NFTs - wbsdigital

The Creator Economy- more than just a phase

Adam Alia Nabeel Hussein — Sun, 24 Apr 2022 14:45:41 +0000

Some call it the Passion Economy, some go with Creator Economy, but what is it really? A very fascinating movement is unfolding in the lives of those who crave flexibility, freedom and creative outlets at work and in their everyday lives.

Platforms, apps and mediums are being promoted to people with different creative abilities which has led to the rise in the ‘Creator Economy’.

Source: ArmTheCreators.com

In the above image we see that the use of traditional social media platforms such as Facebook, Instagram, Snapchat, etc. are evolving to create more opportunities for creators to monetize their own content with platforms such as Patreon, Kajabi, Teachable, Twitch, etc. it’s evident to see the migration from Web 2.0 to 3.0, this will be the Block Chain / Crypto era.

Manifest this: I’m going to make a living doing and creating what I love and what I’m passionate about.

Source: Pearl Agarwal on Medium

Let’s delve into the Creator Economy movement by taking a brief look at the history of the internet:

Web 1.0: The Internet Age (our lives would never be the same…)

Also known as the ‘Information Age’ where computers and the internet were widespread. It was the age with the height of innovation bringing the internet closer and closer to us, and eventually quite literally in our pockets, through the invention of the smart phone.

Web 2.0: The Digital Age (social media era; picture or it didn’t happen?)

The mainstream use of the internet created the digital age as we know it. This is when Instagram, Facebook, Twitter, Snapchat and YouTube dominated the industry with their ability to allow users to interact online, share content, and explore their creativity. The rise of influencers and influencer marketing was a notable aspect of this era as this was the primary cause to shift from the digital economy to the creator economy. Influencers were being featured in brand endorsements, ads, campaigns, etc. in this era, the social media ‘influencers’ started becoming self-employed people who relied on digital platforms to express, create and earn an income.

Web 3.0: The Creator Economy

The influencers / creators in the digital age who relied on brands to earn an income are now building their own brand based on their unique talent, creative skills, never seen before ideas, topics, and / or their passions. This creates the rise of digital platforms that allow these creators and their followers to connect in a space regarding their niche. This is when platforms such as Twitch (gaming and entertainment), Podia (selling knowledge and courses), etc. come in play.

So, what kind of content can creator’s produce in this economy?

The future is for freelancers. If you can do one or more things you’re passionate about and make it your full-time job, while being self-employed and flexibly working, you’re a freelancer.

The possibilities are endless, I’m a bit overwhelmed myself. People are getting incredibly creative, and surprisingly, there’s always an audience ready to feed on what they have to offer.

Here’s a list of things I put together that freelancers can do which would most likely be huge in the creator economy:

Graphic design
Photography
Videography
Poetry
Writing
Culinary
Motivational speeches, protesting, etc.
Podcasts
Art
DIY’s
Fashion design
Dancing
Singing
Music
Illustrations
Courses (teaching, designing, languages, speaking, anything you can imagine)
Pottery
Comics
Fitness
Yoga and meditation

There’s truly an endless list of infinite options, and I’m sure we’ll be seeing the immergence of many more creative jobs of this kind.

“To be a successful creator you don’t need millions. You don’t need millions of dollars or millions of customers, millions of clients or millions of fans. To make a living as a craftsperson, photographer, musician, designer, author, animator, app maker, entrepreneur, or inventor you need only thousands of true fans.” – Kevin Kelly

If you’re still a bit confused about it all (which I was too at the start), check out this 5-minute run through video explaining what the creator economy is:

Let’s talk Block chain and the Metaverse…

It’s important to understand that the rise of this economy is a result of creators wanting to essentially own their content and the platform they post it on. When the platform makes money so do they.

In order for a content ownership policy to be designed, voting rights come in to play which is done through block chain consent. Not even a president can dispute the consensus reached on block chain.

Let me put this in simple terms, web 3.0 is basically a decentralized country (the metaverse) on the internet with a large population (of content creators and their audiences) and with a democratic leadership system (block chain).

“Blockchain is going to allow information that shouldn’t be free, not to be free. Remember Napster? You could download music for free and nobody, not even the sooks in the band Metallica, could stop you.” Mike Novogratz, Serial Entrepreneur.

