events, but can you guess the most common
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way a creator makes money? Any guesses? Awesome. So the 90% of creators, they make money from advertising
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And the sad part, all these platforms, they take 99% of what they make from these content
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So creators make money, Facebook, YouTube, Twitch or whatever platform you use, they run ads
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on those platforms. and most of it they keep it to themselves
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But what happened to creators? What do creators do about it? They have no ownership of their content
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They have flawed monetization models which do not support them. And the platform controls it
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Imagine if you spend so much time creating content and the next day your channel is banned
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or Facebook just remember. moves all your content, what would you do
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A lot of creators have started posting on their own website because you cannot trust all these tech giants
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And another thing about creating in Web2 is the algorithm controls everything
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One day you are posting a finely laid out picture for Instagram
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The next day they start supporting reels. You don't know where it's going
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going. So what can we do about it? Just to show you a ground reality of what happens in the
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current ecosystem is Spotify has been in business since a very long time and they have only
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paid their 11 million artists an average of and if you compare it to NFTs which which we be covering in the later segment you see the huge difference the same with YouTube the same with
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Instagram the commissions are so high that creators cannot survive and whereas
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those commission on open sea the most famous NFT platform is only 2.5
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Now, why do we need to talk about this? Why am I talking about creator economy
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Because where we are going, content is going to be even more used
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29% of people, American students, they wanted to become influencers. They wanted to become YouTubers
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47.8 million people left their jobs. And the great resignation which happened last year showed that people are not happy where they're working
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And if you're not happy where you're working, you've got to find out a way where you can make a living, right
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And the numbers are huge because people are realizing that there is a way to make a living out of what you love to do
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And this is where created economy comes in in Web 3. So why is it important
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Because now you create an economy for yourself. You know, you have the ownership of what you do
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You have a way to connect directly with your audience. And this is built on the foundation of blockchain
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and it is trustless and there are multiple ways you can use it
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And when you combine art with tech, you get NFTs. When you combine finance and blockchain, you get DFI
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And when you mix your imagination and you create a world that you could only dream about
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you step into Metaverse. And all of this combines, all of this is only possible in Web3
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and the most important part of this is community. Like somebody was asking Ananya, right
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How can I, as a designer, land a job in a tech world, you know
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where everyone is a developer? It's the community. It's your network. Your community is going to support you
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And that's what's the main difference is in Web 2 versus Web 3 economy
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I really like this code by Google. Gavin Wood from Kolkado. He says, dude, everyone is tired of Google, Facebook
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you know, controlling everything we do. Now it's the time where we create our own thing
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Now, how can creators leverage this economy? So since I've working on socially
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we are finding ways to help creators leverage Metaverse and make a living out of it
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And if you've studied Metaverse deeply, there are like seven layers in Metaverse and one of them is creator layer
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Creator economy layer and in creator economy layer you get to create assets you get to create an experience for yourself for your community and
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build a small Metaverse for yourself which is fully sustained by you and you have the entire ownership on them
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Everything that you create and you don't even have to be like a developer
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You can use the tools that are available. There is unity, there are other tools which you can use and create assets that are not only
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useful in the metamverse but you can also use them outside. Now there's another way creators are leveraging web 3 is gaming
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You know what? In Philippines, people are playing Axi Infinity. I'm sure you must have read
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the news, right? People are like insanely mad about playing games. They are making good
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living out of it and play to earn is maybe play to one is how people are getting into the
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space and then they realize that that is not just the end, that is just the beginning
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And it's not just playing games. You can create something on the game. You can use Roblox and you know you can create assets for a game
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or a game and then make your community use it and make a passive income out of it. Like imagine
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making $200 a day just by playing Axi Infinity or just creating a game on Roblox and living off
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it you know like don't you don't have to work and you know that you own that game. Now uh
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Another great way creators can leverage Web 3 is through social tokens
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So imagine how many people here invest in stocks? Imagine if you had a chance to invest in Mr. Beast, the YouTuber
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But you didn't have that in Web 2. Yeah, he's doing it right now, right now, right
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See, we're already seeing the living examples. Okay, tell me which is that one creator you would go out your way to buy the token
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Gary, he already has his NFT collection, so not anymore
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35, any more? He said the same thing, okay. Awesome. So there have been some, so social tokens allow your communities to invest in you
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Imagine if there are people who are investing in me, then I don't have to worry about
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that I have to upload a video every week to, you know, make the algorithm happy
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I can work at my own pace and create value. Right? If my community is supporting me directly
