{"id":19500,"date":"2022-03-02T13:52:33","date_gmt":"2022-03-02T18:52:33","guid":{"rendered":"https:\/\/www.ceros.com\/inspire\/?p=19500"},"modified":"2022-03-02T13:52:34","modified_gmt":"2022-03-02T18:52:34","slug":"web3-apps-for-creatives","status":"publish","type":"post","link":"https:\/\/www.ceros.com\/inspire\/originals\/web3-apps-for-creatives\/","title":{"rendered":"The Web3 Apps Promising Creators a Better Deal"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">5<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<p>Before September, you might not have heard of Web3 but now, it\u2019s unavoidable. Web3, a term that refers to a future version of the Internet that\u2019s built on the blockchain (an immutable, decentralized digital ledger), could change the game for digital creators by giving them more control over\u2014and a bigger stake in\u2014their work.&nbsp;<\/p>\n\n\n\n<p>While Web 2.0 companies like Twitter, Facebook, and YouTube revolutionized the Internet\u2019s front-end experience, Web3 applications can redefine the backend, giving users new ways to monetize and distribute their content, music, art, and more. While Web3 is still in the initial stage of its development, several applications have emerged as early leaders, attracting the attention of digital creators. Here are a few you\u2019ll want to know about.<\/p>\n\n\n\n<div style=\"position: relative;width: auto;padding: 0 0 73.29%;height: 0;top: 0;left: 0;bottom: 0;right: 0;margin: 0;border: 0 none\" id=\"experience-620c1dbec7dd6\" data-aspectratio=\"1.36445242\"><iframe allowfullscreen=\"\" src=\"\/\/view.ceros.com\/ceros-marketing\/how-a-marketer-can-ask-questions-like-a-journalist-1-1-3-1-1-2\" style=\"position: absolute;top: 0;left: 0;bottom: 0;right: 0;margin: 0;padding: 0;border: 0 none;height: 1px;width: 1px;min-height: 100%;min-width: 100%\" frameborder=\"0\" class=\"ceros-experience\" title=\"Web 3.0 sidebar\" scrolling=\"no\"><\/iframe><\/div><script type=\"text\/javascript\" src=\"\/\/view.ceros.com\/scroll-proxy.min.js\" data-ceros-origin-domains=\"view.ceros.com\"><\/script>\n\n\n\n<h2>A look at the future of creator economy<\/h2>\n\n\n\n<p>\u201cSome would call it an alternative to YouTube,\u201d Jeremy Kauffman <a href=\"https:\/\/techcrunch.com\/2020\/12\/07\/odysee-launch\/\">said<\/a>. \u201cWe like to think it\u2019s the successor.\u201d Kauffman is referring to Odysee, the Web3 video-sharing company he helms as CEO. On Odysee, each user has a crypto wallet associated with their account; creators can either set a price that users pay to watch the video, or simply receive tips from engaged fans. Visitors to the site might notice the striking UX similarities to YouTube\u2014it\u2019s impossible to avoid comparisons to Google\u2019s video streamer. The main difference, however, is that Odysee uses blockchain technology to pay its publishers and give them more autonomy, as their content isn\u2019t subject to the same amount of moderation that YouTube provides.&nbsp;<\/p>\n\n\n\n<p>\u201cWe do think that YouTube is far too strict,\u201d Kauffman said.<\/p>\n\n\n\n<p>And so unlike YouTube, Odysee promises creators that their videos won\u2019t be removed, so long as they abide by <a href=\"https:\/\/odysee.com\/@OdyseeHelp:b\/Community-Guidelines:c\">community guidelines<\/a> that ban hateful, violent, explicit content. The site last reported <a href=\"https:\/\/www.prweb.com\/releases\/people_first_video_platform_odysee_launches_out_of_beta_enabling_creators_to_reclaim_power_and_monetization\/prweb17586549.htm\">8.7 million monthly users<\/a> in December 2020.&nbsp;<\/p>\n\n\n\n<p>Vocal proponents like entrepreneur (and Mark Zuckerberg foe) Tyler Winklevoss claim that Web3 sites like Odysee will allow creators to own their content, monetize their data, and decide what they want to do with it. \u201cA central party should not play referee,\u201d<a href=\"https:\/\/decrypt.co\/27630\/why-tyler-winklevoss-wants-bankroll-web3-social-network\"> Winklevoss told Decrypt, a cryptocurrency news organization.<\/a> \u201dRules should be made by a platform&#8217;s community of creators and users, not a small group of executives cloistered in Silicon Valley.\u201d<\/p>\n\n\n\n<h2>Will Web3 help writers monetize their content?<\/h2>\n\n\n\n<p>Web 2.0 publishing platforms like Medium and Twitter made it possible for anyone to create content online (and sometimes even get paid for it!).&nbsp;<\/p>\n\n\n\n<p>Medium once even paid content creators based on the amount of \u201cclaps\u201d an article garnered. But in 2019, Medium changed its policy without warning, and instead paid writers based on how much time readers spent viewing their articles. One writer speaking to Digiday <a href=\"https:\/\/digiday.com\/media\/exclusive-medium-will-begin-offering-writers-a-50-cut-of-the-subscriber-revenue-their-content-generates\/\">said<\/a> the change reduced his monthly earnings by 1,000 percent.<\/p>\n\n\n\n<p>In Web3, writers set the rules regarding how they\u2019re paid, rather than relying on an intermediary to set those rules. <a href=\"http:\/\/mirror.xyz\">Mirror.xyz<\/a>, a Web3 publishing platform, is like \u201ca secret society for writers that spreads by word of mouth,\u201d <a href=\"https:\/\/bettermarketing.pub\/the-first-decentralized-writing-platform-that-pays-writers-is-here-9e0fe9b2df16\">according to Tim Denning<\/a>, a writer for <em>Business Insider<\/em>.&nbsp;<\/p>\n\n\n\n<p>Denning described it as \u201csecret\u201d because, prior to this past October, the platform\u2019s community voted on the writers it wanted to publish. Since then, however, Mirror has opened publishing to anyone with an Ethereum address. On the platform, each one of a writer\u2019s articles can be minted as NFTs, and each time that NFT is sold at digital auction, the original author earns a percentage.&nbsp;<\/p>\n\n\n\n<p>Meagan Loyst, a Gen Z venture capitalist with Lerer Hippeau, has championed the platform as a more lucrative alternative to Medium for writers. \u201cI&#8217;ve published 11 articles on Medium. Made $0. I&#8217;ve published 2 articles on Mirror, Made $1,084,\u201d she <a href=\"https:\/\/twitter.com\/meaganloyst\">tweeted<\/a>. \u201cIn today&#8217;s world, there is 0 point in writing on Medium over Mirror.\u201d<\/p>\n\n\n\n<h2>Will Web3 change how musicians earn a living?<\/h2>\n\n\n\n<p>The streaming revolution made it more difficult for musicians to earn a living off plays alone. But meanwhile, record companies are thriving. <a href=\"https:\/\/www.riaa.com\/wp-content\/uploads\/2020\/09\/Mid-Year-2020-RIAA-Revenue-Statistics.pdf\">According to the RIAA<\/a>, as of 2021, streaming accounts for 85 percent of the music business&#8217; revenue in the United States. Artists, however, get paid a fixed rate of about $3,000 for every million plays. This system makes it difficult for artists outside the top one percent to earn a living wage off their music.&nbsp;<\/p>\n\n\n\n<p>\u201cStreaming hasn\u2019t just upheld the gap between music\u2019s haves and have-nots; it\u2019s widened it,\u201d <a href=\"https:\/\/www.rollingstone.com\/pro\/news\/top-1-percent-streaming-1055005\/\">wrote<\/a> Emily Blake for <em>Rolling Stone<\/em>.