The Next Generation

Abdullah Al Ghafri, known as QQQ by his social media followers, took less than a year to reach 1 million followers on YouTube. In an interview with him he says:

“I started everything on Snap chat- it’s an incredible app, Snap chat is different. Why? Because it’s real. These days we go on Instagram and can see many people have about two million – four million followers. They almost show a fake reality. However, on Snap chat, everything is real. I wanted to be a part of the YouTube community; many people encouraged me to do so a few years ago but I waited. YouTube needs a whole team. And yeah, seven months ago I said, I have to start on YouTube, but in very high quality, you know, like more, maybe more than TV. These days, 80% of the kids I’m sure want to be singers. They want to be football players. They want to be on social media dancing or something.”

Storytelling on social media platforms is no longer Childs play. Content creators don’t just do it to pass time or as a side hustle. In the next generation, the creator is a full-time job and a primary method to earn income. As technology becomes mainstream and social media has become very much integrated into our daily lives, creators are already monetizing off of web 3.0 and the ‘creator economy’. With that being said, this will be a slow and steady growth for most creators since the new web has still not come into full play as of yet.

Who are the Consumers in the Creator Economy?

The consumers in this economy were social media followers in the previous eras. The creators / influencers bring them along with them on their story telling journey and continue to target their niche content to them. These consumers are very willing to buy products / services from these creators as firstly, they’re a loyal fanbase, and secondly, have admired their work and trust them more than other ads they see from companies who they don’t know personally.

Here are my final thoughts…

The Creator Economy is coming, slowly but surely, in many industries such as graphic design, gaming, entertainment and broadcasting. There may be some influencer fatigue in the beginning stages. I can say for sure I’m quite overwhelmed yet excited by all of this myself, but I see a future where we’re operating in the Metaverse and using crypto as money, though this is still in its infancy stages. it will be exciting to watch the new ‘creators’, ‘freelancers’ and ‘influencers’ be creatively liberated by platforms designed for them and for their niche customers. Because, while social media apps such as Tik Tok, Instagram and Facebook have high rates and a large audience, they benefit more from creators than vise versa.

Stay tuned with news about the Creator Economy, subscribe to this podcast.

References:

https://www.armthecreators.com/mapping-the-creator-economy/

https://bettermarketing.pub/the-creator-economy-will-slowly-then-quickly-migrate-to-web-3-0-3971d5d32f54

https://kk.org/thetechnium/1000-true-fans/

https://medium.com/eximius-ventures/web-3-0-101-c75cda55f0fa

https://slidemodel.com/creator-economy-quick-guide/

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All you need to know about brands in Metaverse

Jasmit Kaur Lamba — Wed, 13 Apr 2022 14:03:16 +0000

The metaverse is an immersive virtual reality that allows users to be present, it is a persistent space in which blockchain technology could be used to pay for items that we can bring with us through various experiences. The term “metaverse” refers to an all-encompassing digital world that exists in alongside with the physical world.

According to JPMorgan, global metaverse revenue opportunities in areas such as live events, ads, social commerce, and hardware are expected to exceed $1 trillion, and $800 billion according to Bloomberg. The market for game developers and gaming hardware alone could be worth more than $400 billion.

Brands looking to enter the metaverse should first figure out where they fit in and weigh the risks and rewards of entering the digital landscape. Following that, they should determine whether and how much of their target audience spends time in the metaverse, and adjust their strategy accordingly. The metaverse may be the next iteration of how we use the internet to connect, communicate, and transact, so brands must maintain a “test-and-learn” mindset and remain agile as they venture into this uncharted territory. Let’s have a look at what brands have done on metaverse so far.

SANDBOX

The Sandbox is a virtual world on the Ethereum blockchain where players can create, own, and monetize their gaming experiences.

The Sandbox is best known for its two smash mobile hits, The Sandbox (2011) and The Sandbox Evolution (2016), which together have received over 40 million downloads on iOS and Android.

