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How the creator economy could be seamless with the power of crypto – Times of India




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Co-Founder, Taki
The world for content creators has undergone tremendous change recently. Since the beginning of the 21st century, creators have been catching up with the rapid pace of technological evolution. However, for most creators, a long-standing pain point still persists.
The long-standing pain point of content creators
Perhaps the biggest grievance shared by all creators is that content creation often takes large amounts of time, financial investment, and effort that may only yield low dividends. Even in the age of ubiquitous social media, when almost everyone has engaged in content creation and/or content consumption, it takes tremendous effort to garner attention, attract likes, shares and comments, and win over followers.
Until a content creator attracts a sizable following and is able to consistently capture attention, there’s absolutely no earning. There is a strong fight even then content creators largely depend upon brand associations and collaborations to earn money. Most creators would admit that the joy of creating content and the hope to “make it big” someday are the major driving factors to keep doing what they do. Still, there are very few ways for active users of social media (not necessarily creators) to earn something for the time and effort they put into social media.
Creators will also admit that although the prospect of earning from social media is very attractive, the reality is that it is very difficult to earn livelihood from creating content. Most social media platforms are flooded with advertisements, which revolve around user generated content. While content creators are busy attracting people to the media platforms and keep them there, the social media platforms earn rich dividends through ads while content creators may earn only a small percentage or have to wait for paid partnerships.
New-age technologies driving change
However, all this struggle may soon shift. The wheels of change are already set in motion. The arrival of blockchain, cryptocurrencies, and related technologies is transforming the digital space for content creators and ushering in a new chapter of creator economy.
What exactly is happening? Cryptocurrency is powering a new social economy, restoring considerable power to content creators and consumers. Conventionally, cryptocurrency is based on blockchain technology which can be understood as a decentralized immutable digital ledger. The technology records all exchanges and transactions in real time. Blockchain forms the foundation of digital currency as well as non-fungible tokens (NFTs).
How crypto is rewarding creators
Cryptocurrency can be used for digital trade and has real-world financial value. NFTs, once minted, ascribe a certain value to a tangible or digital assets, which can range from art to music. Artists can also choose to collect royalties. NFTs can be auctioned off or sold on a blockchain with cryptocurrency, which can be converted into real money.
The social media platforms today are increasingly leveraging advanced technologies to offer better experiences to users. From hosting game platforms to offering virtual worlds, decentralisation technologies are making users the owners of their creations. The ownership of content is becoming more equitable. The next-generation social economies are linking creators of content directly with consumers, facilitating an exchange of value made possible by crypto.
This is increasingly giving rise to the concept of engage-to-earn, which is driving the creator economy. According to the Benchmark Report 2021, the creator economy is witnessing staggering growth with, “$800 million in industry growth [that] was recorded from only 31 startup capital investments since October 2020.” The report estimates the total creator economy market size to be over USD 100 billion, and it also states that 46% of creators generating content for over 4 years are earning more than USD 20,000 annually.
The India story
The world over, much like in India, there is some scepticism around cryptocurrency and NFTs. The inclination of governments is towards formulating policies in order to adapt to all the innovations in technology. This endeavour is visible in policy moves by the government, which has mandated taxation of earnings from cryptocurrency. Furthermore, the government does not have a fixed negative view of crypto. While it is monitoring crypto promotion closely, it has not yet felt the need to intervene.
There is enormous public interest in cryptocurrencies, and the space is gaining more users with each day. At the same time, there is a need for spreading mass awareness and education around cryptocurrency and how web3 works. Along with awareness and education, people are also keen to experience crypto. India is witnessing the advent of new age social media networks, and just as any other social media channel, the networks encourage people to create, consume, share, and build a range of content.
As the biggest differentiator, content creation or consumption with even basic levels of engagement are rewarded on new platforms with crypto tokens. Indian social media and cryptocurrency enthusiasts can experience investing, transacting, and building a crypto portfolio while creating or consuming content online. By creating social media platforms that offer a secure and simple crypto experience, innovators in India are creating a social economy, opening better avenues for earning from digital content creation and engagement. Finally, the times are changing in the favour of a more fair and rewarding creator economy!
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Views expressed above are the author’s own.
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