Web3, let’s discuss the Web3 and discuss it. It’s among the most talked about terms around nowadays, however, like numerous innovations, its meaning isn’t always clear. Kirby Porter, founder of New Game Labs and PLAY3RS as well and Amobi Okugo, a former professional soccer player and the founder of A Frugal Athlete discuss the Web3 creator’s economic benefits on the investing platforms like Public.com for Black creators. Over 34,000 developers have committed code for Web3 initiatives by 2021 as per Electric Capital’s 2021 Developer’s Report which suggests that this could alter the narrative of wealth for Black creators of content particularly due to the decentralization of the internet.
The creator economy, which many believe will soon be powered by a blockchain-powered internet (Web3) has begun to take off. There’s a significant distinction between producing content in the Web2 environment and Web3 which is due to the fact that the former tech and platforms have the most upside to the content they create through their platforms. With Web3 creators have access to the majority of these benefits.
Porter as well as Okugo are both committed to empowering athletes and creating a better economy.
“We’re in the middle of two generations one in technology, where this new era of internet is on the way as well for athletes who are subject to NIL rules that have been changed,” Porter said. College athletes are now able to make use of their name or image (NIL) in order to make money while an athlete in the student league.
In the current economy of creators that is based primarily through Web2 platforms such as Instagram, YouTube, and TikTok and TikTok, the racial pay gap is evident. Black Content creators tend to be classified as micro-influencers, making $27,000 annually on average and white creators of content tend to be considered mainstream influencers, earning $100,000 per year.
CultureBanx revealed that a variety of popular trends that are that are emerging on social media originate in Black creators. However, these trends are frequently modified, or even incorporated by white creators of larger scale. In these instances the creator of a trend may not be able to see the same benefits in terms of financial gain that mainstream creators do.
