Opinion. James Kuk writes about the 'virtuous cycle' of community-centric, user-focused crypto platforms – as they begin to take power from tech giants. PaymentsWeek, presented by circlepay
If a service is free, you’re the product – and nobody knows this better than the content creators who rely on tech giants like Meta and TikTok to make a living. But even though this old adage has long been an unavoidable reality for digital creatives, emerging Web 3 technologies are finally disrupting this broken revenue model and putting consumers in the driver’s seat.
That’s not to say some social media “influencers” haven’t made money. Likes and views may not pay the bills, but brands recognize the value of exposure to engaged audiences and greatly increased online advertising spend, hence the #sponsored content that rules our feeds. Crypto and the blockchain enables new revenue streams for creators. NFTs, for instance, have opened a new paradigm of creative financing in the form of perpetual and automated royalties. In the future, we might also see innovations around tipping or micropayments – a field that hasn’t exactly taken off. The existing Web 2 models work – like Patreon or Kickstarter – but they also take a significant percentage of fan patronage .
Take Meta . Meta is testing a new tool that will allow creators to sell virtual products in Horizon, their new metaverse platform. But creators will have to hand over up to 47.5% of their revenue to Meta and Oracle for every sale they make.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Payments Week by CoinDeskBitcoin will be a settlement layer, payment for content creators, sovereign money and more. We asked evankaloudis, alexadelman and dickerson_des where they predict bitcoin will be in five to 10 years for PaymentsWeek, presented by circlepay:
Read more »
Facebook earnings were not as bad as feared, but they were still pretty badOPINION: Meta reported single-digit revenue growth for the first time since Facebook went public in 2012, and it appears even worse performance is ahead, writes columnist tpoletti.
Read more »
80% of Institutional Investors Expect Crypto to Overtake Traditional Investments, Survey Shows – Featured Bitcoin NewsA survey by trading platform Bitstamp shows that 80% of institutional investors believe crypto will overtake traditional investment vehicles.
Read more »
Zuckerberg projects confident despite lack of profit for Reality LabsThe Meta CEO said one near-term focus will be helping creators make money in its social VR platform, Horizon Worlds.
Read more »
Telegram Adds Crypto to Messaging App, Opening Path to Payments.telegram users can now use the messaging app to buy and sell toncoin and send payments in TON to their contacts. By JamieCrawleyCD
Read more »