Irene Zhao: Popularity is behind the success of Web3 creator economy
Irene Zhao tweeted
Linch, chain Catcher
Here's why @0Xirenedao's popularity isn't a fluke, or what some see as an Asian fetish. They missed a real opportunity.There's something bigger behind the concept of IreneDao.
I've been an Instagram influencer since my college days. I'm lucky that a lot of people follow me and like my photos. Six years on, I now have 300,000 followers and rank among the top 10 Internet celebrities in Singapore. You might think it's a good thing I have such a big fan base. But you'd be wrong.
To make money from my posts, I need product placement and paid advertising. So I was in this state where I was Posting paid content every other day. Why is that? Because I had no choice. This is how I support myself.
Of course, my followers don't like these paid ads. But they have no choice.This is how the Web2 creator economy works. Now think about your favorite content creator. Don't you and them have to live with the system, too?
Many of us will try to be kols. You may have the best content in the world, but you won't be rewarded for your work until you become big. You don't even know how to be what I'm talking about under centralized control.
Do you see the economics of Web2 now?
Web2 is not built to facilitate the flow of money, but to facilitate the flow of information. Therefore, Web2 makes money by releasing free content to attract eyeballs and charging for advertising.
Traffic and attention on Web2 is ultimately owned and enjoyed by the centralized platform, not the creator.The creator is not rewarded for the quality of his work, but for the traffic he attracts to the platform and the attention span he "hogs" from his audience.
How does Web3 solve these problems now?
1. Creator NFT tokens turn attention or traffic attracted by creators into "ownership". Creators can really own their content.
2. Followers can purchase a portion of the ownership. They can have an IG post, a song, or a moment in a gamer's news stream.
Not only do they own it, they can invest in it. Imagine that you've loved Jeremy Lin's game since high school and have a video of him dunking it 15 years ago. So how much was Lin worth in his heyday?
On Web2, no matter how much time you spend watching a Youtube video, you essentially have nothing to do with it. However,With Web3, if you pay attention early enough and choose the right content creators, you can invest in the growth process and reap the rewards.
NFT is the medium that makes possible the new Web3 creator economy. It eliminates rent-seeking intermediaries and makes the user the owner directly. It can also create a market-sensitive pricing mechanism.
Since the fourth quarter of last year, @socol_io, where I work, has been working on technology to do just that. We have some core capital supporting our cause, which will be announced later.
Some people think that. @0xIreneDao It's just a coincidence. But that's not the case.It's a concept that was nurtured over six years of hard work and months of planning and effort in the Web2 economy.
I hope when & have spent @socol_io With launch, I will finally be able to prove THAT I'm An Instagram Irene, a Youtuber Irene, or not a guy.
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