1000 True Fans: Leveraging Web3 and Decentralized Platforms for Growth
How Creators and Brands can utilize web3 for growth
The concept introduced by Kevin Kelly in his popular essay "1000 True Fans" is a guiding mantra for many top creators and brands in the world. The idea asserts that in order to be successful, creators do not necessarily need millions of followers; they just need 1,000 devoted fans who are willing to buy and support their products or services.
He wrote “To be a successful creator you don’t need millions. You don’t need millions of dollars or millions of customers, millions of clients or millions of fans. To make a living as a craftsperson, photographer, musician, designer, author, animator, app maker, entrepreneur, or inventor you need only thousands of true fans”
READ: https://kk.org/thetechnium/1000-true-fans/
By definition, a true fan is defined as anyone that would buy anything you produce.
Kelly believed that in order for brands and creators to be successful , there is a need to first prioritize goods & services to cater for their truest and biggest fans or consumers.
These fans in turn become your first marketers and they would do anything to see the success of the brand or creator.
This concept is modeled after the original ideals of the internet where creators, brands and their users were connected together, without middlemen, allowing for a seamless flow of ideas and economy.
"The thousand true fans thesis builds on the original ideals of the internet; users and creators are globally connected, unconstrained by intermediaries, sharing ideas and economic upside. Incumbent social media platforms sidetracked this vision by locking creators into a bundle of distribution and monetization“
In 2008, when this essay was originally published , Kelly had a vision that the internet and the rising wave of social media would bring forth a new wave of economy for creators where they could earn directly from their fans.
Early Days
The OG architects of the internet designed the network as a decentralised open platform, where everyone -creators, users, developers, corporations and others - could access easily at a low cost and without needing any approval. Anyone, regardless of location, could create and share code, write and share music, create videos, websites and whatever else that could be imagined.
In the early days of the internet, online communities were decentralized, users connected in niche forums, and creators had direct access to their audiences. Think of some of the early peer to peer platforms that became popular in the early 2000s. RSS, Limewire and Bittorrent are great examples.
These early internet platforms exemplified decentralization through direct user engagement, independent operation and community driven content; Whatever you created , you owned and you were free to monetize however you could. They laid the groundwork for modern social media but differed significantly in their decentralized, often unmoderated and community oriented nature.
A key component which was missing from these early decentralized platforms and which ultimately led to their end was the lack of verifiable information which gave rise to piracy and legal issues.
However with the further growth of the internet came the rise of centralized media platforms like Facebook, YouTube, Spotify, Instagram etc. with these new services becoming the primary places for content sharing and consumption.
These big tech companies, usually funded by tech VCs with deep pockets are mainly driven by profits to themselves. They aggressively employ the use of ads and algorithms to determine what gets shared on their platforms forcing creators and brands to adapt their content to appeal to wider audiences, leading to diluted authenticity preventing creators from their truest fans.
As we now again transition from Web2 to Web3 – the decentralized internet – the 1000 true fans model finds renewed relevance. Web3 and onchain decentralized platforms offer a much needed paradigm shift, by providing means that allow for more intimate, transparent, and empowering relationships between creators and their fans.
Web3 to the Rescue:
Decentralized Autonomy & Organic Growth
In traditional centralized platforms, creators find themselves at the mercy of intermediaries – be it record labels, publishing houses, or platform algorithms.
While these platforms provide ready made tools and audiences for creators to make use of, their organic growth is forever stifled by ever-changing algorithms or corporate interests.
In order to maximize profits and generate more revenue, these companies usually rely on adverts and thus regularly tweak their algorithms to favour that which generates the most income for them.
Web3’s decentralized nature eradicates these intermediaries by providing creators with direct control versus relying on the platforms which gatekeep the relationship to their direct fans.
Centralized platforms use algorithms and corporate interests to dictate reach, and creators face unpredictable and often harsh censorship when their content clashes with platform incentives.
Creators in these centralized platforms face censorship and can have their accounts taken away from them without any justifiable reasons, losing their audience, and usually means of livelihood.