<\/p>\n\n\n\n<p><a href=\"http:\/\/sound.xyz\">Sound.xyz<\/a> has a different vision for paying creators. To solve this issue, the company gives artists full control over how they sell their music by packaging songs as NFTs. On Sound.xyz, artists sell their music without a third-party, pricing their songs at<a href=\"https:\/\/www.reddit.com\/r\/todayilearned\/comments\/paaid6\/til_that_spotify_pays_the_artistlabel_between\/\"> $0.003 to $0.0084 per stream.&nbsp;<\/a><\/p>\n\n\n\n<p>In December 2021, Sound.xyz debuted by releasing its first 7 songs from independent artists. The songs <a href=\"https:\/\/twitter.com\/alive_eth\/status\/1471132623145779203?ref_src=twsrc%5Etfw\">sold out in under a minute<\/a>, generating revenue for the artists equivalent to 21 million streams (approximately $63,000) in less than 7 minutes.&nbsp;<\/p>\n\n\n\n<p>While Spotify and Apple Music remain the world\u2019s leading streamers, Web3 creators envision a world in which they\u2019re no longer beholden to third-party platforms in order to earn revenue from their work.&nbsp;<\/p>\n\n\n\n<h2>Will Web3 change what it means to be popular?<\/h2>\n\n\n\n<p>What if you could speculate on the social clout of your favorite (or least favorite) celebrities? BitClout, a <a href=\"https:\/\/www.yahoo.com\/now\/controversial-crypto-project-bitclout-faces-233043748.html\">controversial<\/a> platform characterized by crypto reporter <a href=\"https:\/\/decrypt.co\/author\/jeff-john-roberts\">Jeff John Roberts<\/a> as a \u201cmashup of Twitter and Robinhood,\u201d is letting its users bet on the popularity of celebrities such as Elon Musk, Justin Bieber, and Barack Obama.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.dazeddigital.com\/user\/Alex\">Alex Peters<\/a>, a writer for <em>Dazed<\/em>, describes it as a platform that lets people gamble on people\u2019s influence. \u201cThink of BitClout as a stock market for people and their reputations,\u201d he <a href=\"https:\/\/www.dazeddigital.com\/science-tech\/article\/52334\/1\/explaining-bitclout-the-crypto-social-network-that-monetises-celebrities\">wrote<\/a>. \u201cThe value of someone\u2019s creator coin is designed to rise and fall depending on the \u2018social clout\u2019 of the person in question.\u201d&nbsp;<\/p>\n\n\n\n<p>As of today, Musk\u2019s token is the most expensive on the platform, trading at about $11,000 per coin at the time of publishing. Meanwhile, a coin for Tiffany Trump, the daughter of the former President, can be purchased for just about $250.&nbsp;<\/p>\n\n\n\n<p>BitClout\u2019s pseudonymous founder, known only as \u201c<a href=\"https:\/\/bitclout.com\/u\/diamondhands\">diamondhands<\/a>,\u201d claims that Musk\u2019s price reflects his social value. \u201cAll the positive things you put out in the world will cause people to like you and buy your coin,\u201d he <a href=\"https:\/\/decrypt.co\/62770\/inside-bitclout-dystopian-social-network-big-investors-vocal-critics\">said<\/a>. \u201cYou can monetize pent up enthusiasm for you, and let fans ride the rocket ship with you.\u201d&nbsp;<\/p>\n\n\n\n<p>Seventeen-year-old Sigil Wen is one of the people who have invested in social profiles on BitClout. He first began by investing in two TikTok creators with Bitcoin loaned from his mother. Within a few weeks his picks became internet stars, and he profited $6,000. Since then has continued speculating on creators, and his portfolio is worth over $1.5 million, according to a <a href=\"https:\/\/www.newyorker.com\/tech\/annals-of-technology\/the-dark-democratizing-power-of-the-social-media-stock-market\"><em>New Yorker<\/em><\/a> profile.