The Creator Economy: How We Arrived There and Why We Need Its Web3 Upgrade

Web3 creator economy will enable creators to build their own independent “open economy” where they can co-own it with their fans and directly monetize it without looking to any third party.

The Creator Economy

Though creativity has existed as long as humanity, we started to discuss it as the new economic paradigm not so long ago. What’s more, now we even talk about it in the Web3 dimension.

The backstory of the Creator Economy

The main task of the industrial economy was to produce more goods that would be accessible and affordable for a broader category of people.

The economy got a new challenge: to make a customer wish to buy what the market constantly offered.

Unlike the industrial economy, the consumer paradigm brought a tremendous variety of creative jobs and activities. However, creativity, in general, was limited by a major requirement: It had to sell well to the masses.

The new challenge here was to bring innovations into most economic segments and satisfy the demand for new digital products and services.

The task of the new economic paradigm was to convert customers through engagement and participation. Unlike the consumer economy, where customers just bought what was offered, the creator economy enabled them to participate, interact and add value. It also unlocked the tools for promoting themselves as “products” and monetizing on that.

What does the creator economy mean in 2022?

Conceptually, the current (or Web2) creator economy is an online economic segment powered by a set of interactive digital platforms, marketplaces and tools that enable users to access and create content, as well as monetize it.

Why do we need to upgrade the creator economy for Web3?

Final thoughts

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Julie Plavnik

FinTech nomad. Web3 content strategist and writer. Ultra spiritual Jew living in Bali.