How NFTs and Web3 are Bringing the New Content Wave

Web3 and NFTs are opening up earlier non-existing windows for content generators. Here is how

Web3, as we know is the next version of the internet, providing independence from a framework controlled by a handful of tech companies. What will this freedom translate to in the realm of content creation? Web3 is a decentralized system created, managed, and controlled by multiple stakeholders – a crucial factor in deciding the reach of a piece of content or artwork. We say this because search engines are largely run by algorithms and so the content has to cross a number of filters to reach a certain audience, a mechanism the company thoroughly monitors and controls. Web3 envisions a virtual world where creators or users can interact and collaborate without the fear of being under the influence of central repositories. Just to put the issue in perspective let us consider this example. RAC, a Grammy award-winning recording artist has earned about $40,000 by selling unique copies of a single song to 100 fans. To earn that kind of money on Spotify for example, the song should get 9.75 million hits!! This one example is enough to suggest how Web3 and NFTs are opening up earlier non-existing windows.

Web3 and NFTs – the Money Machines

Though Web3 and NFTs as technologies are in their infancy, the market for Web3 digital products is growing enormously. For users, particularly for content developers it is difficult to resist the feasibilities it brings with it. A lot of creators have built a brand for themselves on conventional digital platforms yet are raring for Web3 and NFTs. The market is set for innovation for its enormous size of more than 50 million creators. For example, YouTube which has about 37 million content creators, distributes around $15 billion to artists, which amounts to $636 per artist. Further, it takes a great deal of work to amass viewers by creating hundreds of videos even to earn a decent income. Selling merchandise, striking branded deals, and paid partnerships and touring are additional responsibilities that come with it. Compare this to Non Fungible Tokens, which currently engage only around 22,400 artists and generate $4 billion in revenue. Creating NFTs will take a bit of tech acumen to start off but once the creator gets the hang, it is up to the community.

NFTs – the Holy Grail of Possibilities

Setting aside all the speculations that go around the NFT marketplace and the risk it holds as a virtual art platform for investors, the possibilities it offers to creators and businesses are infinite. It not only allows users to create brand new NFTs but also turn old content into NFTs. The big tech censorship doesn't work with blockchain technology. It is the community that decides if the NFT is worth being on the platform. With blockchain, a piece will be voted down in the background though not completely removed. So, it will only disappear only if voted down, a process which is way better than censorship. The voting process is not carried out by complete strangers but by the users, the author owns and knows thoroughly; making everything absolutely a peer-to-peer transaction. The buyers purchase the content or part of it by transferring the crypto coins directly to the wallet. This implies the author shares ownership with readers and fans. But everyone will identify only the author as the original creator, keeping the copyright issues at abeyance. The story doesn't end here. Authors can create their own crypto coin making it possible for the fans and followers to invest in their favorite content creator. DeSo, an NFT platform would just do that. Social media platforms can take down your account making the author lose the account right away. And also, the authors need to convert their followers into sharing their e-mail addresses so as to reach out to them as part of the audience. Whereas in web3, as the authors are directly connected to the audience, the account cannot be taken down that easily.