Web3: A blockchain-based internet is about to emerge. In a recent article, it was suggested that Web3, which, according to experts. Will empower artists while decreasing their reliance on huge social media platforms,. It could become a reality by 2022.
Indian content creators are expected to embrace the Web3. Which is an abbreviation for a decentralised internet based on blockchain technology. And the tools that come with it as they scramble. To establish their own identities and find new methods to make money.
As reported by ET, the use of non-fungible tokens (NFTs) and digital avatars. Both of which are evolving from and on Web3, will be major developments in 2022,. It is according to a variety of online influencers and companies representing creators who spoke with us. This will be especially true in the future, given the fact that top influencers. Will be attempting to directly monetize their fan networks and grow their companies.
While complete realisation of platforms on the internet appears to be a long way off. There will be a significant increase in the number of social tokens. Creator-issued tokens that give fans a stake in their work. As well as non-fungible tokens (NFTs) in circulation. Which will attract a new generation of creators, according to Mohammad Hasan, cofounder of TagMango. That is supported by Silicon Valley startup accelerator Y Combinator.
TagMango is a revenue-sharing platform
Aiming to lessen a creator’s reliance on revenue-generating networks such as Facebook and Instagram. TagMango is an audience monetisation platform that allows them to monetize their audience. NFTs or social tokens issued by a creative would let followers to make an investment. In the creator’s long-term success. Content creators may now generate monetary value. From their work and their communities in new ways thanks to the Web3 platform. In addition, for the first time, the user can derive monetary benefit. From interactions with the creative with whom they are affiliated,” Hasan explained.
Additionally, According to him, the sense of ownership that the audience will have over their digital assets. And the utility that will be provided by smart contracts would result. In a larger degree of loyalty towards the creator.
His conclusion is that Web3’s impact on creator economies will also exponentially expand the amount. And number of methods a creator can monetize. Resulting in a significant growth of the market capitalization of those companies. Hasan told ET that TagMango is engaging with influencers. Also celebrities to develop a dedicated NFT platform for content creators early next year.
Eloelo, a Bengaluru-based creator-led social gaming and live streaming platform. Is going to add monetisation goods such as gifting and social tokens. For artists on its platform, according to a press release.
Several of these tools aim to provide a direct line of communication between fans and creators. Through the use of social media. By the use of tokens, they also assist fans in being a part of their favorite creator’s journey. Or gaining unique access to their work.
Web3 and commerce
Commerce will continue to be an important component of this new sort of internet.
Moreover, A limited edition collection of wearables from luxury brand Gucci has been released on Roblox. A metaverse and game platform. Sportswear giant Nike just acquired a virtual shoe startup. That also produces NFTs and sneakers ‘for the metaverse,’ according to a press release.
‘Material and commerce are going to collide,’ says Vijay Subramaniam. Group CEO and founder of Collective Artists Network. “This implies that creators will be able to allow business from the content. That they’re creating today,” he adds. “I believe the most significant intersections are content and commerce meeting. With new generation technologies such as blockchain and the metaverse. Where all of this will eventually integrate and have a multiplier effect.”
When Flipkart acquired Scapic, an augmented reality (AR) firm. It was also the first entry into the building blocks of a metaverse. Flipkart is owned by Walmart and operates as an e-commerce company. Flipkart hopes to improve the user experience by publishing and generating augmented reality. And three-dimensional content across a variety of categories. Including also apparel, furniture, and electronics.