Creators are the bedrock of our digital diet. The current state of the creator economy endows creators with a platform to showcase their work. However, these platforms are merely a means to an end. Creators have fragmented relationships with their audience, are not directly rewarded for their content, and cannot financially rely on the monetization of their content on current platforms.
Emergent web3 mechanisms like Submarine that allow for owning and sharing premium content move beyond endowment to empowerment, by helping creators monetize their creations. Creators are empowered to monetize beyond just token-gating with NFTs. Unlock methods such as Retweet, Geo-location, and Twitch give you the freedom to choose what works best for you and your community.
The term ‘creator economy’ refers to the ecosystem of online content creators, softwares, platforms, and consumers that facilitate making money on the internet.
Currently, the road to content monetization is long and convoluted. Even once creators reach their final destination—the fruits of their creative labor are cannibalized by profit-hungry centralized platforms.
This injustice is best demonstrated by looking at the revenue models of the biggest creator platforms in the current ecosystem. For creators to monetize on YouTube, they need between 1-2 million views to earn $1,000. On TikTok, the metrics are 10x that of YouTube. As a result, the bulk of creators’ revenues are derived from brand partnerships or subscriptions – both of which are limited to creators with an existing audience. Ironically, the content itself has little to no value.
Alas, as with most flawed systems, innovative solutions always find a way in to rectify the shortcomings.
The advent of web3 technologies are democratizing the creator economy. Mechanisms to own and share premium content such as Submarine are inverting the creator monetization funnel. Content creators are finally reclaiming their power and are no longer at the mercy of centralized platforms.
In order for this new creator economy to begin, there are several aspects to focus on to facilitate mass adoption:
- A mindset shift towards one that prioritizes direct connections between the creator and their audience.
- Methods for easier monetization of creative effort/creativity + direct connection between audience and creator.
- Technical barriers mitigated with user-friendly no-code platforms.
The need is clear, and with web3 and its ideas of decentralization beginning to find their place in the broader tech community, the world seems more ready than ever for the solution to arrive. And to be frank, we believe that Submarine is that solution.
Submarine is a no-code solution for creators who want to offer unlockable content and share premium content with ease. Powered by Pinata, Submarine gives you full autonomy to create a deeper content experience for your community in one single link.
Submarine allows the creator (not the platform) to set the parameters for access. Submarine currently offers creators four unlock methods for their token-gated content: retweets, non-fungible tokens (NFTs), geo-location, fiat currency, and/or Twitch. Built with the Submarine API, the powerful and easy-to-use Submarine web app is perfect for all levels of technology.
By cutting out the middleman, creators reap 100% of the financial benefits from their content. Whether it’s artwork, a game, music, video or even entire apps—there are no limitations to the type of content you can unlock with Submarine.
The best part about this shift? It’s not a one-way street. Creator audiences are finally going to be rewarded for supporting their favorite creators. Beyond ownership and community, audience members can now claim rewards in the form of premium content.
As they say, tough times don’t last; tough people do. The past couple of decades have been tough for creators, but the new era of the creator economy heralds an ecosystem in their favor.
Content unlocking mechanisms like Submarine liberate creators from the existing bottlenecks of the old creator economy. Creators can now connect with their audience like never before, and derive the maximum value out of their content monetization. Welcome to a new era.
paragraph — The first thing the music industry needs is more exposure. For artists, listeners and yeah, the labels. Even with the use cases mentioned above, the majority of the music industry still sees NFTs as a novelty rather than a legitimate way to run a business. We see a future where the experience is built and monetized on the blockchain, with labels taking part of the experience, as well.
Second, there needs to be a big jump in user experience. Listeners know what to expect with Spotify and Apple Music: a smooth, intuitive experience that lets them listen to Lil Nas X with just a few clicks. Web3 platforms aren’t quite there. Music NFTs and related premium content require extra steps that most people don’t yet have an appetite for.
paragraph — Musician Daniel Allan spent months building a relationship with the NFT community and raised 50 ETH to fund his new album, Overstimulated. Companies like Audius and artists like Vérité's, who raised $90,000 in an NFT launch, are at the forefront of exploring new ways to get paid. Avenged Sevenfold launched an NFT collection called "Deathbats Club" with 10,000 items that grants holders access to benefits such as meet and greets at shows, lifetime free tickets, limited edition merchandise, and more.
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QUOTE — Everyone is obsessed with making money and seeking alpha, which does a disservice to what [NFTs] can actually do. We have been instructing many bands that NFTs are a ticket for access to an exclusive club.” - M. Shadows, Avenged Sevenfold’s lead singer.