Mint Season 7 Episode 27 provides a summary of a panel discussion held at Outer Edge (also known as NFT LA), where a team of experts and I delve into the current state of the creator economy in web3. Our discussion encompasses a range of topics, such as the different types of content verticals, the significance of experimentation, collaboration, and co-creation. We also examine the most effective strategies for web2 artists to transition into web3, the vital role of data transparency and control, and the differences between being a creator in web2 versus web3. In addition, we touch upon the importance of building audiences via collectors, digital identity, and ownership. Lastly, we explore the possibility of creators taking out loans based on their social reputation and the value of their content. If you missed the event, I’m excited to share this insightful discussion with you!
I hope you enjoy our conversation.
- 00:00 – Intro
- 01:59 – Current State Of The Web3 Creator Economy
- 06:20 – Optimal Strategy For Web2 Artists To Make Their Way Into Web3
- 07:58 – Using Web3 As A Tool For Storytelling
- 10:38 – Clearing Up Misconceptions For Creators Entering Web3
- 13:31 – Importance Of Data Ownership In Web3
- 15:17 – Difference Between Web2 And Web3 For Creators
- 17:16 – Transitioning To Web3 Social
- 19:54 – Visualizing Relationships In Web3
- 21:11 – The Value Of Collectable Content
- 23:08 – Digital Identity And Ownership
- 24:22 – Glass Protocol And Content Control
- 25:19 – Building Interoperable Audiences
- 26:56 – Creator Credit Score And Crowdfunding
- 28:03 – Content As Collateral
- 30:07 – Outro
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Lens Protocol is an open-source tech stack for building decentralized social networking services. The protocol was developed by the Aave Companies and launched on Polygon in May of 2022. Through Lens, web3 developers can build decentralized social media applications and marketplaces that leverage NFT technology to form a fully composable, user-owned social graph where the connections and interactions between people are owned by individual users and creators rather than established networks.
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(🍄,🔍) Bello: The #1 for blockchain analytics tool for web3 creators
Bello is the no-code blockchain analytics tool that empowers web3 creators and communities with actionable insights on their collectors through a simple search.
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Let’s go . Hey, everybody. Bond the stage. Make some noise. Everyone in the back. Come to the front. Everyone in the front. Take a seat. . All right, I’m super excited. Um, I guess you guys should just come up. Brett, Ellie, Nick, Rex. Let’s do it. Let’s run it. Welcome to Data in the Creator Economy. super hyped to be here, fired up, awesome lineup we got with us. Um, everyone’s an expert in their own respect, uh, from the Creator economy, data, tokenizing media, so many subjects to talk about. Web three, social, all the buzzwords. So I think a good place to start guys is a quick intro. I’ll give a quick intro on myself. My name is Adam. I host a podcast Mint co-founder of Bello. Uh, Bello is building data tools for creators in Web three. And with me, I got my co-founder, Ellie, but we’ll get her in a minute. Brett, Ellie, and we’ll take it away. Give yourself a quick intro.
BlockchainBrett: Hey everyone, I’m Brett, uh, co-founded Palm Tree Crew Crypto, which is an early stage creator, economy focused crypto fund. Uh, Palm Tree Crew is Kai’s lifestyle brand, so Kai’s my partner as well. And, uh, we invest in early stage awesome companies like Bello
Ellie Farrisi: Hey guys, I am Ellie. I am a full stack web three engineer and the co-founder and CTO of Bello Building for Creators and big advocate for all things data transparency and excited to talk today.
Nick Villar: And guys, I’m Nick, uh, I manage operations at Glass of Video NFT Marketplace. Um, yeah, I’m super excited to be chatting with these people.
Rex Wong: Hey, that, yep. Hey guys, I’m Rex, uh, and I’m CEO of a company called Fame Cast. We’re an on one creator operating system, and we also operate a creator accelerator in Santa Monica. We hosted the hackathon this week, um, and, uh, we help creators, uh, build their businesses and manage it.
