What is web3? The creators way
Crypto has one feature that has never existed before - trust. - Ben Horowitz
Welcome to the first post on #web3 on Moor. Our goal is simple enough - to help creators build a better business in web3.
If you want to learn all the web3 killer terms like L2 chains and crypto investing and staking, we'll point you there.
Moor focuses on the business of web3 for creators. If you're a creator, you'll learn about product, growth, marketing, and monetization.
What is web3?
Wikipedia has a rather vague definition of what web3 is:
"An idea for a new iteration of the World Wide Web-based on blockchain technology, which incorporates concepts such as decentralization and token-based economics."
I like how OdysseyDAO puts it;
"Web3 is read, write, and own. People create, consume, and own the upside of their work through tokens."
Why web3?
In web3, it's "creator + fans = fairer ecosystem". It's a place where the community comes before the brand because, in the case of web3, your true fans are enough to keep you in business.
It has removed the middleman that acts as gatekeepers and aggregators.
In web2, your fans are data presented to a brand for them to do business with you. Or to a platform so they can share advertising dollars with you. Albeit, the creator only get a fraction of it. Many have tried to bring power back to the creator - e.g. Patreon, but it's still not enough.
The big tech - Google, Facebook, and TikTok, have tried to drive an inclusive program where the creators and the platforms benefit. It birthed all the creators' support funds. That was an issue in itself.
And these platforms were only interested in driving attention to themselves while splitting N100m or N500m between creators over one or two years. Spotify shut down their creators' fund while others already drained theirs.
Meta (formerly Facebook) has a nearly 100% take rate across Facebook and Instagram marketplace. OpenSea - a web3 NFT marketplace, takes only 2.5%.
Web2 platform is not where a creator wants to pursue creator monetization.
What does web3 brings (and give)?
Fairer economics:
According to the state of the crypto-2022 report by A16Z; "The take-rates of web2 giants are extortionate; web3 platforms offer fairer economic terms."
Ownership:
It's a win-win for everyone - the creator, the platform and the fans. For example, the creator creates something, sells it on a platform and true fans buy it. And can do a lot on that creator's property - stake, buy, support and invest in a creator whose idea aligns with theirs. This is web3 where so many things are possible.
Wired editor - Kevin Kelly wrote about creators and the 1000 true fans;
"To be a successful creator you don’t need millions. You don’t need millions of dollars or millions of customers, millions of clients or millions of fans. To make a living as a craftsperson, photographer, musician, designer, author, animator, app maker, entrepreneur, or inventor you need only thousands of true fans."
Welcome to the future of web3.
PS: Read up on “Is Web3, NFT and DAOs the future of the media and music industry?” as we prepare to dive deeper.
Cheers!
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