In The Sandbox metaverse, a LAND is a digital piece of real estate that players can purchase in order to create interactive experiences. You can populate a LAND with Games and Assets once you own it. Each LAND is a one-of-a-kind (non-fungible) token that exists on the public Ethereum blockchain (ERC-721).

SAND is an Ethereum-based ERC-20 utility token that will soon be used to carry out transactions within The Sandbox.

How do creators generate Revenue?

Create Voxel Assets: Create ASSETS in Voxedit, then import and sell them as NFTs on the Marketplace.
Building games with Game Maker: Using your LANDS, create and monetize games and interactive experiences with the Game Maker.
To own a LAND: During one of our LAND Sales, you can purchase a block of land. Increase their value by renting them or filling them with content.

GUCCI AND ROBLOX

The Gucci Garden Archetypes installation, a physical recreation of 15 of Gucci’s most fantastical advertising campaign sets, debuted in the brand’s Florence palazzo. Now there’s a new garden, one that’s open to the world and doesn’t care about time zones. Here’s a fantastical virtual Gucci Garden to wander through, immersing you in creative director Alessandro Michele’s everything-goes universe.

The Gucci Garden will debut on Roblox on May 17th, a popular gaming platform for pre-teens that is quickly growing into a major metaverse platform for everyone. The Gucci Garden on Roblox, like the real-life version, features multiple themed rooms that pay homage to Gucci campaigns while also adding features that aren’t constrained by physics.

Roblox wants users to put as much effort into their avatars as they do in real life by investing in them. People can mingle with others exploring the space and purchase digital pieces created in collaboration with Roblox in the Roblox Gucci Garden. The clothes are designed to be collectables and can be worn in other Roblox experiences.

BENETTON

United colors of Benetton opens its store in metaverse. Visitors will not be able to purchase clothing, but they will be able to collect QR codes through various gaming experiences. These QR codes can be used in Benetton’s physical stores to make purchases. “By doing so, the brand establishes an additional point of contact with the customer, bolstering the omnichannel strategy.

The goal is to create a three-dimensional link between the present and the future, the real and the virtual, through an immersive brand experience that speaks to young people’s language.

SELFRIDGES

Selfridges has opened the world’s first metaverse department store featuring 70 brands. The store, which is part of Decentraland’s Metaverse Fashion Week, allows shoppers to see exclusive NFTs by Paco Rabanne and Fondation Vasarely in a virtual store and accepts crypto payments. The retailer joins Tommy Hilfiger, Etro, Dolce & Gabbana, DYNY, Privé Porter, Charles & Keith, and WyldFlwr in opening virtual stores during Fashion Week this month, each offering exclusive NFT versions of items for sale for use elsewhere in the metaverse, as well as NFTs that can be redeemed for real-world exclusive goods. The virtual sites link to the brands’ and retailers’ regular e-commerce sites, demonstrating how the metaverse could lead to more real-world sales.

JP MORGAN

The metaverse, according to JP Morgan’s report, provides opportunities to:

Transact – US$54 billion is spent on virtual goods each year, nearly double the amount spent on music.
Roblox is used to send approximately US$60 billion in messages per day.
Create – In 2021, Second Life’s GDP was around US$650 million, with nearly US$80 million paid to creators.
Own – NFTs have a market capitalization of $41 billion dollars.
Experience – The Sandbox has formed 200 strategic partnerships to date, including one with Warner Music Group to launch a virtual world themed around music.

It was the first bank that was launched in the metaverse. The bank’s Onyx lounge, which is named after the bank’s suite of Ethereum-based services, allows institutions and businesses to access the metaverse.

A tiger roams the first floor of the Onyx Lounge, which is located in Metaiuku, a virtual version of Tokyo’s Harajuku shopping district, while a person’s avatar can watch experts discuss the crypto market on the second floor, which is overseen by a portrait of the bank’s CEO Jamie Dimon.

AMAZON

Amazon took unboxing to metaverse with the OnePlus 10 Pro. As we all know unboxing a phone is like an industrial ritual and taking unboxing to the metaverse amazon is giving it a fresh new twist. The unboxing took place in Decentraland where users could experience the remarkable new features in the virtual world.

MARRIAGE IN METAVERSE ?

