Over the next decade, we will see many traditional content creators begin to adopt blockchain technology and specifically NFTs as a monetization strategy.
I have spent a considerable amount of time in the creator economy and I now work with many content creators in the Web 3 space.
The most consistent advice I give to content creators is “Diversify your revenue streams.”
- AdSense revenue can be sporadic.
- Merch sales depend on your personal brand appeal and your abilities as a marketer.
- Patreon is a fantastic monetization platform but unless you are a big creator, Patreon alone won’t cover your bills.
- Brand sponsorships have no guarantees of sustainability. When brands go through tough times, marketing budgets are the first to get cut.
While the aforementioned avenues are the primary revenue streams for Web 2 content creators, the opportunities to diversify have been vastly improved in the Web 3 landscape.
The ability to create and sell digital assets offers creators a range of new options for monetization and audience engagement.
Pio and Nick the Co-Hosts of one of the biggest Web 3 shows on the internet have already implemented their NFT strategy via The Nifty Portal.
This Nifty Portal is a collection of NFTs that “Serves as your premium membership pass into the NIFTY community, a group of aspiring and successful NFT collectors and creators.”
This is effectively a pass for super fans that has already done more than 2000 ETH in volume and has created an amazing community along the way.
Another prominent Web 3 show, Bankless hosted by Ryan Sean Adams and David Hoffman recently began minting their podcast episodes as NFTs.
These are tokenized podcasts that give 100 audience members the opportunity to own digital copies of their favorite Bankless episodes.
Imagine owning the iconic Bankless episode where Sam Bankman Fried floundered in a debate against Erik Voorhees only weeks before the collapse of FTX. It’s like owning a piece of Web 3 history.
While Web 2 creators understand the potential for revenue diversification via NFTs, many are hesitant to take the leap out of fear of alienating their audience.
The fluctuating cycles in crypto and notable busts like the collapse of Terra Luna and FTX have left many people weary of Web 3.
Web 2 creators who get involved in crypto face significant backlash and are relentlessly criticized for “Promoting a scam.”
If Web 2 creators are reluctant to touch crypto out of fear, this could have a ripple effect where Web 3 will exist in its own bubble and, Web 2 users will only believe in the prevailing narrative on crypto.
While there are massive hurdles to overcome, I remain optimistic about the intersection of the creator economy and the Web 3 space.
The opportunities for creators to diversify their revenue streams and engage their audience are vastly improved via Web 3 integration and there are tremendous synergies yet to be unlocked.