Web3: let’s talk about it. It’s among the most hyped words in certain circles today, however, like many innovations, its meaning is not clear. Kirby Porter, founder of New Game Labs and PLAY3RS together and Amobi Okugo, a former professional soccer player and founder of A Frugal Athlete discuss the Web3 creator’s potential economic value on the investing on the platform Public.com for Black creators.
There are more than 34,000 developers will be committing code to Web3 Projects in 2021, as per Electric Capital’s 2021 Developer’s Report which suggests that this could change the wealth narrative for Black creators, in particular in the context of decentralization on the internet.
The creation economy, which some think could be driven by a blockchain-powered web (Web3) has taken off. There’s a huge difference between creating content in Web2 versus Web2 environment as opposed to Web3 as a result of the fact that old tech companies and platforms hold most of the upside to content that is created on their platforms. With Web3, creators can own greater stakes in this upside.
Porter And Okugo are both committed to empowering athletes and creating a better economy.
“We’re living at the intersection of two generations of changes In technology, one of which is this new era of internet is in the works to athletes, but also who are subject to NIL rule changes,” Porter said. College athletes can now make use of their name as well as their image and likeness (NIL) in order to make money while student-athletes.
Web3’s Creator Equity:
In the current creator economy that is based primarily on Web2 platforms such as Instagram, YouTube, and TikTok and TikTok, the racial pay gap is very apparent. Black content creators are more likely be considered micro-influencers, making $27,000 annually on average and white creators are more likely to be considered mainstream influencers, earning $100,000 per year.
CultureBanx has reported that many popular trends that are that have emerged on social platforms stem of Black creators. However, these trends are frequently remixed, if not co-opted by white creators of larger scale. In these instances, the originator of a trend isn’t seeing the same benefits in terms of financial gain as mainstream creators.