How the Metaverse May Revolutionize the Creator Economy
Consensus 2023 attendees unpack the future of Web3 and its implications for creator-first digital economies in an excerpt from CoinDesk’s first-ever Consensus @ Consensus Report.
Jun 6, 2023 at 2:59 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BE2EKOMH2BEBLGWFI5J43AOC7I.jpg)
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The emerging Web3 ecosystem aims to transform the way creators engage with their audiences and build business models. While Web1 was read-only, Web2 opened the doors for user-generated “write” content and created the framework for robust digital interactions. Web3, if it works as envisioned, will expand on these foundations by allowing internet users to read, write and own their data, moving power away from centralized entities and toward individual users.
This new vision of the internet puts privacy, decentralization and ownership at the forefront and focuses on restoring choice and agency. Yet, many of these ideals have been stifled by messy execution and stubborn power structures that continue to manage our digital behaviors. And as developers and users strive for an open metaverse – a shared, decentralized, immersive digital realm – questions about proprietorship and interoperability remain.
This article is excerpted from CoinDesk’s inaugural Consensus @ Consensus Report, the product of intimate, curated group discussions that took place at Consensus 2023. Click here to download the full report.
Further, of the 168 Consensus attendees who answered an electronic survey, participants were split on who will actually own the metaverse: 40% voted that megacorporations like Meta will take charge, while another 40% voted that everyone or no one will lay claim to a unified digital world. Only 19% of participants believed that early adopters with skin in the game would own the metaverse.
See also: The Metaverse Isn't Real | Opinion
So, what does this mean for the idealistic vision of a creator-first digital economy and a Web3 ecosystem built on decentralized technology? What are the optimal business models enabled by Web3 technology? And which single type of creator content will attract consumers to the metaverse?
If you want a shared, interoperable metaverse experience it has to begin with a user base that wants to share…
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Rosie Perper was the Deputy Managing Editor for Web3 and Learn, focusing on the metaverse, NFTs, DAOs and emerging technology like VR/AR. She has previously worked across breaking news, global finance, tech, culture and business. She holds a small amount of BTC and ETH and several NFTs. Subscribe to her weekly newsletter, The Airdrop.