Content is at the core of the web and comes in many different formats supported by the current iteration of Web2 – text, audio, video, or a combination of all three. However, the content is hardly a free source. Content creators are now opinion leaders, influencers, and cornerstones for many of the vital service companies that depend on them, such as advertising, marketing, and public relations.

The need for content and its desire for independence, embodied by thousands of bloggers and independent artists, has created a huge online economy that trades in talent and often generates sales volumes that many famous artists have spat on. This economy has been called the creative economy: an economic structure that allows freelancers to capitalize on self-expression by providing audiences with the type of content they are willing to pay to consume.

growing strength
The creative economy is a huge force: a unique online phenomenon that surpassed the $104 billion market size limit by the end of 2021. Due to the growing demand for new content on popular platforms like TikTok, which allows independent artists and performers, experts are reluctant to make predictions about the size of the creative economy’s potential market in the near future.

The reason for the lack of specific forecasts is that the creative economy is a very recent phenomenon that began with the COVID-19 pandemic. The lockdown unleashed a flurry of talent among the inmates, unleashing creativity as others who shared the prison sought to consume the much-needed entertainment.

Related: The best is yet to come: what’s next for blockchain and the creative economy

Given that creative microentrepreneurs are closely associated with influencer marketing, which has a market size of around $13.8 billion, one can see the promise that further expansion of this phenomenon could provide. Most importantly, experts say, the transition to a new technological environment will allow content creators to flood markets and industries with new opportunities to promote products and services.

decentralized talent
Over 50 million innovators run their own talent economy, raising over $800 million in venture capital. These numbers are just a shadow of what may come later, when new arenas become available soon.

The development of blockchain technologies has completely changed financial markets, empowering individuals rather than institutions, and transferring ownership of data and funds to their owners. The characteristics of blockchain—immutability, complete transparency, and the untrustworthy nature of transactions—have permeated many industries, upsetting the balance between business orientation—from dependence on centralized business to decentralization. This shift in the basic concepts governing the relationship between participants in transactions, which is facilitated by smart contracts, has not gone unnoticed in the creative economy.

With the decentralized finance and GameFi sectors in their respective industries and crowds of users abandoning traditional methods of banking and gaming, it was only a matter of time before they remodeled their operating environment. The content creation paradigm has changed forever with the introduction of blockchain technologies that allow users to incentivize content creators when in fact creators can monetize their talent without sharing the revenue with often unfair centralized hosting platforms.

Related topics: DAO is the basis of Web3, the creative economy and the work of the future.

go metavers
The development of metaverses – fully digital environments driven by blockchain in Web3 and virtual reality – will usher in a new era in content creation. Never before have talents had access to such an advanced set of tools to spruce up even the wildest ideas at the cusp of the real and digital world.

Metaverser allows creators to visualize everything from an opera party in outer space against a backdrop of nebulae to blogging on a desert island in impressive graphic detail. Any intelligible creation can be realized in the metaverse for the benefit of all parties involved. Using the unlimited potential of the meta game combined with virtual reality, content creators will be able to unleash their creativity and let it roam the wild. Such promises of unprecedented quality can only be described as honeysuckle for an avid audience of viewers who crave more variety in the types of content they consume—and, most importantly, new experiences.

The blockchain foundation of the metaverse brings more benefits to content creators, as it allows them to use different mechanisms to monetize content through a variety of internal cryptocurrencies.

Source: CoinTelegraph

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