&nbsp;<\/p>\n\n\n\n<p>For now, the clout has let people trade online personalities like stock, but it remains to be seen if BitClout\u2019s reputation will sink or moon.&nbsp;<\/p>\n\n\n\n<div style=\"position: relative;width: auto;padding: 0 0 70.92%;height: 0;top: 0;left: 0;bottom: 0;right: 0;margin: 0;border: 0 none\" id=\"experience-621fbb8019d52\" data-aspectratio=\"1.41011236\"><iframe allowfullscreen=\"\" src=\"\/\/view.ceros.com\/ceros-marketing\/metaverse-digital-marketing-sidebar-2-1-1?heightOverride=890\" style=\"position: absolute;top: 0;left: 0;bottom: 0;right: 0;margin: 0;padding: 0;border: 0 none;height: 1px;width: 1px;min-height: 100%;min-width: 100%\" frameborder=\"0\" class=\"ceros-experience\" title=\"Designers in the Metaverse PQ2 Copy\" scrolling=\"no\"><\/iframe><\/div><script type=\"text\/javascript\" src=\"\/\/view.ceros.com\/scroll-proxy.min.js\" data-ceros-origin-domains=\"view.ceros.com\"><\/script>\n\n\n\n<h2>Will Web3 replace Big Tech?<\/h2>\n\n\n\n<p>In short, it seems unlikely. Annie Zhang, the host of the podcast \u201cHello Metaverse,\u201d <a href=\"https:\/\/www.coindesk.com\/layer2\/2021\/12\/21\/web-3-and-the-metaverse-are-not-the-same\/\">argues<\/a> that there are certain Web 2.0 platforms that are unquestionably useful and important without using the blockchain\u2014platforms like Discord and Twitch, which allow creators to broadcast and communicate with their fans.&nbsp;<\/p>\n\n\n\n<p>Sean Linehan, the CEO of a career coaching service, expects that rather than bringing about Big Tech\u2019s demise, Web3 will just alter consumer expectations a bit. \u201cWeb 3.0 won&#8217;t replace Web 2.0 technology,\u201d <a href=\"https:\/\/twitter.com\/seanlinehan\/status\/1444711343261581312\">Linehan said<\/a>. \u201cLike its predecessor, the new capabilities will reshape what you will do on and expect from the web.\u201d<\/p>\n\n\n\n<p>&#8220;I&#8217;m not in a position to say who will win,&#8221; <a href=\"https:\/\/www.npr.org\/2021\/11\/21\/1056988346\/web3-internet-jargon-or-future-vision\">said<\/a> Mat Dryhurst, an artist and <a href=\"https:\/\/tisch.nyu.edu\/special-programs\/study-abroad\/study-abroad-faculty\/berlin-faculty\/berlin-faculty--the-clive-davis-institute-x-berlin0\/mat-dryhurst\">part-time lecturer<\/a> at New York University. &#8220;But Web2 companies will be folding Web3 ideas into their services to stay relevant.&#8221; In fact, we\u2019re seeing that happen already. Twitter, for one, has formed <a href=\"https:\/\/techcrunch.com\/2021\/11\/10\/twitter-is-building-a-crypto-team\/\">its own Web3 team<\/a>, tasked with exploring crypto payments, creator monetization opportunities, and decentralizing social media.&nbsp;<\/p>\n\n\n\n<p>While no one can predict the future, Web3 is still in the early days of its development. The space has a long way to go, but the promise of these projects is reminiscent of the early days of the internet. In the early 2000s, you couldn\u2019t have predicted the extent to which the Internet would weave itself into the fabric of our lives unless your last name was Gates or Jobs. The same is true for Web3. While we\u2019re still in the initial phase of Web3 developments, it has captured creators&#8217; imaginations.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<div class=\"myclass\">While it&#8217;s still early for Web3, several applications have attracted the attention of digital creators. 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