Web3, the third iteration of the web, is centred around the principle of Decentralized Autonomous Organization (DAO), allowing users to govern their data on a decentralised platform using blockchain technology. This shift empowers creators to monetise their content through cryptocurrencies, NFTs (Non-fungible Tokens), and digital collectibles. The creator economy has surged to $100 billion in 2022, with platforms like YouTube, Facebook, and TikTok propelling the growth, along with AI tools like ChatGPT, live streaming platforms, and podcasting. Web3 overcomes issues faced by creators on centralised platforms, offering decentralisation, tokenisation, community building, interoperability, and openness. However, challenges like mass adoption and latency need to be addressed. Embracing Web3 and blockchain technologies is crucial for the growing creator economy, enabling better content management and customer reach while ushering in decentralised social media platforms like Taki. Yet, risks such as lack of regulation, illegal item transfers, and information accuracy should be carefully managed in this evolving landscape.
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