The good news is yet to come: Looking ahead to the next phase of blockchain and the creator econmy

After two years of stagnation, theater, film, comedy, music and sports around the world are returning to the public eye after many restrictions imposed by the Covid-19 pandemic were finally eased. This got us thinking about what would happen to the digital creative crowd that grabs our attention and entertains us, and the multibillion-dollar economy they live in, when normal life stagnates.

Now that the doors of festivals, fashion shows and concerts are open to the world again, will we remember the online platforms and artists we discovered during the pandemic? According to recent estimates, the creator economy market will exceed $100 billion this year. Is such a market strong enough to withstand the shock of people returning to real life?

I firmly believe it is. Government-imposed restrictions may have accelerated the pace of change, but the transformational trends in video streaming that we've witnessed during the pandemic were sprouted before the outbreak and will continue no matter what.

And, while not deeply trained in macroeconomics, as a technologist, over the past few years I have worked on one of the most transformative new technologies in decades: blockchain. This is the technology that will revolutionize digital life, fueling the creator economy in the process.

Perform on the digital stage
The forced economic slowdown has given many artists the necessary time and motivation to experiment in the digital realm, find new audiences and explore new ways to showcase their talents.

Even musicians who may never have given serious thought to live-streaming concerts have taken to the digital stage. And, there is evidence that this will continue. Singer Dua Lipa, for example, broke the record for paid live streaming at the Studio 2054 concert in 2020. Initially, she was said to be reluctant, but after being forced to postpone an album tour, she decided to go live. It turned out to be a good decision: Her digital presence has attracted more than 5 million views worldwide.

According to a survey conducted by Middlesex University, funded by the UK Economic and Social Research Council, some 90% of musicians and 92% of fans believe that live streaming Still an effective way to reach fans who are unwilling or unable to travel to venues in the post-pandemic era. Providers should note: The study also found that viewers do not expect to watch live music for free, nor are they particularly averse to paid models.

The rise of the creative economy has also inspired the developer community. New niche streaming platforms have emerged, thanks to the emergence of low-cost decentralized infrastructure. These infrastructures allow application builders to encode video, store data, and handle identity information without paying expensive fees to centralized cloud service providers.

More and more centralized providers will be constantly on the defensive. Two high-profile events in 2021 will be enough to prove it: hacking Twitch and releasing private information about its code and users to the world. Additionally, Facebook suffered huge reputational damage from prolonged downtime. The whistleblower claims that Facebook's management has repeatedly chosen to prioritize profit over safety.

What will happen next?
The way the world produces, consumes and uses video content has fundamentally changed, accelerated by the woes of tech giants and COVID-19-induced restrictions — changes that are likely to drive the creator economy long into the future growing over time. Furthermore, given the increasing availability of low-cost decentralized blockchain infrastructure, these emerging players will have the opportunity to take on the tough challenges of FAANG-operated streaming providers.

There are five ways blockchain can accelerate the growth of the creator economy and solidify its position as a core force in global culture and entertainment:

Exclusivity: Non-Fungible Token (NFT) gated access and NFT ticketing are two decentralized tools to improve the digital experience for event attendees: NFT tickets can inhibit ticket scalping while giving the audience a unique souvenir that Card Gating enables unique experiences like access to private groups and direct private chat with creators.

Fan Ownership: The Web3 era is defined by a shift from extracting value from tenants to adding value to owners. Just as blockchain enables fans to interact directly with their favorite creators, it provides a path to asset ownership in the economy of individual creators outside of traditional centralized platforms.

Low-Cost Streaming: Video streaming accounts for over 80% of Web2 internet traffic and counts. Developers are eager to capture a portion of the market without being overwhelmed by high costs. They are constantly looking for cheap blockchain-based infrastructure to support creator streams. With their new ability to reach a global audience anywhere using streaming technology with on-demand access, creators are turning to unique Web3 features such as tipping, paid entry and on-site shopping to monetize content.

Immersive Interactions: The one-way nature of Web2 publishing has given way to immersive interactions that reward user engagement. Because data can be permanently and securely recorded on the blockchain, creators can incentivize interactions without sacrificing privacy.

Niche: While Web2 was built to scale, Web3 was built to be niche. Blockchains are less expensive, more secure, and more resistant to censorship, so small communities can be built that serve a niche niche that is more economically viable than Web2. This is a fundamental shift that not only puts creators in control, but also makes these communities less attractive to attention-seeking giants.

A thriving creator industry has paved the way, and those who are ready to accept and participate will be assisted by a decentralized infrastructure.

Digital creatives have always recognized that they have to be smart enough to be successful. Now, there is a technology that will allow them and their analog counterparts to reach new audiences on their own terms without having to cede power or profits to tech giants like Google and Amazon.

I am a firm believer in the ability of musicians, gamers, influencers and creators to adapt to and thrive in the new reality of the future - and now, my belief has never been stronger.

How will the creator economy develop? The clue is in the name.