Creator Royalties #017: 5 Creator Economy Trends to Supercharge Your Creative Entrepreneur Journey

Your weekly newsletter for Web3(-curious) creators! Looking to further your creative practice as a creator in Web3? You’re in the right place! Here’s a weekly rundown of information curated for creators, by creators.

?? This week's edition of Creator Royalties goes through 5 creator economy trends you need to know in 2023, and how you can leverage them to supercharge your journey as a creative entrepreneur. Scroll down for our usual rundown of weekly updates, artist grants and opportunities, art drops, and our creator spotlight featuring Cassandra Bankson.

5 Creator Economy Trends to Supercharge Your Journey as a Creative Entrepreneur

The rise of the creator economy has enabled individuals to leverage their creativity and passion to build businesses and monetize their content online. Together with content creation and e-commerce tooling, creators now have unprecedented opportunities to turn their passions into profitable careers.

This week, we'll dive into 5 top creator economy trends we’re seeing so it can inspire you to grow your business and take it to the next level.

Let’s get started.

#1: Need for audience ownership and diversified income streams

In 2023, audience ownership and diversifying income streams have become crucial. With algorithms in top social media platforms shifting constantly and a non-zero probability of certain platforms getting banned, creators can no longer solely rely on one platform for their audience and income.

Instead, creators are moving towards owning their audience so that they can establish a stronger and more sustainable online presence, which leads to greater financial stability and probability of long-term success.

This is also why many artists and musicians have moved into Web3, and have started selling NFTs so that they can monetize directly from their audience, instead of having to depend on gallerists and music labels to do it for them.

At the same time, decentralized social protocols such as Bluesky and Lens Protocol are also starting to emerge, so we have true ownership and portability of our audience and social following.

Our Tip:?Start exploring different platforms outside of your main one, and look into different ways of owning your audience. Some examples include collecting emails for a newsletter, or monetizing directly through subscriptions or the sale of NFTs.

#2: Greater transparency around algorithm changes

Transparency is becoming an increasingly important trend, as creators seek to better understand how algorithms work and how that may affect their content and business strategies.

For example, Twitter recently made its algorithm open source, so that users can understand what is likely to yield greater visibility on the content they create on Twitter.

Other platforms like Instagram also host calls with some of their larger creators to share what kind of content will resonate more on their platform. Check out Amy Marietta’s recap of these tips to understand how you can make your content on Instagram go further.

Our Tip: Keep a lookout for any algorithm changes your favorite platforms may be making. For Twitter, here’s a recent update on how the algorithm has changed.

#3: Creative collaborations with AI and each other

In 2023, we will continue to see further experimentation with creative collaborations between creators and their audiences. We covered in past issues how this has been made possible through developments in artificial intelligence (AI) and other technological advancements, such as burning NFTs.

In fact, this past week musician Grimes launched an AI Project in partnership with development studio createsafe, so that users can create AI-generated music using her voice to which she would share half of the royalties.

Illustrator and painter Amber Vittoria recently turned to AI to imagine larger-than-life sculptures that she could not reasonably create herself.

Our Tip: Don’t be afraid to experiment with AI to further inspire your creative practice. Check out our handy infographic on Instagram.

#4: Rising importance of curation to aid in discovery

Curation is becoming increasingly important, as creators strive to cut through the noise and get their content seen by a wider audience. With so much content being produced and distributed online, curation can help creators establish their credibility and authenticity while showcasing their work to a targeted audience.

In fact, through Spotify for Artists, artists can now pitch playlist editors directly, making it easier and more efficient for new music to get curated and discovered.

Similarly, at HUG, we believe that the future of curation is decentralized, and so adopt a community-driven approach to help decide which artists get showcased on our platform.

Our Tip: Find out where the curators of your craft lie. If you are an emerging artist in the world of NFTs, make sure you apply for a HUG Artist Profile to start getting discovered.

