"The Creator Economy Emerges" | Li Jin (Variant), Anne Fauvre-Willis (OpenSea), Morgan Beller (NFX) 🧵
#Permissionless2022
#Permissionless2022
1/ On the creator economy...
"Oftentimes when we hear about the creator economy, it is "emerging," which is a misnomer, it has been around since the dawn of the internet.
Social media enabled anyone to become a creator"
@ljin18
"Oftentimes when we hear about the creator economy, it is "emerging," which is a misnomer, it has been around since the dawn of the internet.
Social media enabled anyone to become a creator"
@ljin18
2/ On the creator economy...
"[In the] creator economy 3.0, creators are businesses in their own right.
They themselves are the product, they are the face of their own brand (ex. tipping, newsletters, businesses)
Creators are emerging as very powerful businesses"
@ljin18
"[In the] creator economy 3.0, creators are businesses in their own right.
They themselves are the product, they are the face of their own brand (ex. tipping, newsletters, businesses)
Creators are emerging as very powerful businesses"
@ljin18
3/ An interesting point about a "web3 playbook"...
"We need to educate folks on what the right playbook might be...and what a playbook looks like, it changes." @AnnieFauv
(fyi we have leaned HEAVILY into this concept within our group at @PwC & developed a playbook for brands)
"We need to educate folks on what the right playbook might be...and what a playbook looks like, it changes." @AnnieFauv
(fyi we have leaned HEAVILY into this concept within our group at @PwC & developed a playbook for brands)
4/ Monetization in web3...
A recent report from @a16z estimates 22.4k creators monetizing in web3, vs. 37 million monetizing on YT
"The revenue [web3 creators] are earning is substantial - $3.9B" (vs. $15B on YT)" @ljin18
Web3 creators earned $174k/per creator vs $2.47 on YT
A recent report from @a16z estimates 22.4k creators monetizing in web3, vs. 37 million monetizing on YT
"The revenue [web3 creators] are earning is substantial - $3.9B" (vs. $15B on YT)" @ljin18
Web3 creators earned $174k/per creator vs $2.47 on YT
5/ Monetization in web3...
"There is so much latent desire out there from consumers to support their favorite creators…at a scale that is unprecedented (see above tweet)
Crypto is enabling creators to monetize at a huge scale vs. traditional mechanisms"
@ljin18
"There is so much latent desire out there from consumers to support their favorite creators…at a scale that is unprecedented (see above tweet)
Crypto is enabling creators to monetize at a huge scale vs. traditional mechanisms"
@ljin18
6/ The Community Economy
"This eventually leads to...the Community Economy, [where] the barriers between creator and fan dissolve…and [fans] become influential in the creative process & [have] financial exposure to the success of the entire community"
@ljin18
"This eventually leads to...the Community Economy, [where] the barriers between creator and fan dissolve…and [fans] become influential in the creative process & [have] financial exposure to the success of the entire community"
@ljin18
7/ The Community Economy
Ultimately there will become a point where the lines between creator and fan are blurred, and fans are seen as being part of the creator.
This is web3 and the Community Economy.
Ultimately there will become a point where the lines between creator and fan are blurred, and fans are seen as being part of the creator.
This is web3 and the Community Economy.
8/ Patronage Plus (coined by @jessewldn)...
"In web3, the reason you support a creator is not only Patronage…but also the [future prospects] of a project (i.e. "Plus")."
@ljin18
"In web3, the reason you support a creator is not only Patronage…but also the [future prospects] of a project (i.e. "Plus")."
@ljin18
9/ Patronage Plus
"In web2, there was no way to profit from supporting a creator, you did that to benefit yourself.
In web3, it introduces a new pool of people into the creator's orbit who have a desire for profit (speculators)."
@ljin18
"In web2, there was no way to profit from supporting a creator, you did that to benefit yourself.
In web3, it introduces a new pool of people into the creator's orbit who have a desire for profit (speculators)."
@ljin18
10/ Patronage Plus
"The impact [of this] is that it flips the creator lifecycle.
In web2, the model was 'create content for years' then years later you monetize that audience…because web3 introduces speculation (Patronage Plus), the playbook is flipped…"
@ljin18
"The impact [of this] is that it flips the creator lifecycle.
In web2, the model was 'create content for years' then years later you monetize that audience…because web3 introduces speculation (Patronage Plus), the playbook is flipped…"
@ljin18
11/ Patronage Plus
"Creators can now mint a token to bootstrap funding [from the community]…and THEN start building content."
@ljin18
The New Creator Playbook: Monetization is first, which bootstraps distribution, and funds the content creation
"Creators can now mint a token to bootstrap funding [from the community]…and THEN start building content."
@ljin18
The New Creator Playbook: Monetization is first, which bootstraps distribution, and funds the content creation
12/ Web2 platforms in web3
"Web2 lowered the barrier to entry to have your voice heard…web3 finally aligns the incentives for the platform, creator, and audience."
@beller
"Web2 lowered the barrier to entry to have your voice heard…web3 finally aligns the incentives for the platform, creator, and audience."
@beller
13/ Web2 platforms in web3
"For web2 platforms, there are table stakes (like) enabling pfps, pyaing in crypto, connecting a wallet.
Every web2 platform can and will have those pieces, [but] you won't have the web3 part unless you have the web3 incentive mechanism."
@beller
"For web2 platforms, there are table stakes (like) enabling pfps, pyaing in crypto, connecting a wallet.
Every web2 platform can and will have those pieces, [but] you won't have the web3 part unless you have the web3 incentive mechanism."
@beller
14/ Web2 platforms in web3
"[Web2] is in a very read-only state of web3, where they are just now enabling users to use pfps"
@Cooopahtroopa
"Web2 companies are adding web3 features, but these are small features in a much bigger platform which is already baked"
@ljin18
"[Web2] is in a very read-only state of web3, where they are just now enabling users to use pfps"
@Cooopahtroopa
"Web2 companies are adding web3 features, but these are small features in a much bigger platform which is already baked"
@ljin18
15/ The Ownership Economy
"At @variantfund, we feel that ownership is going to be a powerful mechanism…
Eventually I would like [web3] to get to a place where users are co-owners of networks they are contributing to. I am bullish on ownership as a key piece of the UX"
@ljin18
"At @variantfund, we feel that ownership is going to be a powerful mechanism…
Eventually I would like [web3] to get to a place where users are co-owners of networks they are contributing to. I am bullish on ownership as a key piece of the UX"
@ljin18
16/ I highly recommend you check out this paper on the Ownership Economy by @ljin18 @jessewldn and the team at @variantfund
variant.fund/writing/the-ow…
variant.fund/writing/the-ow…
17/ If you have made it this far and are kicking around the impact of these concepts on your business, feel free to reach out
We have put together a very helpful "Web3 Playbook" that will help provide some guidance on how your organization can best approach web3 🤝
We have put together a very helpful "Web3 Playbook" that will help provide some guidance on how your organization can best approach web3 🤝
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