Evolving Money: Rebuilding the Creator Economy (Sponsored Content)
Bloomberg Technology
Deep Dive
What is the main issue content creators face with traditional social media platforms?
Content creators on traditional social media platforms have limited control over their earnings and distribution. Platforms decide how much creators earn, often keeping a significant portion of revenue, while creators face transaction fees and payment delays. This system leaves creators with minimal financial benefits despite their content driving traffic and ad revenue.
How does blockchain technology aim to empower content creators?
Blockchain technology allows creators to retain full ownership of their content, understand distribution algorithms, and move their work across platforms without losing control. It enables creators to build direct relationships with fans, create new revenue models, and earn more by bypassing traditional gatekeepers like social media platforms.
What historical example illustrates the struggle for creators to control their work?
In 1694, philosopher John Locke faced challenges publishing his work due to the monopoly of the Worshipful Company of Stationers, which controlled all publishing in England. This monopoly was eventually challenged, leading to the Statute of Anne in 1710, the birth of copyright law. However, publishers formed cartels to maintain control, a dynamic that persists in modern media.
What is the significance of going 'on-chain' for creators?
Going 'on-chain' means using blockchain technology to distribute and monetize content. It allows creators to retain control over their work, understand distribution algorithms, and move their content across platforms. This shift empowers creators to earn more, build direct relationships with fans, and explore new revenue models outside traditional social media platforms.
How does Doodles, a Web3 entertainment company, utilize blockchain technology?
Doodles uses blockchain to create a digital entertainment platform where users can customize unique avatars, purchase content, and participate in the Doodles universe. The platform allows users to own their digital identities and content, fostering a community-driven experience. Doodles also collaborates with artists like Pharrell Williams to produce immersive, on-chain content.
What is the potential impact of on-chain platforms on the creator economy?
On-chain platforms could revolutionize the creator economy by shifting power from centralized social media platforms to creators. They enable creators to retain ownership, earn more, and build direct relationships with fans. This could lead to a new network of businesses and revenue models, fostering a more equitable and open internet for creators.
How does the Blackbird app use blockchain to enhance the dining experience?
Blackbird is an on-chain app that allows restaurants to build direct, transparent relationships with customers. It tracks customer interactions, creating personalized profiles that enhance the dining experience. This system helps restaurants build a community of loyal customers and offers diners a more intimate experience at participating restaurants.
- Social media platforms benefit most from viral content, leaving creators with a small share of the revenue.
- Blockchain technology could give creators complete ownership of their content and new revenue models.
- Creators currently receive approximately 5% of revenue, with platforms taking the rest.
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