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Let’s face it, the creator-fan relationship is broken. With the advent of Web2, fans have become accustomed to following and enjoying a one-way practical approach, rarely felt through their interactions with high profile creators. Celebrities have limited and split tools to connect with top fans and manage their personal brands. However, Web3’s interpersonal capabilities offer alternatives and reinforce current dynamics as disoriented and scattered.
Social tokens, a type of blockchain token personalized and traded for a specific offer, allow creators to develop and nurture a local economy for their fan network, transferring their services or skills to social currency. In exchange for purchasing social tokens, the fan unlocks the personal experience, such as the music artist’s exclusive stem track, a video shout-out of a notable performer, or a gym session with a famous athlete. By enabling this process, social tokens deepen the integration of physical and digital experiences and expose new modes of interaction that are dynamic and multi-directional – through this framework, both creators and fans are rewarded.
New means for monetization, new relationships
Social tokens, also known as creator tokens, give a level of individual sovereignty that cannot be achieved on legacy systems. As such, encoding functionality is restricted only by human talent and creativity. This direction presents a new opportunity for the full spectrum, ranging from nano influencers to high-profile celebrities with wide community followers. More recently, we’ve seen talks surrounding Rogan and his three-and-a-half-year exclusive deal with audio streaming service Spotify, valued at about $ 200 million. With nearly 200 million monthly downloads of Rogan’s podcast, it’s clear he could overtake Spotify’s offer if he chooses to monetize his community directly and cut off the middlemen. According to Patrion co-founder Sam Yam on The a16z podcast, the average initial pledge amount has increased over time, up 20% over the last few years, now exceeding US 100 USD per month.
Although many A-list celebrities are embracing the benefits of Web3 technology – for example, Paris Hilton launches the NFT Collection, and Reese Witherspoon advocates for digital identity – Social tokens will prove to be more valuable to independent creators. Once the big name stars get their money, monetization and branding are largely outsourced. However, for a less established artist, from an audience of less than 1000 people to the top, getting just one dollar from each of his fans will determine the big breakthrough and success on the path to decentralized crowdfunding.
This creates a positive feedback loop in the creator-fan relationship. As creators become more consistent with the support of their community, they can properly generate compelling and fulfilling content. Thus the possibility of monetization of social tokens introduces beneficial autonomy in the careers of emerging creators. Instead of being limited by celebrity status, traditional and social media structures, power is now directly in the hands of the creators and their respective online communities. Celebrities can choose what and when they want to share and fans can choose what and when they want to eat, promoting a symbiotic relationship between the two parties. It is within this area that you will see creators most likely to be put into legwork, as relying on social tokens requires constant and coordinated effort. Responsibility to community pressure for production becomes measurable. It then follows that the content produced is of high quality, engagement is frequent and impressive, and overall fans get more value from celebrity relationships than ever before.
The higher the investment, the higher the return
Empowering both parties, fans now make a more significant contribution to the relationship by participating in the creator’s success and investing in their future and ongoing performance. By choosing to display support by stacking, the Web 3 option to ‘follow’ gives customers access to a full host of unique and additional Web3 enabled features offered by celebrities.
By “stacking” your creator token, you may be granted access to a specific fan club. For those super fans who have accumulated a certain amount of interest, they might trade it for a non-fungible token (NFT) that represents a season ticket or a lifetime VIP access. As fans use and acquire intangible assets through Web3 activities, they themselves become both physical and digital entities. Digital functionality aids physical experience and vice versa.
Supporting celebrities in metavars increases the risk, as the value can drop when an athlete is injured or an unfortunate controversy starts in the media. However, as the saying goes, the higher the risk, the higher the reward! The producers acknowledge this instability by showing appreciation for the investments of their followers through transparency, more access and a more intimate relationship. Fan engagement becomes a motivating factor for celebrities and interactivity is now essential.
The future of the creator
While the introduction of social tokens in the realm of celebrity is exciting as a means to encourage its empowerment and meaningful exchange, it also leaves many questions as to whether the system will encourage monetization of everything, and if all access is behind the payroll, where are these people from among us? Leave those who do not pine after personal experiences?
Most of the content that is freely available today can be blocked, so users will be forced to be more selective about who gets their attention. However, this should not be construed as a negative, as it is a lesson in conscious use. Currently, the following 100 people can be made without much thought, but paying $ 100 is a more effective and prudent decision. Refining our following choices transfers the power of curation back to where it is: in the hands of the people. In summary, these social tokens will revolutionize our relationship with creators and the media in ways that are beneficial to our daily use habits.
The current Web 2 system is compact, inefficient for both creators and fans, and is strategically designed to serve advertisers and the central platform on which these relationships exist. Through system redesign, creators now have the opportunity to earn significantly more revenue and provide a more authentic, engaging and accessible experience to their communities. In the future, these relationships will be determined by closeness, loyalty and personal content, and freedom of choice will be unlocked. Fans will directly choose the products and services that celebrities would like to offer directly. While the new means of monetization allow both celebrities and followers to study autonomy on their contributions in a relationship, these activities take place behind the payroll.
This does not mean that everything on the Internet will be transferred to Paywell. Current celebrity dynamics have a specific hurdle that is not obvious but once overcome, the possibilities for access are limitless!
Rusty Mattiv At CSO Calaxy
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