Forget zoom wedding. US citizens Traci and Dave Gagnon got hitched in a virtual ceremony with digital avatars dressed like them. Guests were sent a link to download the software and create there own avatars..

The ceremony saw the bride walk down the aisle, the best man delivering a toast and even a dance performance by the 7 year flower girl and ring bearer.

META ECONOMY

More people are entering the meta-economy as a result of supply and demand dynamics. This, in turn, will necessitate the acquisition of new skills and the creation of new revenue streams. After all, people will be required to create and develop the products that are consumed in the virtual world, presenting enormous opportunities for the creator economy.

The advent of Web 3.0 has ushered in the ownership of the economy. You can purchase an original piece of art tokenized as a digital asset to personalise a virtual home. You can even own the land on which the house is constructed. Platforms based on Ethereum, such as Decentraland, are already selling virtual plots that people can develop. The market for virtual real estate is expanding.

MARKETING STRATEGIES IN METAVERSE

VIRTUAL WORLD

Virtual reality will transform business and marketing mindsets by allowing people to create, explore, identify, express, connect, and socialise.

AVATAR MODELS

Influencer marketing in the metaverse is important for engaging consumers in metacommunities because it is purpose-driven and community-led.

IN-GAME ADVERTISING

In-game virtual billboards in sports or other event venues have also replaced real-world outdoor advertising. Brands can now set up digital booths with customer service catering in one of those digital events/exhibitions, in addition to billboards.

NFTs, DIGITAL GOODS & COLLECTIBLES

The metaverse and NFTs are intertwined. Users can use blockchain-backed NFTs to showcase and trade digital forms of art and property in the metaverse, making it a new marketing dimension for brands to develop their digital assets.

THE METAVERSE MAP

On the map, on the left toolbar, there is also a “lite mode.” This mode hides all small images on the map, which helps some devices and networks load faster. If this option is enabled, images will only load based on the zoom level. To see the differences, switch between the gallery tabs below.

ADDITIONAL LINKS

https://hbr.org/2022/01/how-brands-can-enter-the-metaverse

https://www.jpmorgan.com/content/dam/jpm/treasury-services/documents/opportunities-in-the-metaverse.pdf

https://www.bloomberg.com/professional/blog/metaverse-may-be-800-billion-market-next-tech-platform/

https://medium.com/sandbox-game/what-is-the-sandbox-850de68d893e

https://www.vice.com/en/article/93bmyv/what-is-the-metaverse-internet-technology-vr

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NFT CAUSING A PARADIGM SHIFT IN THE DIGITAL WORLD

Keesswin Venkateswaran — Mon, 11 Apr 2022 23:57:06 +0000

NFT, I am sure that most of you guys have come across this term on social media. This blog is for those who have seen NFTs and taken an initiative to know more about them. Don’t worry I will make this process as painless as possible and will start from the basics so that all of you can have a general overview of the term NFT.

NFT stands for Non-Fungible Token. Which generally means a specific type of digital artwork or file that is stored in a blockchain. These NFTs are non-replaceable meaning all the art here is not one and the same. For example, consider yourself in an art gallery buying a painting done by a particular person, the art gallery will give you the exact same painting that’s on the display. This is non-replaceable. To be clearer, I will give you an example. Think of going to a watch showroom and buying a normal watch, they will give you a watch identical to the watch that you selected from the stock they have. But think of buying a limited edition watch with a manufactured number written on it. So NFTs are like this limited-edition watch they are one of a kind.

The bottom line, you get ownership of art by paying for it. Since all the transactions related to NFTs take place in blockchain their medium of payment is in cryptocurrencies.

EVOLUTION OF NFT

Even though valuing products by bargain system doesn’t exist now, Over time the bargaining system has evolved. First, we had the product for a product but now we have money for the product. As we move towards the digital world the bargaining system has also shifted towards digital. But even though the NFTs started as a token of ownership, it has changed to digital art trading method in order to earn money.

The reason that the payments are in cryptocurrency is because of the public ledger which means any transaction made in the blockchain has been registered and published in a ledger. NFTs are mostly considered as tokens confirming these blockchain transactions.

