YouTube, Instagram and TikTok are some of the most popular platforms for content creators to express themselves, create a community and – ultimately – generate income. However, as a part of the Web2 ecosystem, these platforms have some shortcomings when it comes to monetization and allowing content creators to engage their audiences.
Web 2.0 vs. Web 3.0
Web 2.0 is all about user-generated content, greater interconnectivity and social interaction. People have been able to use Web 2.0 to generate forms of income: from subletting their homes, selling their goods and services and promoting brands through their YouTube channel or Instagram. But Web 2.0 has also demonstrated its dark side, evidenced by Facebook’s Cambridge Analytica Data scandal.
Web 3.0 boasts all of the benefits of Web 2.0, but has further benefits for the average internet user. Web 3.0 is all about decentralization, meaning that instead of our data being held by one organization, like Facebook, our data will be stored in multiple locations through blockchain technology and cannot be manipulated by any single entity. Web 3.0 is also more interactive, with technology like AI and machine learning set to be at the forefront. Web 3.0 also features tokenization, meaning that people can convert many forms of assets into tokens on the blockchain.
For the content creator, Web 2.0 has some drawbacks. Firstly, it is difficult for any new YouTuber to crack the platform’s algorithm and boast initial views – regardless of the quality of content that they produce. The YouTube algorithm is inherently biased towards channels with greater views and subscribers.
While content creators are eventually able to make money from YouTube and ads once they reach a certain number of views on their videos, the platform is limited in providing content creators with alternative means of generating income. If content creators were allowed to tokenize their content and brand, they could generate further revenue.
Leading the Web 3.0 Content Creator Revolution: XCAD
XCAD allows for the tokenization of YouTubers. XCAD allows for content creators to create their own token that their fans can purchase or earn by watching their videos. XCAD has a plugin on Google Chrome that automatically has fans get creator tokens just by watching their favorite YouTuber’s content. Unlike anything ever seen before, XCAD allows creators and viewers to be rewarded. For the content creators, this system allows for income generation through tokenization, further views to gain more income from the YouTube platform’s algorithmic rewards system and allows them to reward their fans for watching their content while further engaging them. These Creator tokens can be used by fans to get closer to their favourite YouTuber. Holding them could grant fans access to events, private groups and even video collaborations with the YouTuber.
Apart from tokenization, within XCAD’s roadmap is a plan to allow content creators to mint their own unique NFTs that can be purchased by their fans. Fans will be able to purchase content creator’s NFTs through the content creator’s token or the XCAD token. Creators can offer NFT “moments”, which are essentially a collection of creator moments from videos, with the most iconic moments being rare and more valuable.
Platforms like XCAD are inevitably the way forward and the project has a bright road ahead.