#5: Community building to play a role in turning your audience into true fans

Owning your audience is one thing, turning them into true fans is another. In past issues, we have discussed the importance of acquiring 1000 true fans, and ways to reward your collectors to build loyalty and engagement.

"A true fan is defined as a fan that will buy anything you produce." - Kevin Kelly

Unsurprisingly, a number of platforms have emerged that allow creators to grow their true fan base. Patreon, for example, allows creators to build memberships that provide their fans exclusive access to their work.

Similarly, artists are using digital goods to offer token-gated discounts or exclusive event access. Verix is another new emerging mobile platform that makes it easy for creators to issue digital goods to build a closer relationship with their fans.

Our Tip: Consider how community building can play a role in turning your audience into true fans. Study creators you admire, and suss out strategies you feel could be relevant and authentic to your process.

Closing Thoughts

The creator economy continues to evolve rapidly, with new trends and technologies emerging at a breakneck pace.

As creators navigate this ever-changing landscape, they must stay informed, adapt quickly, and continue to innovate to stay ahead of the curve. Those who will be best positioned to succeed in the creator economy of tomorrow are those who are able to:

• Establish and own strong relationships with their audiences
• Diversify their income streams
• Leverage the latest technologies to be more efficient and innovative in their creative process

Curious about how you can effectively grow your business using innovative creator tools — from Web2 to Web3? This week, we are hosting a webinar with content creator and skincare influencer Cassandra Bankson to learn more.

RSVP Now.

In the News

Industry News

• The Los Angeles County Museum of Art (LACMA) ventures deeper into the world of NFTs with an experimental collection from pseudonymous artist Deadbeef that interprets the 19th-century work of Eadweard Muybridge.
• NFT marketplace Blur announced a new lending protocol last week, but reactions have been mixed and concerns are being raised over how it introduces more risk to the NFT ecosystem.
• Google director of engineering, futurist, inventor, and author Ray Kurzweil is not in favor of the Future of Life open letter calling for a pause on “giant AI experiments”. Read more of his thoughts here.

Tools and Resources

• Palm NFT Studio rolls out a new generative art tool on Unreal Engine, a 3D software tool, to help creators carefully craft their code, store it on-chain, and produce generative art collection.
• Understand what xNFTs are, which have been popularized by the NFT collection Mad Labs on Solana, and how these types of NFTs come with executable programming scripts to give them additional functionality.
• ZenAcademy has taken over Odyssey (now renamed Crypto Study Hall), and there are a number of free resources about NFTs, Web3, Decentralized Finance (DeFi), and more.
• Want to understand how the Twitter algorithm has been changing? Check out this summary of what Twitter favors and doesn’t.

Notable Creators

• Digital artist Rhett Dashwood (aka Mankind) used ChatGPT to create a memecoin which has a market capitalization of over $50M. Read up on how he did it.
• Founder of PROOF Collective Kevin Rose opens up about how tough it has been to build in the bear market, while sharing more about the company’s renewed art focus.
• Indian artist Amrit Pal Singh opens up on his experience hosting a solo exhibition called The Toy Face Tour, which discusses the bridge between nostalgia and newer art forms brought about by NFTs.
• Musician Grimes has officially teamed up with development studio createsafe to invite users to make AI-generated songs using her voice.

Artist Grants and Opportunities

• Want to be exhibited in NYC? Claire Maguire has 2 spaces available for an immersive exhibit at LUME Studios. Participate in this tweet to get curated.
• Dew Drops by Recur is introducing daily art drops by SMS. If you would like to be part of their new text-to-collect program, submit your work here.
• The Adobe Creative Residency program supports creators of visual digital work, offering grants of $500–$5,000 for either a portfolio project or a paid Adobe project commission. Applications are accepted on a rolling basis, learn about the program and application process here.
• Get featured in the Daily Ralpha, a Web3 newsletter with a daily circulation of 75K. All you have to do is apply for your own HUG artist profile, and submit your interest here.
• Post your best work to Creatively every week, let the community vote, and stand a chance to win a $5,000 cash grant each month.