A developing number of organizations are sitting down at the table of Non-Fungible Tokens (NFT) to glut both the developing public hunger and their quick-rising worth. Also, talking about craving, apparently the solitary and appealing nature of NFTs has attracted everybody from avid supporters to craftsmanship houses; who are for the most part looking to profit from the developing pattern that encompasses them.

NFT TRENDS

True to form, the worldwide market for NFT deals volume developed multiple times in the main portion of 2021, contrasted to a similar period in 2020, arriving at an amazing worth of $2.5 billion. To act as an illustration of their developing prevalence, in August 2021, Visa bought a “CryptoPunk” – one of a great many NFT-based advanced symbols, for almost $150,000 in the digital currency Ethereum. Similarly, Mastercard has as of late set up their shelter in the NFT market, close by the sendoff of a sweepstake contest where contestants can win an NFT.

Likewise, we’re additionally seeing a development around the actual idea of NFTs, similar to branches developing from a similar tree. Back in June of the year 2021, the craftsman Robert Alice worked together with Alethea.AI to create the world’s absolute first iNFT (intuitive NFT); which was nicknamed ‘Alice’.

BRANDS JUMPING ON THE BANDWAGON

NFT is acquiring interest from various brands from numerous enterprises, each contriving creative procedures to get a cut of the activity. Restricted version NFT collectibles are being delivered by food brands like Taco Bell, McDonald’s, and Campbell’s, as well as extravagance names like Louis Vuitton, Nike, and, Gucci, as a strategy to fund-raise for a noble cause, create new income streams, help web-based entertainment commitment, and upgrade brand steadfastness.

Pringles® made its computerized assortment of crypto-themed crisps with a “virtual flavor” called CryptoCrisp – restricted to just 50 duplicates. The restricted version NFT is an MP4 document that shows an energized turning brilliant Pringles can with the “CryptoCrisp” flavor. The CryptoCrisp NFTs were evaluated at equivalent to a standard Pringles can which is around 0.0013 ETH, or around $2.

Utilizing NFTs to assemble brand esteem has turned into the most current methodology in many huge brands’ advertising playbooks, and it’s a pattern that is not disappearing in 2022. As advertisers investigate imaginative marking potential in the metaverse, anticipate that more brand explicit NFTs should be given by enterprises across all businesses.

TREND OF BRANDS USING NFTS

Also, in what is seemingly the primary use of NFT innovation to a certifiable collectible, the National Football League (NFL) as of late declared they’d send Super Bowl ticket holders an NFT as verification of procurement. Days after the fact, land start-up Propy declared they’d sold the primary piece of US land supported by an NFT. In actuality, nobody knows whether selling land or occasion tickets through NFTs will at any point go standard. The potential, in any case, is very fascinating. Principally on the grounds that interfacing NFTs to property titles and land deeds would permit clients to trade land through a virtual trade (like how individuals trade stocks today).

NFT AND SOCIAL MEDIA

NFTs have gained quite some popularity on social media channels by letting individuals use NFTs as their profile pictures. The pattern began in January of 2022 when Twitter reported clients were asked to trade their headshot for an NFT. Soon after, Meta Platforms Inc. (which claims Facebook and Instagram) declared they also would permit NFTs as profile pics.

UPCOMING TRENDS OF NFT THAT COULD TAKE THE WORLD BY A WHIRLWIND

NFT AVATAR CASTING

The benefit of NFTs over conventional IP creation is that you can claim a piece of a more extensive brand, and bring in cash off it. NFTs, for example, Bored Ape Yacht Club and StereoheadZ empower clients to mint their own craft for the gathering, carrying another feeling of imagination to a local area of craftsmen, illustrators, and performers.

On account of Jace Kay’s NFTs band, the character Avatars were obtained from the local area and installments got back to those craftsmen. It assisted that an at this point secret stone with featuring was important for the StereoheadZ Music Club.

