How Web3 technologies are a game changer for the creator economy

Web3 Tech is paving the way for creators to exodus out of the Web 2.0 shackles.

Web 2.0: Apps and websites that utilize user-generated content. Examples would be YouTube, Instagram, Twitter, blogs, Wikipedia, and Google.

Web 3.0: Decentralization of web 2.0 tech and maximizing the intelligence of websites and apps through blockchain and AI technology.

The internet is currently broken and web 3.0 is a way to fix it.

Web 2.0 advanced the internet and is responsible for the intricate world we live in today. But the solutions web 2.0 leveraged ended up amalgamating and creating a flood of unstructured and misunderstood data. Companies are discovering ways to organize big data, but it has now become an indefinite practice as more data issues are being created by web 2.0 innovations.

Web 3.0 provides a better architecture to handle big data and communicate it efficiently between apps. For starters, blockchain technology at its core is a bulletproof data storage protocol for transactions to be made and verified.

The stress-testing of blockchain capabilities eventually led to smart contracts — self-executing contracts that automatically perform tasks. Smart contracts are the tools that are reshaping our everyday social interactions. It’s capable of governance (voting), digital identity, proof of ownership, escrow, supply chain management, financial services, and much more.

Web 3.0 is remodeling the creator economy

It focuses on giving the power back to the people, not through a centralized entity that can change their minds, but through transparent trustless initiatives. Web 2.0 created an ecosystem enabling private companies to build social platforms that can exploit creators for their contributions. Companies like Instagram and TikTok keep 100% of the billions they make despite realizing that they’ll go bust if creators stopped publishing.

Web 3.0 is creating infinite ways for creators to monetize themselves, their content, and their contribution. One popular way creators are doing it is through NFTs (non-fungible tokens). They’re unique digital assets that can be art, music albums, e-tickets, Twitter posts, articles, literally anything of value.

Blockchain and NFTs solve two major problems when it comes to digital goods — intellectual property and copyright. One of the main purposes of NFTs is proof of ownership. It gives creators indisputable claims over their creations. Plagiarism of content happens every day on the internet and there isn’t a system in place to immediately detect it.

Sports teams are beginning to use blockchain technology and NFTs to further their monetization. For example, Barcelona is a football (soccer) team that launched their fan token so supporters can get a tokenized share of influence over the club’s decisions. Football fans assist in the maintenance and growth of their favorite teams through their financial support.

They’re inadvertently acting as passionate shareholders without any influence. Fan tokens disrupt this and provide a way for smaller football clubs to quickly monetize themselves.

Social media is of course a sector that yearns for web3 to come and save it. A blockchain social media platform called BitClout has merged influencers with cryptocurrencies. It’s a decentralized Twitter where users who create an account are gifted a profile with their own crypto that others can buy and sell. Users are also rewarded in crypto when others tip their posts. This gives influencers a new way to utilize their time posting on social media. Most influencers on traditional social media platforms have to settle for affiliate marketing to earn.

GameFi is another growing trend that disrupts the traditional pay-to-play model and reintroduces the play-to-earn model. The gaming industry isn’t known for rewarding its large percentage of gamers. Only established gamers and competitive players have found ways to monetize themselves.

GameFi aims to disrupt the industry with innovative games such as Axie Infinity. With GameFi being new, it gives indie game developers the chance to take advantage of a growing market and get funded by crypto exchanges. But as more people recognize the growth of GameFi, the triple-A gaming companies will want a piece of the pie.

DEIP token is the first Web3 protocol that focuses on the creator economy

We’ve developed a domain-specific protocol that takes into account every aspect of the creator economy on web3 tech. Essentially playing the role of WordPress for web 3.0 by providing a constructor toolset for creators to build web 3.0 platforms.

We’ve also made a no-code and low-code approach to remove the technical barriers delaying the growth of web3.

The DEIP network organizes the possible use-cases for creators through portals — these are gateways to the DEIP network that provide a UI suitable for end-users to interact with. Portals can be science incubators, investment platforms, or any other open-source platform.

The DEIP network’s constructor toolset consists of the following elements.

  • F-NFTs (Fractionalized Non-Fungible Tokens): These are NFTs that can have multiple owners as users can own percentages of an NFT. F-NFTs are a merge of ERC-721 and ERC-20 smart contracts.
  • DAO (Decentralized Autonomous Organization): DEIP token allows creators to incorporate governance into their portals so users can choose the direction of their platform through democracy.
  • Marketplace: A built-in explore mechanism for DEIP portals so participants can search and navigate tokenized digital assets without issues.
  • Licensing: DEIP aims to solve copyright issues by having a license directory so users can buy and sell licenses for intangible assets.
  • Yield farming: DEIP portals can incorporate staking cryptos and lending them to distribute profits to F-NFT token holders.

DEIP token’s simplified protocol has set us up to take lead in web3’s path to overlay the internet. Soon, we can expect platforms built on DEIP that radically change sectors such as art, music, gaming, publishing, film, and social media.

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