This Week’s Art Drops

• Contemplation by Melda VNH (Timed Open Edition, from 0.01 ETH): Melda VNH invites her collectors to collaborate in this dynamic NFT, which will continue to be updated over the course of 30 days, with additional surprises to come.
• Self Love Meditations by Brittany Pierre (Limited Edition, 0.013 ETH): The first in a 3 part series of 3D animations that reflect the journey to self healing from past traumas, the realizations of present, and the next journey to one’s higher self.
• Figoores by doopiidoo (Limited Edition, 100/100, 0.05 ETH): AI artist doopiidoo has generated hundreds of photorealistic portraits, mixing images of contemporary culture, historical figures and styles, and more, culminating in this collection, which they will be launching with Superchief.
• The Concert - Homage to Johannes Vermeer by Vintagemozart (Timed Open Edition, Free): The piece was originally commissioned by the Boston Globe, and is an extraordinary reimagining of Johannes Vermeer's celebrated masterpiece, "The Concert," a painting that has captivated audiences for generations with its poignant portrayal of music and human connection.
• AURAS by Jeremy Cowart (Collection of 10,000, from 0.044 ETH): Jeremy Cowart’s AURAS project involved 10,000 completely unique NFTs produced in 20 minutes without relying on generative code. He acted as the blank canvas, and through various projections, created the artworks as part of a historic live performance.
• Under the Influence by Jordan Inglee (Open Edition, 0.025 ETH): The first in Jordan Inglee’s Negative Ions Series?dedicated to the healing power of water in motion. This edition can be burned to claim, or collected and enjoyed.
• Gleam by Spacebrat (Timed Open Edition, Free): First-ever free multichain open edition by Spacebrat who explores Black futurism and liberation through playful themes. This piece is an interpretation of a prosperous woman holding good health and joy, while evoking a feeling of beauty and fantasy.
• screen time by salvalorr dali (Limited Edition, 8 tez): salvalorr’s first collection on Tezos, which is a vivid re-imagination of history through the lens of screen addiction, making use of AI to envision modern addiction within a historical setting inspired by her Chinese heritage.

?? Have an upcoming art drop you’d like to share? Or an upcoming exhibition or opportunity for your fellow artists? Feel free to hit reply or email [email protected] and share it with us, so we can share it with our readers.

Creator Spotlight: Cassandra Bankson

Cassandra Bankson is a social media skincare influencer and model whose content has over 150 million online views, and has over 2.3 million people check in with her content regularly.

As an influencer, Cassandra constantly questions what “influencing” really means, and when it comes to new technologies like Web3, she sees herself both as an educator and bridge for her community.

We asked Cassandra, what are your views on Web3 and how it will affect the way you communicate with your audience?

"The current world exists. And this new world exists. But a lot of people feel intimidated by the language or they don't understand the technology behind it, and they don't feel like it's for them. But in the same way people adopted credit cards or people integrated Google or iPhones into their work, I feel like Web3 tools are part of the next generation and evolution of how we're going to communicate and share information authentically."

As the creator economy evolves, Cassandra is actively building stronger and more personal relationships with her fans, and is excited about the possibilities that Web3 tools offer to co-create and co-own opportunities with her audience.

“I see it similar to skincare, you know?” Cassandra said. “When I'm helping someone curate a skincare routine, I spend time learning the ingredients within a product and how it’s going to work for them. In some ways, that’s how I see Web3 as a creator.”

“Just like how I use and educate others on my own skincare products like cleansers and sunscreens, Web3 is not just a tool that I can use to connect with my audience, but also one that they have the power to use themselves as well.”

We hope you enjoyed this week's issue on how you can draw inspiration from the latest creator economy trends! If you want to still Web3-curious and ready to learn more: drop a comment, share this post, follow HUG, and subscribe to Creator Royalties???