Current State Of The Web3 Creator Economy
All right, so experts and their own respect. I like to kind of get, uh, some taste from the audience really quick. How many people here are creators themselves? Why? Show of hands. 1, 2, 3. Okay. How many of you guys, uh, minted in NFT before? Like what’s the audience? Okay. How many of you guys collected NFTs? Okay. How many NFTs? A hundred NFTs less than a hundred. Okay. 200. 300 . A thousand . Okay, cool. So I’d just like to get a primer for who’s who, who we’re speaking to, just to kind of get an idea of, of the complexity of the conversation. Um, I think a good place to start guys, is understanding the current state of the web through creator economy as we know it. Um, we’re in the bear market right now. Creators are still creating, tokens are still being minted. We’re seeing different asset classes sort of form from music, photography, podcasts, and so much more. How would you guys explain the current state of the creator economy today in web three? We can start with Brett and then work our way down.
BlockchainBrett: Yeah. Um, it’s definitely overall very early. Um, I think, you know, what is the creator economy? It’s kind of like, I guess, you know, thinking about different verticals of content is kind of how I would start. Um, so you’ve seen things like crypto art, you have music, NFTs, video NFTs podcasts, writing, uh, and there’s a bunch of different companies and different kind of shared infrastructure being built across all that. Um, yeah, I think like we’ve all kind of seen the big beep sale. So crypto art has seen a pretty big adoption already. Uh, and then when you kind of go beyond art, music has been a bit more of a kind of, there was like 30 million in volume last year in music NFTs in comparison to like, you know, a couple billion in 2021 for crypto art. Um, so that’s still early, but definitely bigger than, you know, videos maybe in more in the million you have like writing in around a million. So these other like areas are starting to be created and bubbled up and, and uh, you know, there’s apps and platforms starting to be built for that. That’s kind of how I’d break down the current landscape.
Ellie, how, how would you explain the current state of the creator economy right now?
Ellie Farrisi: Yeah, I think, I think Brett touched on a lot of, a lot of really good things. Um, I think it’s definitely, we’re at a stage of tons of different experimentations happening both on the creative side of what, what creators are building, but also on the technology side of how we are actually implementing and utilizing NFTs. And so I think, you know, over the course of the past several years, we’ve seen a ton of different manifestations and optimizations to allow, uh, different forms of digital ownership. So very early, but very experimentive in trying new ideas and kind of seeing what sticks.
Nick Villar: I totally agree with that. I think one other thing that um, has really stood out for us recently has been collaboration and like co-creation as being a really important driver of how new content and new, new creations are made. Um, so I guess with, and that kind of ties into the experimentation too, you know, like trying to find, there’s no really winning formula that like everybody kind of follows or does, you know, it’s like very unique. Each, every NFT that gets made, every drop, everything is like kind of its own little world, you know? And I, I love that part about it. So that’s what I would add is the collaboration aspect.
And, and Rex, how would you say the, the current state of the credit economy looks like today?
Rex Wong: Uh, I think it’s, so we’re seeing it evolve from yeah, just art and apes to experiential, uh, as well as digital. Uh, so we do a lot of, we help creators create their merch lines and we can incorporate like NFTs for example, through like smart ships that connect to the merch, uh, and then create that as an experiential. So like, for example, with a musician we’re working with, he’s getting ready to launch a record. Uh, if you get the N F T, which is beyond what the, the regular, let’s say 12 o’clock release is, uh, at 10 o’clock you get to get into the watch party. Uh, the, the product is incorporated with a chip that’s connected to an nft, that’s a membership that ties into experiential. So I think that’s where it’s going is kind of this experience, uh, and tying that whole membership experience access type of piece into the nft and then drawing from that to create like royalty smart contracts, different things that can come off of that.
Optimal Strategy For Web2 Artists To Make Their Way Into Web3
Yeah, that, that makes sense. I want to talk about sort of, um, the web two creator and the web three creator. Um, and I wanna bring up this conversation because we see a lot of experiments of people trying to bridge Web two revenue with Web three or strictly taking a web three approach strategy to growing a creator base or a collector base. How do you guys see like the optimal strategy for Web two artists making their way into Web three? And Rex, we could, we could start with you cuz I know you have this accelerator that you work with a lot of creators.
