COVID-19 pandemic changed almost everything for content creators. The stay-at-home rules particularly accelerated the shift towards Web3 and blockchain developments.
Two years down the line, COVID-19 rules have eased, and the globe is back to in-person theaters, sports, music, comedies, and movies. This return to normalcy has left many wondering what is going to happen to legions of digital creatives who were entertaining us during the pandemic.
Will the world simply forget the artistry and platforms they discovered? Will the creator economy, which is estimated to have surpassed USD 100 billion withstand the people’s desire to go back to normal lives?
Blockchain is the technology that will fill this void, helping to completely reshape the digital life and supercharge the creator economy.
Playing in the Digital Phase
When COVID-19 slowed the global economy, it provided artists the time and push they needed to experiment with the digital sphere, identify new audiences, and check alternative ways of showcasing their talents.
Even musicians who might not have previously considered live streamlining their concerts are now jumping into the digital arena. This is expected to continue. One example is singer Dua Lipa, who managed to break paid live streamlining records with the 2020’s Studio 2054 concert. Initially, Lipa was reluctant, but he ultimately decided to go digital, and it paid off.
In one of the surveys done at Middlesex University, 90% of musicians and 92% of fans held the view that live streaming would remain an effective method of reaching the fans that were unwilling or unable to travel to far home regions after the pandemic. The study also established that fans are not expecting to get free live music and paywalls are not discouraging them.
Decentralized providers are likely to find themselves on edge. In 2021, there were two definitive events that highlight what might befall the centralized providers.
- Hackers who attacked Twitch and released private information about its code and users on the globe.
- The whistleblower who indicated that Facebook (now Meta) prioritized profits over customer safety caused the tech behemoth immense reputational damage from.
What is Next for the Creator Economy?
The challenges of the big tech firms and COVID-19-related restrictions only accelerated changes whose time had already come. This change is likely to thrust this economy into the future. Here is a demonstration of five ways that blockchain will help the creator economy to grow.
- Exclusivity: Blockchain-based products will accelerate the digital experiences for creators and fans. Good examples of these are the Non-fungible token gated access and NFT ticketing.
- Fan ownership: Web3 era is defined by a rapid shift from value extraction from renters to creating value for renters. Therefore, creators will be able to own space without going through third parties.
- Greater interactivity: Web2 facilitated one-way publishing, but it is ebbing out as people go for Web3, which is enhancing greater interactivity. The new Web3 technologies allow better interaction, immutability, and enhanced security on the blockchain. Creators are even able to promote interaction without compromising privacy.