Creator Economy - Is Web3 a Solution Seeking a Problem?
Dear subscribers, I recently wrote about how we can build web3 onramps for the next 1 billion people. But I didn’t cover why people should care about web3 in the first place. From Vitalik:
So is web3 a solution seeking a problem or can it meaningfully improve the world? I think web3 can meaningfully democratize access to:
Let me explain how this might work and what problems stand in the way. Today’s post is brought to you by…Nas Academy Nas Academy Crypto is one of the fastest-growing online learning platforms. They offer an exciting range of community-based classes on everything from what is crypto, to mastering NFTs, to learning web3 development. All of their classes are taught by top experts in the crypto space including Zeneca, Randi Zuckerberg, Ben Yu, and the Alchemy team. Democratize access to work (DAOs)Today, people often spend more time chasing credentials than on work that they actually care about. An Ivy League degree, 5+ years of experience, and months cramming leetcode are all artificial steps to get the most coveted jobs. Tomorrow, DAOs could let people prove their worth through actual work. A girl from Indonesia could join a DAO, design a website, and earn crypto while building an on-chain resume for her next opportunity. If you are young and ambitious, join a DAO
Actually…research 20 DAOs, join 5 DAOs, and then pick 1-2 that deeply resonate and contribute to them
No other path will allow someone, regardless of background, to convert effective proof of work into career opportunities faster That’s the promise at least. DAOs are still incredibly messy and few have built good products. We need to solve:
Democratize access to finance (DeFi)Today, the traditional financial system is opaque, run by middlemen, and inaccessible to 1.7B people in the world. Tomorrow, DeFi could create a more accessible and transparent financial system that puts control back in the hands of regular people. A father could put his hard-earned into a protocol that offers 10x the yield of his local bank. He can then use these funds to pay for his son’s education or invest in his friend’s new venture. That’s the promise at least. DeFi today is a playground for traders and crazy yield farming strategies: Why does DeFi have to be so complicated…
Lesson learned for me is to just start with earning passive yield on some stablecoins instead of this game theory 10,000% APY stuff We need to solve:
Democratize access to assets (NFTs)Today, creators and fans barely make money after platforms take their cut and valuable assets such as homes and higher education are out of reach for many people. Tomorrow, NFTs could democratize ownership of all types of assets. A student could buy an NFT to get access to a learning community’s paid courses and events. They could then see the NFT grow in value before gifting it to another student. That’s the promise at least. NFTs today are dominated by a few traders flipping jpeg collections. Scams and rug pulls are also rampant. We need to solve:
It’s thanks to crypto that I was able to convert a tweet to a DAO that’s providing high-quality web3 education for free. If you’re a builder working on democratizing access to work, finance, and asset ownership through web3 - I’d love to get in touch to see how I can help. If you liked this post from Creator Economy by Peter Yang, why not share it? |
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