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So there are like been very famous tokens, community tokens like karma
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whale, and musicians are launching their tokens. So you don't have to buy, you know, invest any more money in buying the new album
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You can just get that token and you will get everything they release in the future
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Some very famous platforms where you can launch your social tokens are
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role, rally and coin wise. And there are like multiple ways you can leverage social tokens and it's just not related
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to music. There are like multiple ways. Like you can use it for gaming, you know, if you want to play a particular game or if
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you just want to post a newsletter, you can use that token to create any kind of content
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or game or media. The next is NFTs. I think we've already talked about how NFTs are changing the world
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And is everyone Is everyone with me Yes Yes So how do you know we can go the line
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between personal and associate person? because some person, Social tokens your community is also responsible in governing what you produce, right
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So if you are the owner, like in social tokens, but it works as a DAW, because now the community
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decide what you're going to post next or what they want to see but a personal token is basically
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letting you have the independence or the freedom to create what you want to do and you know that
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your community has already got the tokens so it's all about the governance and who has the last
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decision to make i hope i've answered your question NFTs like i think this is where the bubble erupted right when
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everyone was launching their NFT collections. And NFTs, it's not just JPEG
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I'm tired of saying that again and again, because people think that it's just about art
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but it's not about art. It's about giving your community chance to help you
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or support you, or there are like tons of utilities. People are using them for ticketing, you know
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You can help your community in whichever way you want to. Like Gary V has, we talked about Gary V
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Gary Vee, the V friend is basically for all his future conferences where people who have collected
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his token, they can attend VCon or others. And then banks are getting into NFTs
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and so many brands are getting into NFTs. Starbucks launched their NFT collection
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So like there are tons of utilities And every day they're coming out
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So it's like nothing. You don't have to feel like the bubble has burst
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because it's just the beginning. And some of the decentralized platforms of your famous platforms that you can use is D-Tube, Odyssey
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For Facebook, you can use mine, steam. And there is a decentralized Instagram
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also supernova where you can showcase your NFT collections and we have a
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decentralized LinkedIn also which is entree and there is diamond you know
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it was bit clout a few months back but it has been rebranded as diamond then
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we have mirror for decentralized blogging and they like I don't know the next
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couple of platforms maybe some of you would be building it right so
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So it's very important for you to understand what creators want and what kind of problems
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you can solve. See, I know, develop, I mean, without developers, we cannot survive web free, right
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But what will you build? That is also a very good question that we do not give a lot of attention to. No
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This is the centralized version and that is the decentralized version. It's the same company
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It's not the same company. They are already successful in Web 2
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They won't create. Okay. Yeah, but these are not them. So coming in a nutshell, it's Web 1 was basically consumers
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one page or we were just reading, then we started creating, you know, just posting, and then we actually started
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becoming a part of the ecosystem. This is like now creators are like
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nobody gives a damn word creators. But imagine if you create something of your own
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you have the liberty, you can create whatever you want to create
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You don't have to dance for a real, because you know you own the damn algorithm
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And another great thing about creator economy is the community. You know, why do we have so many meetups in Web3
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Because if you do not have a community, your project will fail
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Even for creators, if you do not have a community who is going to support you, who is going
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to buy your token or collect your NFT. And when you have a community, the community can decide what they want you to post, what they
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want you to do and it's not it's not Zuckerberg's head or you know another person's idea so
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that's where that's how everything works in this eco space the best part about it about this is we still have
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time you know we are still in the emerging phase every day you you will see a new project you will
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see a new use case coming out of it when i started like when i got into web three there were like very few
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projects and like it was just evolving but now every day there are new ways for
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creators to market and I think we are all going to make it this is exactly how
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the internet bubble was you know in I think we are exactly where the internet
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bubble was and I think in 2020 2030 we will be at a Mars
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adoption this is from a 16 3 Z yeah okay and I call web 3 is fulfilling our
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child dreams I mean that's how I kind of kind of got into web 3 and you know if
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you ask me how is it happening so work is play now you know you're playing games
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Axi infinity P2E then you're creating art you always wanted to create art you
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kids right nobody does that anymore because we are so hooked with our phone but we
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are creating art now because it's paying our bills so we have NFTs and then we
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were really close to our friends you know when we were kids now we don't have the
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time to talk to them and that's when community is so important we are going back
