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How Web3 will Revamp the Creator Economy – with Derek Gorthy

August 10, 2022

When it comes to Web3, Derek Gorthy, co-founder of Enshrine, a Web3 community engagement platform for creators who want to build unique experiences for their fans, is an authority in the field.

However, for a lot of people, Web3 is still a relatively unknown concept. According to Derek, the best way for people to familiarize themselves with Web3 is through visiting a website such as for instance Coinbase on which different short tutorials which last around 3 or 4 minutes are available. That way you get to find out in what aspects you are truly interested in and take your learning from there. 

The Web3 technology will change the way content creators will engage with their audience, as NFTs can bring some utility to the creators community, meaning a certain value can be attributed to an NFT.

When buying NFTs however, one should be careful as there are a lot of fraudulent activities on the internet. As Derek says ‘it is the wild west out there’, and it is very hard to know when you are dealing with someone trustworthy.

If you are planning to buy your first NFT, Derek advises to invest in something you believe in, something which represents a value you can identity with. As an NFT doesn’t have a predefined monetary value, it can be very difficult for the unexperienced buyer to make a sound judgement of the quality of the NFT they are purchasing.

One of the biggest advantages in Web3 technology is that it takes away some power from larger platforms that currently act as an intermediate between the content creator and their followers. Financial transactions are being done directly between the content creator and the community.

In order to build such a community, the best places on Web3 are Discord, Facebook Groups and Twitter. Discord can be a bit intimidating at first, but once you have figured out how it works, you’ll notice it is very intuitive and offers the user a lot of customization options.

Important for the evolution of Web3 technologies is that customers do not realize they are using this technology, transactions should be kept simple so that people will not get discouraged.

Derek doesn’t expect we will experience a 180 degree turn from the way we are doing business today; however, he believes the next 2 to 3 years we will experience a widespread adoption of the Web3 technology in our daily lives.

KEY HIGHLIGHTS

[01:45] For someone new to web3 or new to crypto, where should they start to learn about that?

[03:50] How do you see web3 technologies changing? How do content creators engage with advance?

[08:18] What would be your advice for someone new to invest small amounts? Or tips you would give people when they want to buy their first NFT?

[12:59] Are there more possibilities for monetization in web3?

[15:17] What are the platforms that a web3 the best place to build a community?

[18:28] Are there other lessons or challenges that you face and overcome that you want to share about starting a tech company?

[21:43] Is it useful for web3 to think about domain names for your business? Is that something that will be necessary in the future?

[23:40] How are you seeing the future in the next few years for web3 and for your company?

RESOURCES

shrine.io

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