Writers, Get Rich With Web3.0

Web3.0 is still nascent and emerging. Elon Musk realized the power of Internet way back in 1980’s -90s before anyone else and banked upon it. He conceived, believed and blossomed the idea of getting local business to computer users. You too can metamorphose your writing career by tapping the vast potential Web3.0 offers to writers. Be an early bird like Elon.

Dear writers, let’s have a moment of truth. Not all writers are minting huge money despite being extraordinary in their craft. Writing has by far been a highly fulfilling and less-paying job(for some). Fulfilling in the sense a writer can understand. Words are an expression, a structured outlet of a deep thought process/research. For some, it is a flourishing career and for some, the ROI might be less than the expectation.

Though writers earn respect, not all writers earn enough money. However, today, as we sail through 2022, we are going through an internet revolution that promises to metamorphose the way writers can earn money, good money. The technology is called Web3.0. Before we proceed to Web3, let us understand real quick what is Web1.0 and Web2.0 and what they offered.

Web1.0: the good old days of the internet when information was a read-only thing. The period from 1991 -to 2004 where the data was static web content. Users were only the consumers of the information provided by the web.

Web2: Then came smartphones, apps, and tablets, which enabled the users to write over the web. Consumers also became the producers of the content. Web2 was/is the read and write generation of the internet. Writing on Medium is an example of Web2.0

Web3.0: This is a technological revolution. The read, write and own version of Web. Web3.0 offers writers to publish their work and own it. Own every cent minted by their content, scooting away the middleman.

Web3.0 is built on blockchain technology which is based on concepts like decentralization and digital tokens. Decentralization means your data is not owned/controlled by any centralized authority/big giants like Facebook, LinkedIn, Twitter, etc, (Medium too for that matter). You don’t have to give your data to these giants to use their services and let them mint money out of your content.

Web3.0 Community-based

Community is the heart and soul of Web3.0. A community decides the value of content. If the community says, the value is $100 or $0, it is so.The community runs on tokens, which creates a community and generates revenue. So, the idea is it is for the content creators, of the content creators and by the content creators, truly democratic.

Community is based on transactional relationships. Creators are rewarding people as per their actual contributions. You may say as other Web2 writing platforms to pay money, but the catch is there is no middleman to eat up the lion’s share. You get value for your work directly. You truly own all your content and get paid its full worth, not just a pittance.

With Web3.0, the creators own their content and control the way money flows. Welcome to the Creator Economy, an economy wherein content creators like you (writers) run the economy.

Web3 has opened up the arena of being a Content Entrepreneur to everyone who can take on a lead and manage a Web3.0 community.

Key Concepts

Before we go into the details, let’s first touch on a few basic concepts for clarity.

1. Tokens - As the economy revolves around physical money. Web3 revolves around tokens. It gives the users property rights, and the ability to own a piece of the internet.

All token holders in a community are aligned to work together toward a common goal — the growth of the community and the appreciation of the token.

2. Cryptocurrency - According to Wiki, cryptocurrency, cryptocurrency, crypto, or coin is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

3. CryptoWallet - Just like a wallet that stores your cash and cards, a crypto wallet is a software program that stores your private keys. These private keys are used to access your cryptocurrency.

4. NFT - As said earlier all this is a game tokens. NFT or Non-fungible tokens are digital tokens. Non-fungible means they are unique and cannot be replaced with something else (unlike cryptocurrencies like bitcoin which are fungible).

These NFTs are the magic wands of content creators. In the Web3.0 world, you use these Non-fungible tokens to represent ownership of your unique items. These unique items could be anything, anything you own, your artwork, a product you build, or your digital content. Since we are talking specifically about writers here, you represent your content by a token(NFT). You can enter the Web3.0 market with a couple of tokens (aka money) and start your business by minting money, I mean minting NFTs

5. DAO - Many Web3.0 writing platforms allow you to create a DAO (Decentralized autonomous organization).

A DAO is like a registered decentralized business that can crowdsource creators in a community(web3.0 is community-based). You can then run a DAO being a content entrepreneur.

The content entrepreneur is the most coveted and rewarding profile in Web3.0. This upcoming and blossoming content economy, needs content entrepreneurs to drive and run it. And the best part, anyone can start a DAO. Just build a community around it. In a DAO, the members are audience and investors in its potential success.

