Creative professionals and creators are living, working, and creating in a time where there’s so much potential and so many opportunities to go global, reach a massive audience, and monetize their passion and talents.
According to a United Nations report, the creative economy is worth over $2.2 trillion to the global economy and is expected to grow at a rate of 40% in the next 10-years.
Global trends accelerating the growth of the creator economy
We are experiencing a paradigm shift, from a “value capture” economy to a “value creation” economy. The pandemic played a role in influencing this shift, and so have demographic and generational changes.
Gen Z is much more likely to become creators — on YouTube, Instagram, TikTok, and hundreds of other platforms — than previous generations. According to a recent study, 29% of American school students want to turn being a creator into a career, instead of taking white or blue-collar professional routes (e.g. doctor, lawyer, sales, etc).
Alongside this is the emergence of Web3, the next generation of the Internet as we know it. Web3 is a blockchain-based, decentralized iteration of the Internet, completely changing the current Web2 Internet works. In 2021, an amazing $30 billion was invested in Web3 platforms and blockchain-based projects, and startups in this ecosystem.
The metaverse is a part of this. And something tech giants and investors are betting huge sums on. As are NFTs (Non-Fungible Tokens), both are going to play an important role in the rise of the creator economy.
DEIP sits at the intersection of Web3 and the creator economy. In this article, we are going to take a closer look at the ways creator economy companies, and creators themselves, can become market leaders.
5 ways to succeed as a creator economy company
#1: Work with DEIP as a creator
DEIP is a decentralized infrastructure, a Web3-based protocol, for the creator economy.
DEIP is growing to become a driving force in the creator economy. At the heart of DEIP are tools and solutions for creatives to empower the discovery, evaluation, licensing, and exchange of intangible assets.
For creators, this means you can accelerate the monetization of creative assets. Instead of relying on NFTs (Non-Fungible Tokens) as a monetization mechanism, creators can fractionalize these, turning one intangible asset (creative work or collection) into F-NFTs (Fractional Non-Fungible Tokens).
With F-NFTs, creators can turn individual creations into assets hundreds or thousands of fans can invest in. Creators can also exercise control over these assets through DAO-based mechanisms and unlock liquidity through DEIP’s financial tools, using DeFi instruments and derivatives.
For those already a part of the blockchain-based creator economy, or Web3 economy, you can help us bring DEIP to a wider audience through our Global Ambassador program.
#2: Engage your audience
A crucial step in becoming a successful creator economy company is engaging your audience. Creators need to be engaged, this leads to passionate audiences and armies of fans.
The most successful creator economy companies and brands have millions of fans, such as Bored Ape Yacht Club, Cool Cats, and CryptoPunks. All of them do one thing brilliantly: they engage their fans and audience and give them reasons to keep being excited by what they are creating. Branding is so important in the creative economy, so always work with the best designers possible.
As a creator, engaging an audience really starts before you’ve even created something, when you are doing nothing more than bouncing ideas around. Once you’ve become a fully-fledged creator, staying engaging, relevant, and being yourself is even more important.
Speak to your audience as yourself (even if you outsource this function as the company scales), and talk to fans in the same way you always have. After all, they love your work because they ‘buy-into’ what you’re passionate about and your creative work. Make sure to follow these golden rules for the tone of voice and how to engage fans across numerous social channels.
#3: Get creative when monetizing your creations
With the emergence of platforms such as DEIP, you don’t need to stick to the old ways of monetizing artistic and creative products and creations.
Old ways of doing this include subscription, selling batches of products, or individual products, and asking for donations. These methods still work, of course, and there are now hundreds of platforms for creators to engage audiences and then monetize them.
However, all of these rely on Web2 principles. DEIP is offering creators a leap into Web3, a blockchain-based way for creatives to get more control of their creations, audience interactions, and monetization opportunities.
Turning creative works into F-NFTs and NFTs, and using other DeFi-based mechanisms to unlock monetary value is a powerful step forward. Taking the creator economy into the future, and harnessing the power of decentralized networks and platforms, such as DEIP, for millions of new and current creators around the world.
#4: Scale your audience
Once you’ve got a viable, engaged, and monetized audience of fans, you need to scale this to succeed. Create and implement a go-to-market strategy to reach a much larger audience worldwide.
Give new fans new creative works. Aim to scale what you produce alongside the audience you want to reach.
#5: Give your biggest fans something extra
Finally, for those wanting to give their biggest fans another reason to get excited, you need to give them something special. Create an exclusive portal (which you can do on DEIP) for your most engaged fans, the ones with money to burn and clear enthusiasm for your creative works.
Key takeaways: top 5 tips for creators wanting to succeed
- Work with DEIP as a creator (get started here)
- Engage your audience
- Get creative when monetizing your creations
- Scale your audience
- Give your biggest fans something extra