Opportunities In Web3 For Black Content Creators Could Change The Wealth Narrative
Web3, let’s talk about it. It’s one of the most popular phrases in certain circles nowadays, however, like the many new technologies, its meaning can feel nebulous. Kirby Porter, founder of New Game Labs and PLAY3RS, along with Amobi Okugo, a former professional soccer player and co-founder of A Frugal Athlete examine the Web3 creator’s potential economic value on investing platform Public.com for Black creators.
More than 34,000 new developers signed up to contribute for Web3 projects during the year 2021 as per Electric Capital’s 2021 Developer’s report It’s possible that this could alter the story of wealth creation for Black content creators, in particular in the context of decentralization on the internet.
The Breakdown You Need To Know:
The creator economy, which some think could be driven by a blockchain-powered web (Web3) has begun to take off. There’s a big difference in creating content for the Web2 environment as opposed to Web3 which is due to the fact that old tech companies and platforms hold most of the upside to content created through their platforms. With Web3 creators have access to more of this upside.
Porter And Okugo are both committed to empowering athletes as well as the economy of creation.
“We’re experiencing the intersection of two changes in the generational past one in technology, where this technological revolution is on the way and also for athletes with NIL rule changes,” Porter said. College athletes now have the ability to make use of their name images, names, and likeness (NIL) to earn money as a student-athlete.
Web3’s Creator Equity:
In the current creator economy, which exists primarily on Web2 platforms such as Instagram, YouTube, and TikTok, the racial pay gap is quite evident. Black media creators have a higher chance to fall into the category of micro-influencers, making $27,000 annually on average as opposed to white content creators tend to be mainstream influencers, making $100,000 annually.
CultureBanx noted that a number of prominent trends appearing on social media come in Black creators. But these trends are often remixed, if not co-opted by larger white creators. In these cases, the originator of a trend is not seeing the same benefits in terms of financial gain as the mainstream creators.