This gatekeeping and censorship, means that creators, no matter how big or influential they’ve grown , can have their platfroms stripped away from them.
By stark contrast, in web3, you own your audience. If a web3 platform doesn’t serve your needs anymore , you can simply move to another without any fear of losing your audience that you have worked hard to garner.
Decentralization on web3 platforms facilitates direct relationships between creators and their community. Platforms become open protocols, where transparency and permissionless innovation is prioritized versus proprietary algorithms.
By leveraging the blockchain and its many features, creators have full autonomy over their content and how it's distributed, ensuring that their relationship and outreach to fans remains uninhibited.
Importantly, this decentralization enables a Crawlong growth driven by true fans rather than Crawlwide virality from algorithms, with creators experiencing true growth that stems from an owned audience genuinely invested in their success.
By innovating directly for their community rather than competing for fickle platform incentives, creators can build durable brands and replicate grassroots dynamics online.
With Web3, we see a shift of power from platforms and centralized publishing houses back to the individuals creating the value.
Decentralization provides creators sovereignty over their content, community, and compensation.
The result is truer organic growth driven by aligned incentives and direct relationships between creators and fans
Monetizing Directly through Cryptocurrencies
One of the most profound aspects of Web3 is the ability to facilitate micro-transactions using cryptocurrencies. For creators, this means they can be compensated directly and instantly by their fans. Whether it's through tokenized access to exclusive content or simply as a token of appreciation. This direct economic relationship eliminates the hefty cuts traditional platforms or payment gateways would take. The fans not only get to support their favorite creators directly but also have a stake in their success, sometimes literally, if the creators have their own tokens.
Blockchain-based monetization also provides creators transparent analytics on all revenue sources and community transactions. This data guides creators in optimizing their business model and offerings to fans. In contrast, opaque centralized platforms provide little visibility on how revenue is being made.
Importantly, cryptocurrency monetization gives fans real ownership via creators' social tokens, NFTs, and other web3 assets which may be tied to exclusive benefits. Fans are invested in a creators' success when they share in the upside rather than just being monetized for attention. “Aligned incentives cultivate true fandom”
In summary, the decentralized financial fabric of web3 provides creators boundless options to monetize their craft and thrive independently. Cryptocurrencies let creators maximize the value they retain from fan support, forge direct relationships with their community, and tap into transparent onchain data to grow their brand.
Building Trust with Transparent Transactions
Trust is the foundation for any successful creator-fan relationship. By leveraging the transparent and verifiable nature of the blockchain, web3 provides creators and brands with powerful new ways to build trust and credibility with their communities.
The blockchain's transparent and immutable nature ensures that every transaction, be it content or monetary exchange, is recorded. This provides an unparalleled level of trust between creators and their fans leading to a new level of collaboration between brands and their customers.
The advent of DAOs (Decentralized Autonomous Organizations) allow customers to have a say in the creative directions or business decisions of their favorite brands. This participatory culture builds a deeper connection which ensures that the 1,000 true fans are not just followers but stakeholders.
DAOs, with their inherent transparency and collaborative ethos, offer a compelling framework for brands looking to harness the power of their core supporters for organic growth.
DAOs also allow fans to have a direct stake in the brand's journey. Through token ownership, fans can vote on decisions, from product development to branding changes. This participatory model turns fans into vested collaborators, deepening their commitment and enhancing word-of-mouth promotion.
Brands and creators can now embark on ambitious projects, and raise funds through their community and fans.
Another way by which the blockchain builds trust is its nature of being completely immutable which eliminates the concern for piracy issues as every single piece of a creator’s work can be publicly verified using provenance onchain.
AI & the blockchain
In an era where artificial intelligence generated content is the growing norm, the blockchain’s ability of providing trust and provenance becomes even more important. Creators can freely create their content without fear of being plagiarized.
As AI becomes more sophisticated, it's getting harder to distinguish between content created by humans and content generated by machines. This can lead to a lot of noise and confusion online, making it tough for brands to stand out and build trust with their audiences.
