Web3, let’s discuss it. It’s among the most talked about terms around nowadays, however, as is the case with the many new technologies, its meaning is not clear. Kirby Porter, founder of New Game Labs and PLAY3RS, along with Amobi Okugo, former professional soccer player and founder of A Frugal Athlete explore the Web3 creator economic upside on investing in the platform Public.com for Black creators. Over 34,000 developers will be committing code to Web3 initiatives at the end of 2021 as per Electric Capital’s 2021 Developer Report It’s possible that this could change the way wealth is portrayed for Black content creators, in particular with the decentralized evolution of the internet.
The creator economy, which many believe will soon be powered by a blockchain-powered web (Web3) is taking off. There’s a huge distinction between making content in Web2 versus Web2 environment versus Web3, and that’s because the former tech and platforms offer the greatest upside to content created on their platforms. With Web3, creators can own more of this upside.
Porter And Okugo are both passionate about supporting athletes and the creator economy.
“We’re living in the midst of two generations of changes one in technology, where this new era of internet is in the works to athletes, but also as they undergo NIL rules that have been changed,” Porter said. College athletes are now able to utilize their name, image, and likeness (NIL) and earn money for an athlete in the student league.
In the current market for creators, which exists primarily on Web2 platforms such as Instagram, YouTube, and TikTok and TikTok, the pay gap is evident. Black media creators have a higher chance fall in the micro-influencer category, making $27,000 annually on average, while white content creators are more likely to be considered mainstream influencers, making $100,000 annually.
CultureBanx reported many prominent trends that have emerged on social platforms stem from Black creators. However, these trends can be copied, if not even adopted by larger white creators. In these situations the creator of a trend isn’t seeing the same financial upside as mainstream creators.