Creator economies today are focused around platforms such as YouTube, Instagram, and TikTok. On these platforms, creators have the opportunity to amass thousands of followers with hope to monetize their content and create steady revenue streams. However, this is only accessible to the top 1% of content creators on these platforms, and many are deterred from pursuing onward. With the rise of the NFT community and Metaverse worlds, we are seeing that the creator economy is shifting. In Web3, creators are the economy.
The current NFT market is viewed as a place to sell overpriced images of apes and punks. However, NFTs have a lot of utility in Metaverse worlds. In fact, NFTs are the backbone of Metaverse commerce. Whenever a user is interacting in a world, everything about their avatar is made from NFTs. Examples include apparel, food, drinks, music, and entertainment. The technology to enable NFTs has already been created, but the unlimited ideas of what avatars can wear and do in the Metaverse is left up to the creators. What will soon emerge in the Metaverse is a creator generated marketplace where users can shop for new items for their digital self.
Not only is the design of the metaverse allowing for this new economy to take off, but the amount of startups that are dedicated towards supporting the creator economy are increasing rapidly. We categorize these new platforms into these categories:
Companies are positioning themselves to prepare for this new economy. The Metaverse and Web3 will be highly reliant and quality creators to supply the demand of users. Those who are interested in possibly becoming a creator are in the perfect position to begin their craft and carve out a space for themselves in the Web3 environment. Here are a few tips on how to get started early: