Eliot's Crypto Newsletter - The Onchain Creator Dilemma
Hey there! If you want to join 1,493+ other readers learning about internet-native communities, make sure to subscribe to this newsletter. In 2023, as a creator, you have two options for posting content: 1) Do it on centralized content platforms (like millions before you). 2) Do it onchain on decentralized platforms (like an adventurer). But what are the real pros and cons of fleeing from centralized platforms? The King and the adventurersPicture this. You're one of the first humans in the history of the world to show up at the intersection in front of a big and luxurious castle. And because you're one of the firsts, the King himself comes to you. After understanding you're looking for somewhere to sleep, he gives you two choices: Choice 1: With his belly sticking out of his pants, the King offers you an entire apartment in his castle - for free. However, there are some rules you have to accept:
And those are pretty much the rules you have to follow. It's pretty hard, but hey, you get a hell of an apartment for free, so think about it. So you let him finish, and as you turn your head to the right, you see another path leading to a deserted land. You ask him what's your second choice. Choice 2: The King looks into the distance, sees the deserted land, and tells you this land can be yours for free - but this time, also free of rules. Yep, you can do whatever you want with it, invite whoever you want, build as many castles as you want, and throw parties like never before. But for now, it's far from desirable. But at least it will be yours. But really, there's almost nothing there. And as he finishes to talk, you give yourself a second to think about it: On the one hand, by accepting his first option, you know you never will be homeless, but you also set yourself up for a future where you'll never be the owner. On the other hand, by following the second option, you can create your own castle and out-king the King, but you also know you have a chance to go bust. Tough call, huh? Unlimited Downside vs. Unlimited UpsideMillions of creators these days are facing the same dilemma. Which is: The cost of going on-chain and setting themselves for potential unlimited upside is the potential for absolute failure. Maybe they become millionaires, maybe they go bust. Who knows. Because, see, for creators on Web2 platforms, the network effect will always get them a few friends, and Twitter's recommendation system will always make sure that their old buddies from college follow them and give them a like or two. On the other hand, those creators will never be able to control who sees their content, be safe from being banned, and bring their audience to other platforms. Worst, the distribution of centralized platforms has the power to push their content to millions - but the money out of those millions of views is short. You'll always get a safety guard but will never be able to reach unlimited upside. Meanwhile, a home run career as a Web3 creator pays handsomely, and if you succeed when posting onchain, the upside will outperform the "normal" creator path by a magnitude. Onchain, you only need 100 fans buying your NFTs at 0,03 ETH to get the same revenue that 1,000,000 streams would bring you on Spotify, and I believe there will be many more onchain creators making a living from their art since the barriers are way lower. But again, if you're wrong, no one is there to save you. There's no built-in discovery onchain (yet), and you can only count on yourself. But that's the price you have to pay to potentially become a millionaire. Closing thoughtsSee, Web3 bros and critics of Web2 content platforms exclaim: "You'll never be free and rich unless you own your content. You need to stop renting your audience to Facebook or YouTube." And then critics of Web3 cry: "It's far too risky to strike out on your own. There isn't a 10x use case, and the monetization/ownership aspects are nice, but realistically, they don't move the needle. Just because there are successful case studies doesn't mean the model itself works." And to this, I'd say that both parties are right. It only depends on how much you care about unlimited upside and if you're ready to take on the risk associated with it. Speak soon, - Eliot PS: What did you think of this article? If you enjoyed today's edition, let me know here - It'll help me understand what you want me to write about (and it only takes you 10sec). Invite your friends and earn rewardsIf you enjoy The Modern World Builder ✧Tips For Collective Lorecraft, share it with your friends and earn rewards when they subscribe. |
Older messages
The Hidden Pattern Of Community Building
Thursday, August 24, 2023
Pattern recognition is a special kind of superpower
Are You Stupid To Buy NFTs?
Sunday, August 20, 2023
The reason critics hate crypto is the exact same reason fanboys love it.
Your False Beliefs Hold Your Community Back
Thursday, August 17, 2023
If you want to build a community that lasts, you need to overcome them first.
Don’t Giving A Fuck Is The New Flex
Monday, August 14, 2023
The hustle-party-rinse-repeat signaling culture is over
That Whole Applications vs. Infrastructure Bullshit
Sunday, July 30, 2023
It's not all-or-nothing, you know.
You Might Also Like
Bitcoin market poised for potential bull trend resumption amid ongoing redistribution phases
Monday, April 29, 2024
Santiment CEO predicts Bitcoin bull trend resurgence post-halving, advises vigilance ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Crypto Market Pulse Weekly – ₿ Bitcoin Hits Record Daily Number of Transactions
Monday, April 29, 2024
$BTC hits record daily number of transactions. Spot $BTC and $ETH ETFs to start trading in Hong Kong on 30 April. Franklin Templeton listed its Spot Ether ETF on US DTCC. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Analysis: What changes have occurred in the L1 Infra track in recent months?
Monday, April 29, 2024
Author: Laobai From ABCDE Edited:Wublockchain Recently in the primary market, the hottest track is undoubtedly AI, followed by BTC. About 80% of the projects discussed daily are focused on these two
Bitcoin Makes History By Becoming The Scarcest Asset In The World
Monday, April 29, 2024
We bring you the top stories in crypto every week! Stories like... Monday April 29, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR Bitcoin Makes History By Becoming The Scarcest Asset In
Polygon leads in EVM efficiency as DeFi users favor low transaction costs
Sunday, April 28, 2024
DeFi activity analysis finds side chain solutions like Polygon more cost-effective, although Ethereum secures most transaction fees. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Asia's weekly TOP10 crypto news (Apr 22 to Apr 28)
Sunday, April 28, 2024
1. Hong Kong Bitcoin and Ethereum Spot ETF to Launch on April 30 link On April 27, the Hong Kong Stock Exchange announced the inclusion of several ETF shares into the Central Clearing and Settlement
A Path Forward: Retro Funding and Revitalization | BanklessDAO Weekly Rollup
Sunday, April 28, 2024
Catch Up With What Happened This Week in BanklessDAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Polkadot community backs SnowBridge for seamless Ethereum integration
Saturday, April 27, 2024
The SnowBridge proposal has enjoyed unanimous community support and could go live in 28 days. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Weekly Project Updates: Binance Launches Renzo on Launchpool, EOS Introduces New Tokenomics, $SAFE Begins Circulat…
Saturday, April 27, 2024
1. Starknet Foundation Announces Airdrop Redistribution of STRK to Three User Categories link The Starknet Foundation has announced that it will distribute STRK tokens through a retroactive airdrop to
OP's Superchain Vision | Layer 2 Review
Friday, April 26, 2024
Quick Reads and Hot Links Covering the People and Projects Who Are Scaling Ethereum ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