In 2022, it is foreseen that “Symbol Casting” as Kay calls it, is set to take off. He and the BAYC have many ventures underway, and individuals can set up their Bored Apes or StereoheadZ for use, and get a cut of the benefits. This ties into another NFT pattern for 2022…

COMMUNTIY OWNED BRANDING

Giving IP control to a local area to “take and twist into new bearings that the parent brand couldn’t have ever done in the past adds esteem”, says Kay. Utilizing a blockchain and NFT offers essential and optional exchange freedoms, guaranteeing a craftsman is generally paid for later utilization of their work. Releasing control of an IP empowers development and inventiveness, and craftsmen get compensated for their feedback and work at each stage. Assuming you make a Bored Ape and set it up for symbol projecting, your craft could end up as a Coke advertisement next Christmas.

ETHEREUM 2.0 – SOLVING THE ENERGY PROBLEM

The obvious issue at hand for NFTs is the enormous carbon impression produced to make one. A solitary exchange on the Ethereum blockchain utilizes as much power as the traditional family north of a day and a half. Ethereum is “consuming energy, such as driving a vehicle with your foot stunned on the gas with the brakes on,” says Kay. “It doesn’t need to be like that. What’s more, it’s evolving. Ethereum 2.0 will be gradually carrying out the following year and having a gigantic effect’s going.”

GAMING AND TOKENISATION

This is a major one. One year from now will see NFTs develop from their utilization to advance craftsmanship and will be about utility – whether that is gaming or admittance to uncommon networks (attached to symbol projecting and showcasing for Web 3.0). We as of now see this in computer games with AAA distributers like Ubisoft getting involved with a blockchain for players to purchase and open things that currently have genuine worth. Axie Infinity is another ‘play-to-procure’ adopter, which is presently esteemed at “$6 billion” and players can acquire $15 dollars an hour from NFT rewards.

METAVERSE AND APPLE

The metaverse will really begin in 2022, and NFTs will be at the core of this vivid tech. The upsides of blockchain, digital currencies, and NFTs will be served straightforwardly inside the metaverse, right away shoved aside the drivel obstructions to section. Be that as it may, Kay accepts it just truly starts with Apple and its consistent way to deal with UX and UI.

CREATING MUSIC NFTS

Music and NFTs will be enormous in 2022, Napster Big. Kay has shaped the virtual band The NFTs with individual Bored Apes and there will be something else to come. However, NFTs will be more all-inclusive in the music space. Jack Dorsey ventured down as Twitter CEO to run Block previously Square with the intention to get real-time features, for example, Tidal to embrace music NFTs.

REAL-WORLD EXPERIENCES

The Bored Ape Yacht Club NFT holders have already started, with an NYC party in 2021 that saw 2,000 BAYC NFT holders gather in a secret warehouse location to watch Beck, Chris Rock and a specially reformed of The Strokes take to the stage. “These IRL [in real life] experiences are definitely going to be a huge, huge thing.”

DIGITAL TAGGING AND OWNERSHIP

Envision on the off chance that Adele purchases a sweater, and sells it, you’ll realize that it was Adele’s sweater and its worth goes up. “Having computerized labels to actual things and encounters is starting to occur. It opens up much more chances to construct intriguing things with straightforwardness.”

PERSONALITY NFT’S

Hope to see performers and VIPs taking on NFT characters in 2022. It’s now working out; the artist Teflon Sega just exists in the Metaverse as an entertainer yet anticipates that more eminent stars should embrace the secrecy of performing to choose fans under an advanced persona. This likewise began with Gorillaz and will presently be taken to a higher level in 2022.

Even though most people consider NFTs as an advanced technological development that has just come into the picture, it’s not, Technological developments like Metaverse, Web 3.0, and NFTs have been in the background but have not been accessed by most of the general public. But now people have a basic understanding of technology in order to learn and understand these technologies.

Latest News on NFTs

Yuga Labs Recovers 68 NFTs Via White-Hat Operation on Flooring Protocol
June 11, 2026
Doodles Launches Historic NFT Collection in Partnership With the Piet Mondrian Estate
June 4, 2026
OpenSea Unveils NFT Tool Registry for AI Agents on Ethereum
May 28, 2026
Moonbirds and Pudgy Penguins to Launch on Vibes Trading Card Game Next Month
May 21, 2026
BAYC Launches P2P Marketplace for Apparel, Collectibles, and Art
May 14, 2026
Pudgy Penguins and OpenSea Host Private Aquarium Tour During Consensus Miami
May 7, 2026

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