A beginner’s guide to DAO might help you understand the topic in detail.

How does this Creator Economy benefit writers?

Web3.0 is a superpower for content creators. It is truly democratic in the sense it is of the creators, for the creators and by the creators.

Benefit #1. Audience is built organically

The problem statement for writers today is — to build an audience.

With Web3, creators can let go of their dependence on social media platforms to build an audience/community. Web3 allows creators to organically build super fans. These Superfans do the job of minting tokens( aka minting digital money) for you.

What are Superfans?

A fan enjoys their favorite artist’s craft. A superfan is a step ahead of a fan who engages with the artists they adore and in turn, helps move an artist’s career forward by buying and selling tokens(NFTs) to another token (NFT) holders and creating a chain of blocks(blocks). Money is minted at each block and everyone is gaining. Since a superfan is gaining exponentially from just being loyal to their artist, they create more superfans. Artist only has to keep providing value to this first layer of superfans and the rest will be managed organically.

These Superfans do the job of minting tokens( aka minting digital money) for you and they are benefitted via a commission. All win-win. They will not leave you and keep minting digital money for you as long as you provide value to them via your craft.

Benefit #2 launch your own their cryptocurrency aka stock

Once your stock is live, users can invest in you. Create your content and sell your crypto to investors/superfans.

You can give them rewards for doing so. Or you can give users a cut of your future profits. Each user has a price showing their worth in USD.

All you have to do is a)educate this first layer, maybe a handful of patrons about crypto and how they can benefit from it. b) consistently provide value, super value to your superfans to keep them onboarded, you need not worry about building large audiences on social platforms to get any kind of traction at all.

Benefit #3: Write what you want

Another problem statement is catering to the needs of the audience, and writing what they want to read.

Writers sometimes have to adjust their writing as per what people are reading and or what is trending currently or limit their writing to a particular niche for a set of audience. Web 3.0 has opened a plethora of opportunities for writers of all kinds, types, and languages as the platforms on Web3.0 have started monetizing stuff like an article, a picture, a thought, etc.

For writers, this opens a wide market to sell their words without penning a whole book or a lengthy article.

Writers face a lot of competition and inertia from established writers on the current web2 platforms. But on Web 3.0 platforms, which are still in nascent stages, you can choose to be an early bird and the next big thing of the future.

Benefit#4 Free yourself from the clutches of SEO

This is where the power of blockchain and decentralization shows its prowess. Currently, the scenario is the powerful Google indexes articles based on some statistics. A blockchain is an open ledger where entries are made just like a spreadsheet as and when they are created.

There is no centralized power to mark or demark any entry and the whole blockchain(chain of blocks, i.e registries) is transparent to every node(computer) in the network. If your data/content is up in the blockchain, it is visible to every node(computer) in the network. There is no question of being not discovered.

Benefit #5 No Plagiarism

Plagiarism is every honest writer’s nightmare. Every writer has this apprehension on current web2 platforms that someone out there might pick their content and publish it as their own. The bitter truth is some people do it.

But with the transparency of Web3.0, the content pick pocketers will see the exit door. The blockchain has a digital footprint that is tied to the owner of the content and all the hands it traverses. This open ledger system and its digital footprint store the data that was created/originated from which node and traveled from which node to which node, marking the ownership and making it transparent. There would be no ownership as such.

What you have to do

1. Turn your content into NFTs and sell it
2. Sell your crypto to investors/fans

Where you can do this.

Numerous Web3.0 Writing Platforms are offering NFTs for your write-ups. Join those communities. Create your content, convert it into an NFT and sell it. Community is the heart and soul of a community. Your community will engage with you, buy your NFT and sell it further. Digital money is minted at every layer.

Check a few Web3.0 Writing Platforms below:

1. mirror.xyz
2. paragraph.xyz
3. gm.xyz: just write your good morning thought and monetize it

Takeaways

• Join Web3.0 writing communities.

• Create your content, convert it into an NFT and sell it. Community is the heart and soul of a community. Your community will engage with you if they find value in your work, buy your NFT and sell it further.

• Digital money is minted at every layer.

• There is no middleman to eat up the lion’s share. You get value for your work directly.

• Get rich!

Thank you for reading.

© All Rights Reserved 2022

Indubala Kachhawa

** This story was originally published here**