Creator Economy 4.0 — Deokjil for a living
I’m a long-time Kpop fan and in the evolution of my deokjil (kpop vocab — the act of doing something from enthusiastic interest), services like Bubble and Weverse have truly leveled up my game. However, I always wondered “what if there were ways to help us fans to grow and financially benefit along with the idols as they gain greater fame and popularity?” ie. what if I could deokjil for a living? This could unlock so much more potential that we have not yet seen in the fandom/creator economy.
Through the rise of crypto, we are now facing Creator Economy 4.0 and as blockchain technology enables ownership of digital content, we are just on the edge of unlocking that hidden potential of the creator economy.
From following to owning in Creator Economy 4.0: In CE 3.0, the relationship between creators and fans was simple. One-sided, fans following creators. In CE 4.0, the dynamics of this relationship transform into fans owning creators. The way we express (or prove) ourselves as fans is through ownership of NFT/social tokens and we expect these to reflect our unique identity. As this transition is accelerated, the definition of a creator and their monetisation method changes.
Creator Economy 4.0 redefines creators and fans: The definition of fans expands in CE4.0. Fans are no longer limited to those who love and support the creators wholeheartedly but also investors who believe in their potential. Prices of virtual/offline concerts and shows have a ceiling price of $300-$500 but the price of NFT is unlimited and fans can even purchase and share fractional ownership of NFT.
Creator Economy 4.0 is right in front of us (or already here), but how should creators go about building a community or issue NFT and social tokens? This is why I was super excited to meet Justin and learn that he was building Mybias. Mybias offers sustainable monetisation tools for creators by enabling fans to directly participate and invest in the creators’ fan community. As the community grows, fans are rewarded based on their contribution to the community. Mybias helps creators who are unfamiliar with crypto, to issue NFT and manage their FanDAOs.
I’m looking forward to seeing Mybias bringing mass adoption of NFT and DAO to the rest of the creator economy space, starting with Kpop fandoms. If you are a creator looking for ways to build meaningful communities, stay tuned!