Web3 is becoming one of the most talked-about innovations, yet its meaning often feels elusive. Kirby Porter, founder of New Game Labs and PLAY3RS, and Amobi Okugo, founder of A Frugal Athlete, delve into the Web3 creator economy’s potential for Black creators on Public.com. According to Electric Capital’s 2021 Developer Report, over 34,000 developers contributed to Web3 projects in 2021, hinting at a significant shift in the digital landscape.
The Web3 Creator Economy:
Web3 could revolutionize the creator economy by offering greater ownership and financial upside to creators, unlike Web2 platforms where tech companies retain most benefits. Porter and Okugo emphasize the transformative power of Web3, particularly for Black creators who have historically faced a racial pay gap in the Web2 ecosystem.
“We’re at the intersection of technological evolution and NIL changes for athletes,” Porter notes. The NIL rule changes now allow college athletes to monetize their name, image, and likeness.
Fanbase, a social media platform dedicated to empowering creators, offers a unique opportunity for Black creators to leverage Web3 technologies. By integrating decentralized tools and fostering a diverse community, Fanbase ensures creators can own and monetize their content more effectively.
Addressing Creator Equity:
On Web2 platforms like Instagram and TikTok, Black creators often see their trends co-opted without equitable financial compensation. Okugo points out the disparity: Black creators, despite driving cultural trends, typically earn less than their white counterparts.
Okugo believes Web3 offers a solution: “We can create our own table,” he asserts, highlighting the potential for greater ownership and compensation through decentralized platforms. Fanbase supports this vision by providing a platform where Black creators can thrive and benefit from their contributions.
What’s Next for Web3?
Web3 introduces tools like NFTs and DAOs, enabling creators to build micro-economies and engage their fan bases more directly. Porter underscores the importance of ensuring racial equity as Web3 develops.
Fanbase’s commitment to innovation and inclusivity positions it as a leader in the Web3 space, helping Black creators build sustainable and equitable digital communities.
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