Rex Wong: Yeah, in fact, we’re really a web two company that mingles things cuz creators are interested in web three, they’re interested in Metaverse, they’re interested in, uh, NFTs. Uh, and at the same time, 98% of our revenue comes from web two. So, you know, it’s the memberships, it’s it’s content. Uh, and so it’s trying to bridge the two together and, and like I said before, like creating these experiential connections and access, uh, where we can use NFTs as a bridge. Uh, and honestly on the consumer side it’s how to get that in there without saying, well, you need a wallet or you need this. It’s just kind of that seamless experience that if you can create it, it it will just naturally happen.
Using Web3 As A Tool For Storytelling
Nick, I know Glass has had a quite of interesting journey from moving from Ethereum to Solana Bow back to Ethereum, um, and working with all sorts of creators to tokenize video content. When you go and approach a web two content creator on YouTube, you’re like, you guys should tokenize your stuff on glass. You should mean like, what is the optimal approach to onboarding those people into the industry, you think?
Nick Villar: I think a big part of it comes from, or, or like one of the main things that I think we try to get creators to understand when we wanna work with them is that what, what we’re developing is kind of a medium for telling stories. It’s not, it’s really something that it’s like a tool that you can use that is used to then further the experience of your creative work. And so I think it when from that foundation of something that it’s like, okay, here’s similar think like, I would say similar to like a piece of paper in a pen where you can like write a story, you can use the crypto and like the web three creator ecosystem as kind of like a canvas for that. I think finding people that match that perspective and kind of have that vision for it makes it a lot easier to try to onboard and, and get, you know, because, because creators do want to tell stories, you know, like that’s ultimately what they’re, what they’re about. So I think proposed like presenting it as like a tool for enabling that and, and new ways of like hearing those stories and understanding and, and connecting with the artists really resonates with creators. At least we’ve found,
Brett, I know, I know you’re behind a lot of, of like really successful creators and Web three weather from a collection perspective or even just onboarding web two native artists into web three, figuring out their community base and then taking them, launching them off from that point on. When you think about like the optimal strategy for organically entering the web three space, what comes to mind?
BlockchainBrett: Yeah, I think, you know, in the current state where it’s definitely pretty early and like most people that are like participating are basically it’s collectors and artists as like the two sides of it. So from a collector ba like what do we have right now? And like how many collectors are there that, you know, use meta mask or understand the concept of NFTs are collecting content, maybe they’ve collected crypto art, maybe now they’re buying music. Um, you know, that’s kind of the market that the demand that we’re dealing with right now. And so I think it works really well for newer like, kind of next gen artists, like artists that are just kind of getting started getting into the, into the space cuz they can really kind of fully commit to it and embrace the earlies of the ecosystem. Uh, so I think it works really well for that. And then I’m really excited to see over time as like these markets, these different content markets grow and more volume comes to these different spaces as like basically more values unlocked across music and podcasts and writing that, you know, you get to see, um, artists that look at it and see, oh wow, that market actually could sustain and value my work more than it already is in the current system. I’m gonna kind of opt in over there and start to figure it out. And I think we’ll see like more lower priced, more high additions, better user experience and things really start to scale for the next mainstream audience.
Clearing Up Misconceptions For Creators Entering Web3
Ellie, and I know you yourself, I mean, you’re very technical, very talented at what you do, but you also have an experience of actually managing musicians, right? And between you and I, we talked to a lot of creators. I’m curious, when you have conversations with creators and they wanna make their way into web three, they wanna figure out the right strategy for launching their content, finding their collector base, what tend to be sort of like those initial misconceptions that kind of like act as red flags for them that you try to clear up in the air?
