Web 3.0 is becoming an infrastructure that implements new tools, products, and types of monetization in the market allowing creators to have more control over their creations, how they are distributed and monetized.
The line between gaming, the media, and entertainment are getting thinner by the day. What sounded like something from the sixth dimension years ago, now is becoming essential for businesses.
Monetization in games, media, and entertainment has evolved over the decades, however, the big shift in monetization came with mobile games. They brought in a shock and awe effect by leveraging the freemium models and using in-app purchases, in-game ads, and paid games to bypass the ads and paywalls compared to free games.
Advertising has already changed since its inception, and today it’s focused on content creators and consumers. With users creating communities and digital marketplaces, monetization can’t rely on traditional practices anymore.
Web 3.0’s focus is on decentralisation and users are at the core and its driving force. While there are plenty of ways to do this, we see some trends already, like tokenisation, data ownership, and privacy. People now can earn money running and jogging by monetizing their data, playing games to earn cryptos, and much more. his helps brands build a climate of trust with their users, which in turn leads to greater brand loyalty and higher levels of engagement from their existing customers.
Crypto, and tokens specifically, seem to be the path to help content creators achieve financial freedom and live from their passion, creating content online. You can buy a token and get access to content in advance, access token-gated content such as private channels in Discord.
In the web3 creator economy, the middleman is completely removed from the equation, where audiences can treat creators/brands with direct payouts. While in web2, creators needed engagement to attract ad revenue, in web3, monetization and engagement happen at the same time.
HONEY is a women-led digital fashion studio founded in 2021. We specialise in fashion design and animation for metaverses, digitalisation of physical collections, and fashion NFT creation.