Decentralization: Future of creator economy? Expert insights
Everyone, consciously or not, has a personal brand due to their online presence, thus the growing importance of personal branding in the digital age. Zuby, an online host, author, and rapper, at Bitcoin 2023 Miami acknowledged the increasing significance of one’s digital footprint and believes that individuals, including entrepreneurs and everyday people, need to recognize the value of their reputation in the online space.
Layah Heilpern, an author and content creator and panelist at the event shared her perspective, which is focused on decentralization as the future of the creator economy. She expressed concerns about censorship and stressed the need for alternative platforms that offer creators more freedom to express their views without fear of censorship. Further, there are worries about the consolidation of power and the potential for corruption when platforms are controlled by individuals or entities, she said.
The adoption of decentralized social media platforms would likely happen out of necessity, Heilpern also mentioned. She drew parallels with the adoption of Bitcoin, where people turned to alternatives due to limitations and censorship. Also, she emphasized that improved user experience and ease of use would be key factors driving adoption of decentralized platforms
Platform moderation is a complex issue, influenced by different countries’ laws and societal norms, Zuby mentioned. Zuby stated that the emergence of alternative platforms could be a response to concerns about censorship and centralization. He expressed optimism about the market they create and their potential to challenge mainstream platforms.
He mentioned examples such as Rumble and TruthSocialMinds.com, which aim to provide more freedom of expression. Zuby predicted a more decentralized future for content creation and mentioned the significance of platforms like Zion that allow users to own their digital identity and maintain their audience regardless of platform changes.
There are also challenges in shifting business models away from the ad-based approach dominant in existing platforms. Zuby explained that established platforms have relied on advertising for decades, making it a safe and familiar revenue model. He highlighted the difficulty for large corporations to take risks and change their monetization strategies due to shareholder expectations. In contrast, he emphasized the opportunity for young entrepreneurs and startups to experiment with new models.
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