The future of communities with Web3 and how it will impact the creator economy

August 4, 2022 – 6:00 am

Decentralization is one of the main attributes of Web3 (Credit: Shutterstock)

After a two-year hiatus, VidCon – one of the biggest events in the world for the audiovisual industry, which brings together content creators, enthusiasts and online video professionals – has returned to Anaheim, California. Over the four days of the event, more than 50,000 participants attended the panels that addressed the future of content creation, web 3.0, metaverse and diversity, in addition to speakers such as Khaby Lame, Rebecca Black and Louise Castro.

VidCon is where the world’s leading digital creators, platform innovators and their fans converge in one place. For the past decade, YouTube has been the main sponsor of the event. This year, TikTok has taken over the reins. However, already in the opening, it was possible to understand that the discussion is no longer about platforms and formats, but about connection in the context of the new world that has been created by the web3.

It is under the umbrella of web3, that buzzwords like ‘NFT’ and ‘Metaverse’ (which even became widely known in early 2022 when Facebook announced the name change to ‘Meta’ and the launch of its world platform open, Horizon Worlds) take shelter. And Hank Green, co-founder of the creators conference, and Pam Kaufman, president of Paramount, opened VidCon talking precisely about the importance of these innovations for connecting with the audience, bringing as benefits the emotional and tangible aspect of “owning” a something.

Before we continue, it is important that you understand: the so-called web 1 refers to the emergence of the Internet in its popular version in which we had a space of little exchange, and more one-sided information (which we can summarize at the time we asked “Google, what that’s it?”). The move to web2 happens with the emergence of social networks, centralized spaces filled with information and decentralized opinions (as if it were the era of “what do you think about this?”). Now, we are heading to web3, where decentralization is fully achieved and when we will have autonomy of our information and relationships without intermediaries.

This decentralization leads us to the formation of the so-called DAOs (Decentralized Autonomous Organization), which manage themselves. In turn, NFTs allow you to ‘tokenize’ any type of content (arts, music, video) and market it in a direct and authenticated way – also having as a background the construction of community.
This makes the future of entertainment and participatory content creation. At the same time, it solves one of the main pains of the creator economy which is monetization and copyright protection. An example of this is the series ‘Stoner Cats’, led by actors Mila Kunis and Ashton Kutcher. They did a kind of crowdfunding via NFT. Whoever acquired the NFTs has the right to follow the animation, which must have five-minute episodes. And those who invested in larger quotas also received other privileges, such as participating creatively in the development of the audiovisual product. The case resembles funding for the Entourage series, which Slash MGMT is doing via Fireside. And the company’s president, Jake Webb, points out that, for the first time, creators and production companies are facing the opportunity to monetize projects before launch, as fans mobilize and start contributing long before production.

On web3, talent speaks directly to the audience, who pays directly to consume the creator of whom they are a fan. That is, they begin to be the new streaming platforms. And, along these lines, the metaverse helps create an immersive relationship and scalable experiences that wouldn’t happen in real life, such as being in that person’s studio and watching a recording.

We are facing a precedent that, in theory, has the potential to revolutionize the creator economy. However, all this also opens up a series of questions that still have no definitive answer. Will the audience be interested in participating in everything or do most people just want to watch a video and be entertained? For creators, the same thing: how to find the breath to surrender to this exhausting engagement?

Despite this, it is a fact that the entire ecosystem that orbits around relationships, such as influencer marketing, will possibly be impacted by the changes and evolutions of the web3, as brands will need to find new ways to connect with the medium and formats. of content creation.

The panel “DAOs: the future of online communities”, which brought together Brendan Gahan, partner of independent creative agency Mekanism; Jeff Kaufman, specialist in digital strategy services; Jim Daily, who works with web3, AdTech and crypto; and Nicole de Ayora, Product Director at Dapper Collectives, shed light on how this should happen. Brands will need to become, create or participate in an Autonomous Decentralized Organization, since the community will have the power to develop what generates value for itself. The same goes for platforms, which will need to be more concerned than ever with inserting themselves into this universe through a participatory community.
In this triad – brands, platforms and creators – the narratives continue as a means of connecting all the ends, as long as they are supported by data and technology so as not to lose sight of the main asset of this chain that does not change despite all the transformations envisioned: the audience.

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