The Onchain Creator Dilemma

The pros and cons of fleeing from the web2 content platforms

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In 2023, as a creator, you have two options for posting content:

1) Do it on centralized content platforms (like millions before you).

2) Do it onchain on decentralized platforms (like an adventurer).

But what are the real pros and cons of fleeing from centralized platforms?

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The King and the adventurers

Picture this.

You're one of the first humans in the history of the world to show up at the intersection in front of a big and luxurious castle.

And because you're one of the firsts, the King himself comes to you.

After understanding you're looking for somewhere to sleep, he gives you two choices:

Choice 1: With his belly sticking out of his pants, the King offers you an entire apartment in his castle - for free.

However, there are some rules you have to accept:

• Rule number 1: he controls the gates of the castle - which means he's the one deciding who can see your apartment - and who can't.

• Rule number 2: he keeps a pair of keys, meaning he has the right to access your apartment whenever he wants; look at what's inside & what you're doing.

• Rule number 3: he can kick you out at any moment, for no specific reason, without giving you the time to pack your stuff. 

And those are pretty much the rules you have to follow.

It's pretty hard, but hey, you get a hell of an apartment for free, so think about it.

So you let him finish, and as you turn your head to the right, you see another path leading to a deserted land.

You ask him what's your second choice.

Choice 2: The King looks into the distance, sees the deserted land, and tells you this land can be yours for free - but this time, also free of rules.

Yep, you can do whatever you want with it, invite whoever you want, build as many castles as you want, and throw parties like never before.

But for now, it's far from desirable.

But at least it will be yours.

But really, there's almost nothing there.

And as he finishes to talk, you give yourself a second to think about it:

On the one hand, by accepting his first option, you know you never will be homeless, but you also set yourself up for a future where you'll never be the owner.

On the other hand, by following the second option, you can create your own castle and out-king the King, but you also know you have a chance to go bust.

Tough call, huh?

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Unlimited Downside vs. Unlimited Upside 

Millions of creators these days are facing the same dilemma.

Which is:

The cost of going on-chain and setting themselves for potential unlimited upside is the potential for absolute failure. 

Maybe they become millionaires, maybe they go bust.

Who knows.

Because, see, for creators on Web2 platforms, the network effect will always get them a few friends, and Twitter's recommendation system will always make sure that their old buddies from college follow them and give them a like or two.

On the other hand, those creators will never be able to control who sees their content, be safe from being banned, and bring their audience to other platforms.

Worst, the distribution of centralized platforms has the power to push their content to millions - but the money out of those millions of views is short.

You'll always get a safety guard but will never be able to reach unlimited upside.

Meanwhile, a home run career as a Web3 creator pays handsomely, and if you succeed when posting onchain, the upside will outperform the "normal" creator path by a magnitude.

Onchain, you only need 100 fans buying your NFTs at 0,03 ETH to get the same revenue that 1,000,000 streams would bring you on Spotify, and I believe there will be many more onchain creators making a living from their art since the barriers are way lower.

But again, if you're wrong, no one is there to save you.

There's no built-in discovery onchain (yet), and you can only count on yourself.

But that's the price you have to pay to potentially become a millionaire.

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Closing thoughts

See, Web3 bros and critics of Web2 content platforms exclaim:

"You'll never be free and rich unless you own your content. You need to stop renting your audience to Facebook or YouTube."

And then critics of Web3 cry:

"It's far too risky to strike out on your own. There isn't a 10x use case, and the monetization/ownership aspects are nice, but realistically, they don't move the needle. Just because there are successful case studies doesn't mean the model itself works."

And to this, I'd say that both parties are right.

It only depends on how much you care about unlimited upside and if you're ready to take on the risk associated with it.

Speak soon,

- Eliot

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