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to our childhood and then fantasies you know when we were kids we had so many
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fantasies I don't know how many of you have them now we only have stress and anxiety
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So yeah, we're going back to our, we're going back to fantasies
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We have metaverses. You can create anything, like literally anything. Then the best part, I mean, I'm an introvert and I was really scared to get on the stage
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And I was so nervous that I fell down. Thank you. So for an introvert it is not a little bit of a little easy to come on stage and talk about it and I always I always keep my video off on Zoom as well so weptly allows me to do that you don have to show
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who you are you know you can just be anonymous and create magic so are you
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are you excited for the future of creators and if you want to connect with me
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on the chart this is where you can find me thank you so much okay
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So guys do you have any questions? I mean how how many creators are there again sorry? Hi. Okay
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And what content do you create? So I'm a technical content right
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And I'm a lot on technical aspects. Okay. And which platform do you use
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Are you making any money out of it? Awesome. Who else there was
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What do you create? Awesome
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Actually, a developer, but as a hobby, I create a video waiting. And unfortunately, I might have really exist on Facebook. It's all living on there
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And have you use any decentralized platform? No? No. Okay. Okay
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You don't have any questions. Yeah. Yes. You just. You say that maybe the future of all
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You would use with alternative you. Like, so later I will be able to, you know, just overpassing
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It's the web three alternative. So, so. Okay. Well, yes
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So if you have to. Yes. So I have to question. Like in Web 2, it becomes very easy to market
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I'm not marketing. When becomes easy to market like to target by any credit
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But how it was in medicine? And the situation is you mentioned about Metaverse that as a child we all have some
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that we can fulfill in Metabolics. But in Metaboles, there comes some negative points as that
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Like you will always be in your own zone, like you will be away from the reality
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from the nature, you can create your own. So how the Metabult companies are doing things to make things to make it
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make it like adaptable for the 40% and like but you are doing how you can better this. Okay
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I think the first one, like I mentioned, we are still early and even all the networking we have done for this event
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the marketing was done on a web 3 platform, web 2 platform, sorry, right
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So people are still learning about it and some of these projects have zero creation
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zero creators. So like even if you're a developer and you want to create, this is the time
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when you enter the market. You want to be an early adopter. You don't want to be someone
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who starts a channel when there are like 2 million channels already. This is the time when
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you jump into the creator economy. So I mean still early and people are like web 2 is the gateway
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to it. You don't completely like stop using. If you don't use Twitter, you don't know what's
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happening in the Web 3 economy, right? So slowly, I think you can start with a platform
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and then just create your own community and interact with people who are already there
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You know, when I joined Diamond, which was earlier BitCloud, it felt like it was a scam
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But it was really awesome because imagine I was doing, I've been using Twitter for a long time
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And nobody gave a damn about it. But on BitCloud, on Diamond, when I posted a 9
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nice tweet, you know, people could give me some diamond tokens. So which was amazing, you know, and that's what all the platforms are doing
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I, in fact, deleted my YouTube channel because I was tired of creating videos again
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and again. I get totally understand I'm also like I'm on LinkedIn and time on media
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So I can totally understand it becomes really, yes. And the time it takes
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for your channel to, you know, get to that compounding peak where it starts flipping money
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It takes like years and then I started Odyssey and I uploaded the same content on Odyssey and
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I was like I got some tokens and I was like, wow, I should have been here before
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Mirror is good. Mirror is good. They have recently changed their whole ideology
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previously you had to collect the token to write but now they have changes so it's easier to join the platform
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okay before okay before before you can before I answer your question how many hours do you spend on your phone
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Yeah, this is like we already spent too much time on home
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It has already made a part from the reality and like social gallery too
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But in Metaverse it will be like too much like even on our phone it simulates our mind
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And then it will be like a reality. So I believe it will impact very. Okay
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I mean. I am also excited about Metaverse. about metaverse but there are some negative points that we should
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everything has a negative points and you know this question comes down to your
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set how much self-control do you have I mean it's a same as using Facebook or any other
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platform and it's all about balancing the time you spend on Metaverse but another thing that we don't
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see is you know like the environment you know you feel like you are part of it you are not just sitting
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and watching from the screen. You can move your arms. So if you are looking at that aspect
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then you can also see how much physical activity you are doing, right
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So I think it's all about your personal balancing and all of that
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Thank you. Thank you, everyone. If you would like to answer the next question, it's okay
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If not, then it's also fine. If the session is over. Thank you so much
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You can connect personally once again, and please join your hands for share
31:11
And this was a really wonderful session
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