Why Web 3 and Digital Communities is the need of the hour: Part 2
We briefly introduce Digital communities and how Web 3.0 based on Blockchain can transform the industry!
In continuation with our previous blog where we briefly introduced Digital communities and how Web 3 based on Blockchain can transform the industry!
In Part 2, we will look at some statistics and figures that will help us understand the critical nature of how Web 2 is actually exploiting the creator economy and ultimately how all digital communities will move to Web 3
We are in an era where Creator Economy is at its peak in cultural production. Just to size up the industry:
In 2021, roughly 60,000 new tracks were released on Spotify every day, up from 40,000 the year before.
The platform currently has over approx. 82 million songs on it and ended the year with 3.6 million podcasts.
Amid this abundance, there’s heavy concentration: Out of the 8 million artists on Spotify, 0.7% of artists account for 90% of artist payouts on the platform
Another interesting statistic here is that Steam released 1,773 games in 2021, out of which 78% of games that sold over 500 units are from top major legacy publishers.
Web 2 indeed provided everyone with digital access and upended the business models that reigned for decades (from renting to subscription and referral programs)
But this has been bad for creatives in the long run. On the games side, it’s made hard for developers to claim ownership of their games and platforms like Apple take up to 30% cut typically from services and purchases on the iPhone.
"Another interesting statistic shared below is from the Netflix most-watched show of the year 2021" - Squid Game
The streamers and platforms indeed pay massive top dollars for top talent (e.g. JJ Abrams, Joe Rogan on Spotify) but then at the same time, it’s hard for emerging talent to derive upside from the value they create!
Makes us go back to a big question: Why the discrimination and what is the solution?
There’s no mechanism in Web 2 that allows artists to capture the upside they create for a platform.
Web 3 is changing this – largely by eliminating the idea of legacy platforms & reorganizing the internet around communities based on mutual trust, ownership and an alignment of economic incentives.
We’re at the beginning of a radical shift in how media is created, distributed, and owned.
What are the possibilities here?
- Music NFTs that allows fans to fund & share upside in an artists’ success and a new way of building community
- Record Labels and Gaming structured as DAO's
- Unbundling of Legacy Media giants and Publishers as more and more creative people can now leave their companies and make a real living on the internet pursuing their passion
In simple words, artists, collectors, & curators will share ownership.
Looking at the data and the advantages that Web 3 brings in for the Creator Economy, it's safe to say that Web 3 is inevitable, and it will indeed revolutionize the way we currently see the Passion and the Creator Economy.
Archethic Blockchain is a truly breakthrough community-governed blockchain that is here to stay and ensure that decentralization wins in the Web 3 era.
4 years of research and 12 strong international patents endow us with the technological attributes that the predecessors have lacked - scalability, speed, sustainability along with the simplicity of native biometric recognition.
If you are a creator, we invite you to join Archethic Labs and explore our Testnet (http://testnet.archethic.net) & Mainnet (http://mainnet.archethic.net) here.
We would love to hear your thoughts and become an early member of the Web 3 community that we are building.
Archethic Public Blockchain
Archethic is a Layer 1 aiming to create a new Decentralized Internet.
Its blockchain infrastructure is the most scalable, secure & energy-efficient solution on the market thanks to the implementation of a new consensus: "ARCH".
Archethic smart contracts expand developers' boundaries by introducing internal oracle, time-triggers, editable content & interpreted language.
Through native integration for DeFi, NFTs & decentralized identity; Archethic offers an inclusive and interoperable ecosystem for all blockchains.
In order to achieve the long-term vision of an autonomous network in the hands of the world population, we developed a biometric device respecting personal data privacy (GDPR compliant).
Making the blockchain world accessible with the tip of a finger. Be the only key! https://www.archethic.net/
Archethic Foundation Non-profit in order to manage decentralized governance of the public blockchain
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