Decentralizing the foundation for creator-fan relationships in Web3 monetization

Decentralizing the foundation for creator-fan relationships in Web3 monetization ...

Relationships with creators are divided. Since Web2, followers have evolved into a one-way transactional process of following and consuming, rarely feeling fulfilled by their interactions with high-profile producers. However, the interpersonal potential of Web3 is a new approach to altering the situation as unidirectional and degenerative.

Social tokens, a type of blockchain token created and traded for a specific offer, allow creators to develop and maintain a local economy for their fan base, including an exclusive stem track from a music producer, or a video shout-out from a prominent influencer. Through this process, social tokens stimulate the convergence of physical and digital experiences and develop new interconnected methods.

New means for monetization, new relationships

The average initial pledge amount for Joe Rogan''s three-and-a-half-year partnership with Spotify has increased over the years, bringing a level of personal sovereignty that is not feasible on legacy systems. As such, human talent and creativity have not impacted the entire spectrum, from the nano influencer to the high-profile celebrities with large community followings. This direction, according to Patreon''s cofounder, has boosted the average initial pledge amount by over $200 million per month.

Although many A-list celebrities are profiting of Web3 technology, Paris Hilton is developing an NFT collection, and Reese Witherspoon is advocating for digital identity social tokens. Unlike traditional artists, revenue and branding are largely outsourced. For those who have not received an award, however, a variety of benefits, including a single dollar from each of their supporters.

This provides a positive feedback loop in the creator-fan relationship. Moreover, the creator is more fully aware of their community''s support. Hence, the power of social tokens has come to life from the start. Celebrities can choose what and when they want to share, and followers can choose what and when they want to consume. This is because the celebrity relationship is more valuable than it has ever been.

Plus the investment is made, plus the reward is paid.

Fans gain access to a wide range of exclusive Web3 enabled features, equating both parties and making a more significant contribution to the relationship. By choosing to showcase support via staking, users gain access to a wide variety of options.

By taking your creator token, you may be granted access to an exclusive fan club. For super fans who have accumulated a certain amount of interest, they may trade it in for a non-fungible token (NFT) that represents a season ticket or lifelong VIP access. As fans utilize and acquire intangible assets through Web3 activities, they become both physical and digital entities themselves. Digital functionality helps physical experience and vice-versa.

The downside of supporting a celebrity in the Metaverse is that the value can decrease the time an athlete becomes injured or an unfortunate conflict erupts in the media. However, as the saying states, the greater the risk the reward! Creators appreciate their followers'' investments by providing greater transparency, access, and communication. Celebrity and interaction are now critical.

The future of the creator

While the introduction of social tokens into celebrity culture is fantastic in its empowerment and use of meaningful exchanges, it also raises many questions about whether this system will make everything easier to monetize, and if everything is behind a paywall, where does this leave those who do not care after personal experiences?

Despite the fact that a large portion of content that is freely available today may be blocked, users will be forced to be more selective in who receives their attention. This should not be seen as a negative, as it is a lesson in conscious consumption. Currently, following 100 people can be done without much consideration, but paying $100 is a much more beneficial and thorough decision. These social tokens will transform our relationship with creators and the media in a way that is beneficial to our daily consumption habits.

The actual Web2 system is unconcerned, inefficient to both creator and fan, and has been strategically designed to serve advertisers and the central platform on which these relationships exist. In the near future, these relationships will be underpinned by closeness, loyalty, and personalized content, and the freedom of choice. Both celebrities and followers will directly choose the products and services they will directly choose to offer. However, these activities are hidden under a paywall.

This is not to say that everything on the internet will go behind paywalls. There is a disadvantage not as apparent within the actual celebrity dynamics, but once again, the possibilities of access are infinite!

At Calaxy, Rusty Matveev is the CSO.

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