As the digital world transitions from Web 2.0 to a decentralized Web 3.0, we can see many changes taking place irrespective of the fields. And while this shift is still in the burgeoning phase, it is worthwhile to explore the infinite possibilities it has to offer the creators/creator space.
Web 3.0 technologies, such as VR/AR, AI, blockchains, smart contracts, machine learning, and NFTs, will fundamentally alter how creators produce content, assert their IP rights, and receive compensation for their efforts. They will alter not only how we use the internet, but also how we perceive it.
One can anticipate a more equitable and effective internet for anybody interested in creating content, from influencers to business startups.
Following are the key factors that make Web 3.0 an innovation-friendly platform:
Increased Creative Liberty
Creative limitations have always been a significant challenge in the Web 2.0 sphere but with the help of the decentralized Web 3.0 network, this issue may now be easily solved.
What does the term "decentralized network" refer to? In essence, individuals or groups lose their control over the data and processing capacity of the internet. As an alternative, multiple entities are given control.
The creative freedom that a Web 3.0 network offers is limitless, especially on a much larger scale. Creators won't have to rely on other people's software or technology in order to create and manage their own content.
Additionally, take into account how much people worldwide enjoy the variety of already-available content. Furthermore, it makes the process of becoming a creator simpler than ever. With the advent of Web 3.0, opportunities and inspiration will undoubtedly soar to new heights.
Royalties, Ownership, and contracts
The concept of Smart Contracts’ will change how art is owned. You might wonder what does a ‘Smart Contract’ refer to? Simply put, Smart contracts are blockchain-stored programs that execute when certain criteria are met. They are often used to automate the implementation of an agreement so that all parties can be certain of the conclusion right away, without the need for an intermediary or extra delay.
As a result, content ownership will be clearly identified, which will make piracy more difficult and less common as content licensing will be recorded on blockchain networks.
In Create Protocol's Twitter Space on the Future of Creators in Web 3.0, Mr. Sameer Joshi (Music Producer, Composer, and a Percussionist) noted, “Right now, in the traditional distribution business model for small labels and medium sized labels, the creators face many hitches with regards to the revenue flow as the traditional music streaming platforms exempt the artists from getting the income they deserve by taking the majority profit share, and with the help of the Web 3.0 model this problem can be resolved”
Heyo, our last twitter space was so much fun 🙌🏽— Create Protocol (@CreateProtocol) June 24, 2022
Many thanks to @abhicris, @johanga108, @SameerJ18870595, & @iamabverse for being so awesome ❤️
If you missed it, do listen to the recording & watch this space for more such fun & insightful gatherings 🤩https://t.co/yjPB8sLvYi
Our founder, Mr. Abhishek Krishna, sheds some light on this problem of the Web 2.0 revenue distribution system. He said, “In Web 2.0 space, the income generated gets distributed among multiple entities, leaving behind only a small percentage of say around 15% for the original artists/creators which is an unfair and unethical process of profit distribution. Blockchain as technology solves this issue in a great way, here the content gets monetized in a more fair and efficient way with the help of the royalty management, and everything gets distributed through smart contracts.”
Incorporating royalties into smart contracts can help creators who require them, such as musicians. It ensures that payments are released instantly to anyone who is designated to get a cut: the composer, performer, producer, editor, distributor, or anyone who gets even a tiny fraction of a percent.
Decentralized Finance (DeFi)
Decentralized Finance is a network that allows content creators greater power over their finances because it is a network that isn't governed by banks or traditional currencies. Contradictory to Centralised Finance which is very rigid with zero transparency, Defi provides its users the means to access the open and secure system of blockchain technology to manage their money easily. And Web 3.0 aims to expand on that concept.
The overall DeFi cumulative revenue has grown to over $3.9 billion since June 2020.
Decentralized finance (DeFi) protocols are receiving a lot of funding overall, with $148 billion invested in them as of October 2021. All of these elements point to the development of a more democratic system that grants artists the autonomy and tools necessary to quickly, flexibly, and creatively handle their funds.
Create Protocol recently launched its De-Fi services in which it extends support to talented artists and creators. The De-Fi solutions are made available to any verified artist in the CREATE community who has a certain amount of CR8 tokens in their CREATE wallet. Artists will have the means to access loans at Create by keeping NFTs of their intellectual properties (IP) as collateral.
Create Protocol also plans to provide financial assistance and access to Defi products to the artists based on their artwork. By selling NFTs at an early stage, the artists can acquire funding in return for the profits/ royalties generated at a later stage. Ensuring that the artists in need of money also get grants for crucial projects lending a helping hand to the youth for academics and studies in every aspect of the arts and music.
Putting Control in the hands of the Creators
The goal of technology has always been to democratize society, and Web 3.0 is only the next logical step in this process. More than ever, creators want to be in charge of their creativity and art. Their work won't be plagiarised on Instagram or used to make money on YouTube. It won't be possible for platforms to push your content just to keep consumers scrolling. The general people want to reclaim their right to privacy and so do the content creators.
Blockchain technology is giving content producers more control than ever before. This might mark the beginning of a golden period for content production, that we like to call the 2nd Creator Revolution. A time when creators will be well compensated, fans will be closely knit, and innovation will be accorded the respect it merits.
Web 3.0 will streamline not just your regular projects but also your social network. The expansion of services aimed at assisting creators and their objectives, from creating algorithms to managing finances, is another development that ought to blend seamlessly into a decentralized digital environment.
For instance, the Community's only purpose in terms of connection is to strengthen the bonds between companies and their viewers. It's not the only platform supporting the creative economy, either.
Platforms like Create Protocol are designed to give their users (creators and fans) the freedom to buy, sell, share, interact and manage their creations seamlessly without much hassle. It is an engine that powers multiple DApps built on top of it. And with services ranging from smart contract based licensing to royalty management, it is a one-stop shop for creators of all kinds.
Lastly, another aspect of the internet that will significantly advance with Web 3.0 is global connectivity.
The next stage of evolution in this market will be dominated by startups that focus on empowering artists while still enabling them to accomplish what they love. Now, creators are developing into new founders. And while the concept of Web 3.0 is still very new, this is the perfect moment for the creators to fully explore and utilize all the opportunities that the Web 3.0 space has to offer.