Written by Marc Demar
We’re often talking about the Creator Economy. It doesn’t totally coincide with the invention of the Internet as it took a while for people to understand and discover its true potential. In a sense, it is more linked to Web 2.0. People did no longer use the Internet just for information gathering and storage, but for sharing, for social media. Suddenly there was a way for people to express themselves and the creator economy grew from this.
What is so great about the Creator Economy is that people make money from their passions. Whether it is playing and streaming computer games, making funny videos, travel or cooking vlogs, people turned hobbies into businesses.
Web3 and The Metaverse
We’re witnessing a major transformation from Web 2.0 to Web 3.0 as well as the ascend of what is referred to as The Metaverse. While Web 3.0 is built on the philosophy that the internet should be a decentralized network of computers rather than a centralized one, The Metaverse is understood as an Internet extension, consisting of virtual reality-based parallel worlds where users can interact with each other and digital objects in immersive, spatial environments.
These developments are important for creators. We may have a Creator Economy, but it is not all perfect. The Creator Economy exists by virtue of Big Tech companies that reap most of the benefits of people’s time spent online and the content they create. It’s true they facilitate the Creator Economy and have fueled an important transformation from Web 1.0 to Web 2.0, but now the time has come for the next transformation.
A New Creator Economy
In the new Creator Economy, let’s call it Creator Economy 2.0, creators are still rewarded for their work. They will still be able to monetize their content. What is fundamentally different however, is that they will fully own their creations and their data and that no one else – read Big Tech – will reap the benefits. This is made possible by blockchain technology.
The new Creator Economy will be a blockchain economy, win-win for everyone involved: Creators will undisputedly own their work and data and get rewarded for it, consumers can access products and services without a middle man setting the rules, limiting free speech. And all of that in a secure, trustless environment.
Creators of Somnium Space
The Metaverse and Web3 are an extremely powerful combination, and where better to look than Somnium Space, the open, persistent, blockchain based Virtual Reality world.
Somnium gives you a sneak peek of what the new, blockchain based Creator Economy, looks like. The transformation from Web 1.0 to Web 2.0 took 10+ years, and going from Web 2.0 to Web 3.0/Metaverse will take a similar amount of years. However, the transformation is ongoing, and Somnium Space is leading it.
Creators in Somnium Space are creating spatial experiences and 3D digital products, offer services that replicate physical world services. They gather their fans and customers in a totally new way.
There are virtual real estate companies in Somnium Space, people who build homes, entire immersive worlds even. As well as spatial games. Performers gather audiences not on a 2D live stream, but live in front of them on a virtual stage, in a virtual world. Forward thinking fashion designers are showcasing their creations right in VR. Creators are pitching their projects in spectacular virtual venues. Yoga teachers are setting up classes. In fact, a school opened their doors in Somnium. And anyone can join as physical boundaries have disappeared.
Consumers, fans, audiences, gamers, customers, they can interact directly with the creators, and transactions happen directly between them. In a secure, blockchain powered way.
The Metaverse, built on the blockchain, facilitates a deepening and widening of the Creator Economy. But it will not just be a Creator Economy. A complete Service Economy will grow alongside of it.
We’re seeing it happening in Somnium Space.