Ellie Farrisi: Uh, uh, yeah, I think that’s a really good question. Um, bringing in, I guess specifically for me, like working with mu talking to musicians or people that I’ve known for the music industry coming in to Web three, um, I think that that for me at least with like what we’re doing at Bello, there’s there’s so much information out there that already exists that creators can leverage if they’re trying to join in, into utilizing a new technology. Um, and so I think something that I’ve found really interesting is like, how can we show them the, the communities that are, that these, uh, individuals are a part of leveraging on chain data to allow them to kind of get a better oversight. Because when you’re coming into web three, you, you start hearing all these buzz terms, you start hearing all these things, you have like no idea really where to start. Um, maybe you see a music artist out there, or if you’re a different type of creator, uh, artist, et cetera, and you kind of looked at them, maybe you start following them on, on Twitter. Um, but you don’t really know much more than that. And I think something that I’m really proud that we’ve been able to do at Bello is say that like not only can you go follow that person on Twitter, but you can actually understand who their collectors are and you can understand who their community are by like, searching those NFT contracts. And so I think in general it’s just about like giving more awareness to them, like having them sort of ease into a seeing, um, on social media where these different accounts live, et cetera. Um, building for that way, go ahead
BlockchainBrett: And I’ll add on to that. I mean, I think like, you know, it’s super important to be able to get data out of what’s going on in the ecosystem to understand, you know, how to make good decisions. Like think about it, I think about it from my perspective, from like the VC side, I wanna understand how these protocols are performing. Like people go like, you know, analysts and stuff will go to do an analytics and write these queries and try to figure out, oh, is this protocol has volume, how many people are collecting on it? All this kind of information to make a good decision from like an investment perspective, right? Um, and I think like that same exact type of information is really important for a creator, but I don’t, we can’t really expect a creator to write sequel, right? So how do you kind of go in and say, all right, who are all the collectors that overlap with what I like to release and, you know, what are they collecting and how much are they buying it for? And kind of pull all that data and surface it in a way that you can make really good decisions as a creator is a super important tool. Good. Go ahead, ed.
Importance Of Data Ownership In Web3
Ellie Farrisi: Yeah, I think, uh, to kind of add to what you had asked earlier about like the comparison between the Web two world and the Web three world, I think this idea around data for creators in the Web two world is something that, you know, is talked about and it’s frustrations, but, and I think to the volume that like creators truly understand how much of their information is owned by the platforms that they dis they disperse content onto. So if you’re an artist making music on Spotify or SoundCloud or YouTube or you’re doing TikTok videos, like you’re kind of like just the every every piece of content you put out is just like making them more profit really. And you know, you might see a little bit of the stream come through, you might see a little bit of, of the revenue come at some point, but at the end of the day, like you’re feeding their business model, right? And in web three, you are your own business, you are your own business model, you have the, the leverage and ability to go out and create your own brand, all of this stuff. And with that, now you aren’t gated by the web two platforms data that they have on you. You have the data on yourself. And so with that comes a new need for a shift of tooling and availability around the data that is out there. So Spotify doesn’t own your NFT data, YouTube doesn’t own your NFT data, you own your NFT data. And what is so important now at this stage of crypto, of, of while it’s so still so complex and the the way in which, like what you were just saying with like sequel, like it’s pretty unpractical to say yes, you own your data, but like you have to learn how to code to be able to get it. No creator, most creators are not gonna wanna do that. And so I think building for a future where creators can truly own the content they create and own the data and distribution and all kind of pieces of it along the way is really important.
Difference Between Web2 And Web3 For Creators
Rex, you and I, we were having a conversation off stage. You were sort of explaining to me something that excites you at, at your company is sort of explaining the difference between the web two side and the web three side to the creators that you work with and these gated silos that people publish content on, right? Can you elaborate on that for a minute?