By leveraging blockchain technologies, creators and brands can establish a new level of transparency, authenticity, and ownership over their content.
For example, by using blockchain to timestamp and register their content (Provenance) , creators can prove that they are the original authors and owners of their work. This is becoming especially important in a world where AI-generated content might try to mimic or even plagiarize human-created content.
Decentralized Communities & Enhanced Engagement
Decentralized Autonomous Organizations( DAO )
Web3 platforms also usher in decentralized communities, wherein fans are not just passive consumers but active participants.
Fans can now take part in important decision making as it relates to their favourite brands and creators.
DAOs, with their inherent transparency and collaborative ethos, offer a compelling framework for brands looking to harness the power of their core supporters for organic growth.
In summary, DAOs offer a transformative approach to building brands and businesses through their decentralized decision-making, transparency, incentivization, autonomy, community building, and robust security. These features not only enhance operational efficiency and innovation but also build trust and engagement among stakeholders.
The advent of DAOs (Decentralized Autonomous Organizations) allow customers to have a say in the creative directions or business decisions of their favorite brands.
This participatory culture builds a deeper connection which ensures that the 1,000 true fans are not just followers but stakeholders.
NFTs and the Metaverse: A New Avenue for Exclusive Experiences
NFTs (Non-Fungible Tokens) have emerged as a revolutionary tool for creators in the Web3 age. They offer a way to tokenize art, music, experiences, or even moments.
For the 1,000 true fans, owning an NFT from their favorite creator isn't just a purchase; it's an exclusive piece of the creator's journey. This creates a new revenue stream for creators while offering fans a unique value proposition.
While NFTs are celebrated for their innovative potential, they also face some scrutiny due to their association with the volatile and speculative nature of cryptocurrencies. Critics often point to the 'casino-like' atmosphere of the crypto space, where the focus can sometimes shift to quick profits over genuine interest in the asset's underlying value or the creative work it represents.
However, it's essential to distinguish between the speculative aspects of the crypto market and the genuine utility and creativity that NFTs bring to the table. Beyond the hype, NFTs offer creators and brands innovative new ways to advance their dealings, beyond traditional digital platforms' limitations. Through NFTs, artists can secure their copyrights and receive royalties directly, and brands can create new forms of customer engagement and loyalty programs that were previously unimaginable.
THE METAVERSE
Described as a collective, virtual shared space , created by the convergence of virtual reality , augmented reality and the internet, the Metaverse offers a digital platform for creators and brands to build rich , immersive experiences that were previously impossible.
Brands can now curate tokenised virtual experiences for their fans and customers allowing for direct engagement between parties.
The Otherside is a platform being co-developed by Yuga labs, Creators of the Bored Ape Yacht Club and Improbable Labs .
When fully developed . The platform aims to be a fully immersive playable game universe where creators and their fans can play, create, collaborate, and share virtual experiences together.Creators and brands can fully tap into this resource of the blockchain to create their own custom virtual experiences which allow for greater connection with their fans.
The Otherside is waking up Apes Come Home
Conclusion
Web3 and decentralization ushers in a new era for creators and entrepreneurs , making the "1000 True Fans" model more viable and potent than ever.
The technology provides creators with the autonomy, direct economic linkage, trust, and collaborative opportunities that were previously unimaginable. Decentralization using web3 provides established and emerging creators with model new ways to monetize and expand their reach.
Most importantly, Web3 finally signifies a shift of power from the big tech platforms back to the creators.
As more creators and brands understand and harness the power of Web3, the bridge between them and their true fans will only strengthen. In this decentralized digital age, organic growth isn't just a possibility; it's a promise.
Chainfren is a web3 ideation & consultancy firm with a mission to onboard forward thinking creators and brands onchain.
Web3 and Decentralization has the potential to reform how brands and businesses operate. At chainfren, we are committed to highlighting use cases and applications of web3 as it relates to creators, brands and businesses.
This article is for educational purposes only. No information should be taken as investment advice
