The Crown Chronicles 023

The Rise of Decentralized Social Protocols and the New Creator Economy

The Creator Economy industry is experiencing a pivotal transformation.

Some facts that will blow your mind:

  1. Traditional social media platforms limit artist’ reach, often allowing less than 10% of their audience to see their content.

  2. Decentralized social media protocols are emerging, with platforms like Nostr and Farcaster gaining traction among artists and creators.

  3. Bitcoin's Lightning network and similar technologies enable microtransactions, allowing fans to support artists with minimal amounts, creating a new paradigm in fan-artist interactions.

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But it’s not until you break each of these down that you realize how quickly the Creator Economy industry is really growing:

  1. The fact that less than 10% of an artist's audience on platforms like Twitter and Instagram actually sees their content is alarming. But the potential of decentralized platforms is even more striking. These platforms promise a direct and unfiltered connection between artists and their audience, which could revolutionize the way creators interact with their followers.

    This is a signal of where things might be headed.

  2. The adoption of decentralized protocols like Nostr and Farcaster is not just a trend but a movement. The last time we saw a shift of this magnitude was during the early days of social media, which completely transformed the landscape of personal and professional communication. (Fun fact: In those early days, few could have predicted the profound impact social media would have on our daily lives.)

    And I’m betting the same thing will happen again here.

  3. The concept of Bitcoin microtransactions through the Lightning network is revolutionary. It's like tipping your favorite artist a fraction of a penny, supporting them continuously with tiny but meaningful amounts, or engaging in loyalty programs with tangible rewards. This could herald a new era where the relationship between fans and artists is more interactive and supportive than ever before.

    Just to put things in perspective.

Final Prediction:

My guess is that decentralized, censorship-resistant, and permissionless social media protocols will eventually overtake traditional ad-based revenue models, much like streaming services have begun to eclipse traditional television. This shift towards decentralized, user-centric platforms could reshape the landscape of online interaction and content consumption. And at this rate, this will likely happen sooner than we think.

What do you think? Do you agree? Disagree?

Let me know in the comments.

Song Of The Week

Fabian Mazur - Dangerous

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