How Web3 will drive revenues in the creator economy

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NFTs provide an opportunity for new revenue streams for businesses through membership and access passes.

Digital Nation Australia spoke to Joan Westenberg, founder of the VC fund for NFT investments, MetaPunk, founder of creative agency Studio Self and head of marketing at MODA DAO.

According to Westenberg, traditional payment gateways and paywalls have not been successful in driving revenue for creators. The shifting business model around a subscriber only token that provides exclusive access to content for the owner is a unique business model, she said.

Westenberg also points to staking and yield farming as new passive income business models in the metaverse.

“All of it kind of comes right back down to the building blocks of Web3, and those building blocks are around business models that focus on personal ownership and personal sovereignty,” she said.

“A world in which you're creating a model where you rely on the fact that everyone does own their data, everyone does own their goods and everyone can make reasoned decisions about what to do with them. And I think business models that tap into that are going to be quite powerful.”

She believes that Web3 will see a rise in individuals monetising their own data, rather than giving their data and their attention away for free.

Web3 skills are largely human

For businesses to capitalise on these Web3 opportunities, Westenberg believes that the skills and capabilities largely already exist, businesses will just need to focus on the right ones.

“Community management is a hugely important skill. In Web2, in places like Facebook and so on, community management is not considered to be an important role. It's kind of like the bottom of the food chain, where you aren't paid a whole lot. You have ridiculous hours requested of you and you don't get to make a lot of decisions.

“Whereas in Web3 community managers just might be the most important people in an organisation,” said Westenberg.

It is the soft, interpersonal human skills that will be the crucial to a business’ success in Web3 she said.

“Ultimately Web3 is about managing humans who have their own ownership and sovereignty over what they're doing, and they need people who are going to care for them, and prioritise them and look after their interests.”

Beyond soft skills, Westenberg names developers who understand smart contracts and tokenomics as key capabilities for Web3.

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