How Creators Should Think About the Coming Web3 Transformation

One of the biggest potential benefits of Web3 is the chance for artists and other creators to cut out the middlemen and capture more value for themselves. A team of experts went deep into the topic during The Information’s Creator Economy Summit.

Web3 is based largely on a technology called blockchain that has given rise to cryptocurrency. Sally Shin, chief strategy officer at UnitedMasters, observed how Web3 features like NFTs have given power back to artists to earn money from their music.

“What's really intriguing about something like NFTs is that if you're an emerging artist and you have a small cohort of fans—and you hold a lifetime backstage or lifetime studio access to this artist through NFTs and the artist gets more famous—the value of the NFT goes up,” Shin said.

Web3 could also make it easier for creators to accept money—at least eventually.

“Being able to accept payments from your fans around the world is arguably easier if you accept crypto,” said Sean Kim, President and Chief Product Officer at Kajabi.

Even so, Hussein Ahmed, Founder and CEO at Oxygen advises that companies ease users into the new infrastructure gradually.