Creator economy - How web3 enables ownership
Web3 is set to change the way digital ownership works, let’s dive into how????
An economic shift occurred when IT giants like 谷歌 and Meta (previously FaceBook) decided to compete with traditional mass media, causing a shift from a creative economy to a creator economy. These musicians have been pinned down for years but with Web3 it’s now possible for them to take ownership of their creative work.
During the financial crisis in 2008 these platforms became so popular, they left mass media behind.These social platforms had a conversion rate of 100% and didn't share any of that revenue with content creators. This is when peoples habits changed - they started to adopt and use these platforms more widely, leading to them becoming their primary source of information.?
This paved the way for singers & musicians, and any other creators to promote themselves, connecting with fans on a more intimate level. This way there are no “gatekeepers” blocking their path to success, they do not have to plead for a chance to show their talents and value… The barrier to entry was lifted.
So what is the creator economy?
It can be defined as an online segment that allows users to sign up, make use of the marketplace and tools to influence and monetise.
The good thing about the creator economy is that it relieved any barriers to entry and allowed artists to hone in their talents and skills, generating an income in an array of ways. Any person with a microphone?and internet connection could now make a living creating content for their fans. But as the creator economy evolved one issue began to surface.?
These centralised, web2 platforms kept the lion's share of the profits. Creators were not able to monetise directly from their fans but rather via these platforms in the form of sponsorships etc. Web2 normalised payment in the form of likes and followers, rather than monetisation directly from their fans. This is where Web3 and ??MELON aim to change this dynamic and allow artists to monetise directly from their audience.
The MELON Platform enables creators to sell their work as an NFT using an auction mechanic, this empowers the creator’s top fans to decide how much money they want to give to support their favourite artists.
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The market decides the value of the work. Web3 creators will see revenue figures that simply aren’t possible to generate on web2 platforms.
Even with the shift to Web3 there are still so many limitations to reaching the creators full earning potential.
Upgrading the creator economy eliminates intermediaries and enables artists to build their own economies, where they can directly monetise and co-own it with their fans.?
The creator economy is no longer about providing value to the platforms, it’s about building new direct creator-community relationships. Artists benefit from owning 100% of their own work, data and brand, they can give their fans and community full transparency of how they earn whilst stimulating authenticity in creativity, as opposed to ad-driven content.
With MELON NFTs we empower creators to utilise their favourite social moments by converting them into NFTs. They can share ownership with fans, whilst fans benefit from additional NFT utilities like one-to-one chats/meetings, merch, or live concert tickets.
We’re starting with #MusicNFTs ??
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