Rex Wong: Yeah, so I mean, we’ve built tools that we kind of call ourselves a creator operating system. So a lot of it is helping them manage these web two platforms. But, um, but the, the key is that, yeah, like she was saying, the data, they’re living on third party platforms. They could get Shadow Band, they could get, you know, they could get, uh, canceled, right? So the key is that they have to be able to collect their data. And what’s important is, like right now, a lot of creators, influencers, they make their money on things like brand deals at the same time they, I don’t know if too many creators that can tell the brands like, what, how did I do? I posted the story on Instagram, what did I do? And so we’ve been trying to build data tools in the back to collect even like, like what? Getting your data from these platforms, you need to be able to program well they don’t know how to do that. So we kind of give tools to kind of connect them to their data and then pull that into a, a place and we’re working on something where then that goes on chain, right? So that, let’s say a brand could come in and actually be able to access that data, see it, right? And so if you’re doing an Instagram story, now you have data behind it, uh, and you have all this other data that you can pick up. Uh, and you could do this pretty easily with different things. Like as an example, if you did a giveaway on Instagram that drives people to something that you now control, now you’re collecting lists and data and now as you’re collecting that you can, you know, a creator that is armed with that kind of data can go back to brands and can get a lot more money than they’re getting right now. Uh, and you can build that into, you know, uh, these smart contracts that basically can come in and, and help creators monetize their data better.
Transitioning To Web3 Social
So I think, let’s zoom out for a second because what you’re explaining is a really cool model that I talk a lot about in the podcast. When you think about the Web three creator economy today, you have to sort of zoom out and think about it like this creators use web two platforms to build distribution and virality, and when they’re more crypto native, they use web three to capture that value. So there’s a constant bridge between those two worlds to kind of build audiences that, that attract virality that can distribute the messages of an N F T drop and then linking them to a smart contract platform, whether it be glass sound, Zora, whatever these platforms are to actually mint the NFTs and to capture more of that value. But now I feel like we’re, we’re transitioning into a new world, the era of web three social, right, crypto native social wear. And this may be a hot take, but my bet is your community of collectors will surpass your community of followers, right? So as you build viral audiences, right, they’re gonna be sort of kind of like measured by what they’ve collected from you versus what they’ve liked, what they viewed and so on and so on and so forth. So I’d like to sort of transition the conversation into Web three social because I think what you were alluding to earlier, re in Ellie’s, like when you build audiences, you can get shadow ban, right? And there goes your entire account. Or if a new platform pops up, like let’s say in 2018 when TikTok started getting its moment, all the Instagram creators kind of became Mia and TikTok creators became the new thing, it becomes less of a problem when you build audiences via collectors in web three. So let’s transition the conversation into the topic of Web three social, just to kind of like share some general thoughts. Brett, I know you’ve been vocal about this lately, collecting content, talking about building audiences on chain. Any quick thoughts to share on this?
Visualizing Relationships In Web3
BlockchainBrett: Yeah, I think what’s going on in the NFT space right now where collectors are collecting are valuing content from their favorite creators or from creators, they appreciate their content, um, is already the beginning of a very social experience. I mean, the relationships being developed are much more beyond anything we have in web two in comparison to like following someone on Instagram or liking a photo. Those don’t really carry that much value or don’t differentiate one fan, one person of the audience from the other versus now in the NFT space, how much do you actually care about that artist and kind of create that signal that the artist can notice and appreciate you back? Uh, so I think in the future, as this is a much bigger space, running up to your favorite artist and saying, I was the first one to follow you, I love your music since the beginning like is much less of a reality where it’s like you probably already know each other, you’re probably invited, you know, you’re in the right spot, you’re being taken care of the right way. Not necessarily just in i r l experiences, but just more of like as an example. Um, and I think Webley Social is just like, how do you show off all these relationships that are being created in this nft in this ecosystem of owning content, of collecting your favorite creators and apprec and showing off your appreciation for them. Uh, so I’m excited for platforms that visualize and make it more clear what kind of relationships are being formed, that it actually is really valuable, what’s going on. Uh, and then also things like Lens, for example, where Adam is maybe the most followed creator on Lens. Shout out Adam Levy, arguably. Yeah, I mean, it’s really impressive. It’s past his Twitter followers at this point. So I’m all in on lens now. , I love it. Um, but yeah, lens is also actually adding more data constantly. Like, so I think whenever something is putting more content, more data on chain for the creator, it’s adding to that like relationship social graph that’s being built. Um, you know, whether even if it’s just like the equivalent of a tweet that someone ends up collecting, it’s, it’s creating more context for people to realize and view relationships around. So I’m excited about it.
