Navigating the Creator Economy Within Web3 via Blockchain Influencers
The next generation of the internet is here. Web3 is a digital environment of blockchain networks and decentralized protocols that empower users, giving them control of their digital identities, data and interactions.
Within the rapidly growing space of Web3, a compelling new trend has emerged: The Web3 creator economy. Spearheading this movement are crypto influencers on Web3-native applications, traditional social media and hybrid platforms. These influencers, followed by millions daily, are reshaping the way audiences engage and interact with the blockchain,
The Web3 creator economy’s numbers are staggering, with recent entrant Friend.tech accumulating almost $50 million in fees in just three months, and a peak of 75,000 daily actives users. The decentralized social network leveraged the existing social media infrastructure of Twitter (X), building a membership platform on top using Coinbase’s new layer-2 network, Base.
Web3 Influencers: Oracles Of The Blockchain
While Friend.tech presents one special use case for blockchain technology, I find that there is an even broader and more powerful force emerging from the Web3 economy: The influencers themselves. Web3 influencers are the social leaders and money movers of the space—the rockstars of the digital age.
It’s important to note that, unlike traditional investors, Web3 investors do not have conventional sources of business analysis. Furthermore, Web3 technology and markets move quickly—a challenge for any individual to track. Still, these influencers can be powerful agents to inform their audiences—simplifying complex technological developments, shedding light on new Web3 projects and providing updates on existing ones.
The Need For Influencer Marketing
Influencers are an essential ingredient in any company’s marketing strategy. However, many companies, both in the Web 2.0 and Web3 spheres, struggle to manage the intricacies of the wild west of the influencer space.
As a former chief marketing officer for prominent Web3 companies, I understand firsthand the complexities of navigating the Web3 creator economy. Even though influencer marketing is essential these days for attracting new users and building brand recognition, I found myself running into a pervasive issue again and again: Scams. These ranged from fake follower accounts and botted social interactions to negligent influencers and downright frauds.
Also, navigating the Web3 content creator space presented the additional challenges of reaching credible influencers, reaching agreements on content messaging and implementing payments. These difficulties stemmed from the unstructured and ad-hoc nature of the Web3 environment, leading to a time-consuming and complex process.
While within the nascent Web3 ecosystem, the solutions are just coming up. There are several established influencer marketplaces in Web2 marketing—among them are Collabstr, Aspire and Upfluence. You want to find reputable influencers with established track records and clear content guidelines and expectations.