From Fans to Partners: How Web3 Is Redefining The Meaning of Social Communities
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Web3 platform Snapmuse.io recently introduced a novel approach that aims to leverage blockchain’s capabilities of offering “true ownership” to every participant. Snapmuse.io’s initiative lays the foundation for other Web3 startups to contribute towards rebalancing the one-sided ideology of Web2, where true engagement is yet to be defined.
The platform uses non-fungible tokens (NFTs) to offer fans the opportunity to own a portion of their favorite creator’s business. It’s a wholesome model that changes the fan-creator relationship, replacing it with a more partnership-oriented approach where communities are forged (and driven) by intrinsic value.
But, to understand how Snapmuse.io solves an age-old dilemma, it is essential to first understand the shortcomings of the Web2 model, especially from a consumer's perspective.
Consider the case of any social media influencer and their fans. How do influencers generate revenue? More importantly, how do the platforms generate revenue when almost all of the content is user generated?
It’s simple: both content creators and content-sharing platforms rely on end-users to generate advertising revenue. For an Instagram influencer, the easiest monetization path is through their followers. The same goes for a YouTube creator. Every YouTube creator relies on their fans to consume (and interact) with their content, which in turn helps them generate ad revenue. The underlying platforms, be it TikTok, Instagram, or YouTube, keep their share of the revenue and divvy the remainder with the creators.
Other monetization avenues also rely on consumers (fans,
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