The Value Of Collectable Content
Really quick, just to kind of pull the audience again, how many of you guys are on TikTok? Okay, so when you, and how many of you guys have a crypto wallet? Okay, so when I sort of think about the mental model of collectable content, the same action that goes into liking a video on TikTok and it being added to your favorites folder is sort of the same mentality of collecting something and it being added into your wallet, right? But the cool thing about that, the way I sort of think about it and re Rex this is back to what you were saying, like brand deals are still a big part of a creator’s revenue. When I build an audience on chain, there’s so much information that I can tap into to understand what other communities are my collectors a part of, go to those communities, figure out really cool collaborations and cross pollinate together. This is something I can’t really do efficiently in the Web two world. And I’ve done this, I bring podcast sponsors, right? I find the people cuz I give out free NFTs to my listeners. I see who, what other communities are my collectors a part of? I go to those brands and I try to do activations on chain accordingly because wait a minute, we already have overlapping audiences, I could probably cross pollinate and get value and you could probably cross pollinate for my community and get value, right? So just to kind of give like an off off the bat example of like the depth of this data and the value that kind of gets accrued to the creator. But yeah, on the, on the topic of web through social, Ellie, any, any quick thoughts into what you’re seeing in that space?
Digital Identity And Ownership
Ellie Farrisi: I, I think the, the kind of two main frontiers that we’re seeing in the web three social space is this idea of creating a profile and this idea of either collecting this content on chain or off chain. So what we just talked a ton about was Lens Protocol, where Lens right now, uh, allows you to create a profile and everything that you quote unquote like or retweet whatever is all collected to your wallet. Uh, there is, at the other side of this Web three social, which some of you guys probably have used or or heard of, is called Forecaster, where you still have this digital identity store like tied to your social, uh, wa uh, account. But all of the collection is just kind of the same way that you would do on Twitter. And I’ve been talking a aloud about the kind of differences between the two. And I’m not saying I, I think one will win or the other, there are definitely two different use cases that I’m curious to see which a mass consumer actually adopts. Um, but the thing that is the same about both of these are this like digital identity that goes with you. And I think this concept alone, regardless of what you’re collecting from it, is so huge and so monumental to what we’ve already seen in the past like five years or so, even more with the centralized control of social media platforms and sort of how, how little effort it takes for them to snap their fingers and you be gone. And I think that that’s something that, you know, you exist in the real world. There’s, there’s no situation in the real world where someone can just like, make you invisible. And yet we, we spend so much of our lives interacting digitally and we give the power to people to say, no, you don’t exist anymore. And I think the, the more that we can build for this future, whether it’s through NFTs or through digital social profiles, whatever it may be that you truly own, I think ownership all the way data ownership, social ownership is gonna be the only way that we allow for a future where we own who we are, right?
Glass Protocol And Content Control
Truly, And this is a great transition into Glass because when people think of Glass, they think about the Web three YouTube, right? And earlier Nick, you talked about NFTs acting as tools. So the biggest sort of difference when I think of YouTube and I think of Glass and the creators and how they publish content and I think Jacob Horn from Zora said this best, it’s like people have been publishing on the blockchain except it’s been YouTube’s blockchain. So the same concept is when you publish content on glass, you just have more control, more autonomy and more say into how that content can sort of be evolved. Owned Exactly. Leveraged.
Nick Villar: Yeah, exactly. And I think the big thing for us, and you were mentioning this a little bit before, is just like the portability of those audiences and being able to connect and, and bring them to new experiences on different platforms, different projects, you know, that have maybe have nothing to do with glass. Um, you know, and but like allowing glass to be a piece of that ecosystem of distribution and of, of, you know, connection with the audience. Cuz that’s ultimately what I think people are, are interested in developing, you know, so
Building Interoperable Audiences
I think that’s a great example because that’s, that’s like a core primitive like building interoperable audiences. So I can build now an audience on sound, on glass, on lens and all these other platforms and wherever I go, my community follows me. So it’s not like I need to create these convoluted funnels to transfer a user from Instagram to TikTok and then back from TikTok to Twitter. It’s all seamless as long as I have ways to communicate to them. I can own my distribution, I can own my value capture and so goes in my community following me everywhere I go. So it’s like a very, uh, I feel like it’s a very zero to one sort of, uh, innovation here. Rex, I’m curious if you have anything to say on the, on the topic of Web three social?
