With Web3, communities can be more than just consumers of culture, they become active participants in the creator economy.
While there are different ideas of what Web3 means, everyone agrees that it is decentralized and takes power away from the gatekeepers that control social media platforms and the other mediums of cultural interaction. Instead, Web3 gives that power to the actual participants in the cultural economy, the creators and the community.
With Web3, communities can be more than just consumers of culture, they become active participants in the creator economy. They can become owners and decision-makers in that role instead of just being fans.
This has been playing out in several ways. We’ve seen this with NFTs through Discord-based communities. With Web3 technologies, access to the community is physically gated to holders of that NFT, and creators can incentivize engagement with their brand using gamification of roles, participation itself in that community and ownership of multiple NFTs.
This is an efficient way for the creator to connect to their audience directly, and owners of these NFTs have direct access to the project and other community members. A culture of sorts starts to develop inside and outside these communities.
Beyond NFTs, Web3 makes it possible for fans to obtain ownership directly in a creator’s projects. This means intermediaries, such as museums for artists, record labels for musicians and film studios for actors and producers, might not have that much power in the future. While crowdfunding for an artistic project is not new, Web3 gives fans the chance to do it and potentially get financial benefits.
Web3 offers opportunities for creating communities with a common cultural cause and for users to be active participants and make decisions. It also breaks the barrier between creators and communities, allowing for better ownership structures. But that is not where its potential for cultural revolution ends. (Rolling Stone)