Rex Wong: Yeah, I mean for, for us we look at it as, uh, cuz we’re an operating system, we see what the creators are doing and we’re looking at it from the lens of helping them monetize. So we kind of look at it as, uh, like one of the projects we have is kind of creating, I’ll call it a credit score for the creator. Uh, because for a brand it’s, they’re thinking are the clicks real or the views real, right? And because we can see all that, we can do it and on that data you can build different things. Uh, for example, we run a lot of their merch so we can see all this data on e-commerce as an example. And let’s say the, we’re also trying to, to incubate these creators as brands and businesses. And so the idea there is that you could use some of this credit score as a basis for, for example, crowdfunding, right, right where you could, so if somebody’s saying, oh, I want to invest in this creator, I think they’re doing great, uh, but is their business real?
Creator Credit Score And Crowdfunding
Rex Wong: Is the data real? And by doing that on chain, we can basically have this kind of immutable ledger of of them and what they’re doing. Uh, and then that can go into what we believe, you know, moving forward is like a crowdfunding model where basically they can go in, your investment model is tied to a smart contract that basically ties to the investment. And you see, if you’re an investor, you see the data and what it’s doing, uh, and if they promised you a return, it basically can guarantee that return based on the what the contract says. And so I think that’s where we’re seeing it going, but we’re much about kind of the business plumbing of how a creator works and, and being able to take the data from all their different platforms. And because we’re helping them really in web two platforms to kind of push their content, create their content, manage their content, we can then take all that data if they opt into that and they will because hey, I want to raise money, I want to get brand deals. Well I’m gonna be much more credible than the, than the guy or girl that doesn’t do that. And that’s kind of where we see tying in, you know, web three into the creator economy. I
Content As Collateral
Love it. And I would love to take it a step further too, because when you build an audience on a sort of open social graph where you own more of your data and you think about crypto as a whole being Lego blocks to one another and you just continuously build experiences on a protocol and that gets built on top, another protocol and so on and so on and so forth. Imagine being able to take your social graph that you built on Lens, for example, and being able to take a loan on Ave based off how good your social reputation is, right? So now you’re, you’re entering a whole new world of finance, whole new world of, of building audiences, a whole new world of reputation that just doesn’t exist in web two. Cuz right now we’re dependent on the credit system, right? And you have to have a good credit score to take out loans from the bank and you have to play by the rules play by the game to ultimately get out of the rat race. But I don’t know there’s a, or
BlockchainBrett: Even, yeah, even imagine if, uh, your content that you create, um, like that piece of content that N F T has carries enough value to be able to take a loan out against that. Wow. Yeah. Yeah. I think it’s, it’s really not that farfetched. Like what’s the difference between finding a piece of art valuable and finding a social media post valuable. They’re both files, they’re both pieces of media. Um, and now with NFTs they can be owned. Um, so, you know, I mean it feels like a far bridge right now, but you know, we’ve seen crypto art from 2018 to 2021 go from $50,000 in volume a year to 2 billion, right? I I don’t think anyone expected that. Um, you’re seeing music go from a million dollars in 21 to 30 million in 2022. So I mean obviously a much smaller market, but it’s just kind of expanding more and more into these other verticals, right? Uh, it’s going into writing, it’s going into videos, it’s going into all these different things. Um, so yeah, imagine using your content to back alone.
I love it guys, thank you so much for listening. Appreciate you all. Um, and yeah, we gotta go. Yeah. Oh yeah. You can find me at Levy Chain on Twitter
Ellie Farrisi: Uh, yeah, you can follow me on Twitter at Ellie Fari and our company that Adam and I are building again is Bello at Bello sites on Twitter.
Nick Villar: Follow Glass protocol on Twitter
Rex Wong: And you can follow us on, uh, Instagram fame cast.