With its decentralized nature and ability to create unique digital assets, @lensprotocol represents a new way of creating, owning, and monetizing digital content and activities on social and affiliate marketing structures. We examine the traction the ecosystem is getting so far.
The apps in the #LensVerse provide new opportunities for users to identify and engage with others, establish reputations, and earn rewards and commissions through participating in these new and unique economic ecosystems. But what story do the numbers tell?
Last month, @stani.lens published a detailed Twitter thread examining all KPIs of this new ‘creator economy’ where referrals and consumer behavior is analyzed in depth:
twitter.com/StaniKulechov/status/1616469284443787265
Check out the full Lens stats via the Dune Analytics Creator Economics Dashboard. One of the most eye-catching metrics is the Daily Referral Fees which are growing rapidly, showing the enormous potential web3 social has for affiliate marketing:
dune.com/sixdegree/lens-protocol-creator-economics
Another benefit of decentralized social networks is the increased transparency they offer. In traditional centralized social media platforms, businesses and marketers often struggle to get accurate and reliable data on how their campaigns perform.
With web3 social media, the data is stored on-chain, making it easily accessible and verifiable. This increased transparency allows businesses and marketers to better track the performance of campaigns and adjust strategies accordingly, and outperform any kind of web2 targeting.
With all these benefits, one can only ‘assume’ the ecosystem is growing. But wait, it's all on-chain! So we can actually even prove it, with tools such as Token Terminal:
twitter.com/tokenterminal/status/1616791836604960770
Web3 social structures also provide a fair ecosystem for all parties. On Web2 social media platforms, businesses and marketers are at the mercy of platform algorithms and policies, which can change at any time and significantly impact their ability to reach their target audience.
With decentralized structures, businesses and marketers have more control over campaigns and can reach their target audience directly, without relying on platform algorithms. So ‘web3 affiliate marketing’ totally removes the element of trust, often exploited in the web2 world.
Lens is a decentralized social NFT graph that allows for the creation and sharing of digital assets that can be owned and traded by users, and the creation of social networks and affiliate marketing structures built on top of this graph.
Web3 social networks and apps have the potential to drastically improve affiliate marketing by providing a more secure, transparent, and fair system. Capital efficiency and network effect resulting from blockchain ecosystems will quickly outpace traditional business structures.
Building a network of promoters who can scale in peer-to-peer fashion is a dynamic we have never seen before.
One of the key ways in which @lensprotocol affects social networks is by providing a new way for users to monetize their content and activities on these platforms.
Web2 social networks rely on advertising and data collection as their means of revenue and are also custodians of all funds through their centralized set-ups. In contrast, Lens gives users new ways to monetize digital relationships, activities, services, and products.
This can lead to new types of social loyalty and performance networks built around these digital assets, such as a competitive commerce environment.
Lens also affects social networks by providing a new way for users to establish their identity and reputation.
Traditional social networks rely on usernames, profiles, and other forms of identity verification to establish a user’s reputation. In contrast, Lens allows users to create and own unique digital assets that can be used to establish their identity and reputation.
This can lead to the creation of new types of identities where users can establish a track record of achievements through the ownership and trading of these assets, the volumes they perform, and which communities they belong to.
This also has the potential to affect affiliate marketing structures by providing a new way for users to earn rewards and commissions through their identities, achievements, and activities on these platforms.
Traditional affiliate marketing structures rely on users promoting products/services via links and referral codes. Lens allows users to create and sell unique digital assets that can be used to promote products/services and earn rewards and commissions via sales/resales.
This leads to new affiliate marketing dynamics, where an asset can pay out fractions of a dollar to 1m people. The relationships built around these digital assets, where users can earn rewards/commissions via their participation in the life of an asset have profound implications.
Especially extrapolated to web3 communities, or ‘DAOs’, these new economic possibilities profoundly change how the affiliate marketing industry works, and usher in a new paradigm: ‘the future of work’.
#affiliatemarketing #affiliate #Kindeck
Decentralized social networks and web3 affiliate marketing applications
How @lensprotocol and #Kindeck are set to revolutionize and innovate the entire industry and lead the Gen-Z generation into the age of web3
medium.com/kindeck-social-app/decentralized-social-networks-and-web3-affiliate-marketing-applications-5d3117dddc1a
As we look back on a productive year for #Kindeck, we're excited for what's to come in 2023.
We've been hard at work on some unique social commerce and affiliate marketing utility for our platform which is in closed Beta, and we can't wait to share it with the #LensVerse soon!
The creation of “full-length” NFTs, for more than just personal use, is underway. This allows them to contain metadata to be available for use and access also on Web2 platforms.
Cointelegraph spoke with Con Raso, the managing director of B2B music streaming technology provider Tuned Global:
“Almost all NFTs created today are only for personal use, unable to be exploited as streaming assets. [Full-length NFTs] provide greater clarity and control for artists in how they manage their works.”
cointelegraph.com/news/web3-can-help-artists-and-companies-manage-music-metadata-b2b-music-exec
The shift from a physical economy to a digital economy has the potential to significantly reduce our environmental impact. With the help of blockchain and web3 technologies, we can create a more efficient, decentralized, and sustainable economic system.
Physical economies rely on the production, transportation, and consumption of physical goods, which can have a negative impact on the environment through pollution, resource depletion, and waste.
In contrast, digital economies rely on the exchange of digital goods and services, which can be delivered and consumed without the need for physical transportation. This reduces the carbon emissions and other environmental impacts associated with the movement of physical goods.
Blockchain and web3 technologies enable the creation of decentralized marketplaces, which can reduce the need for large, centralized intermediaries and the energy they consume. This can lead to a more efficient and sustainable economic system.
In addition, the use of blockchain technology, which underlies many cryptocurrencies, can increase transparency and accountability in supply chains, helping to reduce environmental impacts.
Blockchain and web3 can also facilitate the growth of renewable energy sources through the use of decentralized finance (DeFi) and peer-to-peer energy trading. This can help to decentralize and decarbonize the energy grid, leading to a more sustainable energy system.
While the transition to a digital economy will not solve all of the world's environmental challenges, it has the potential to significantly reduce the negative impacts of economic activity on the planet.
As we move towards a more interconnected and digitized world, it is important to consider the environmental implications of our economic systems and to explore solutions like crypto and web3 that can help us build a more sustainable future.
The potential of ChatGPT language model developed by OpenAI, is significant. ChatGPT is designed specifically for conversational language modeling and has been trained on a dataset of over one billion conversation tokens.
One of the primary potential uses for ChatGPT is in natural language processing (NLP) applications. NLP is a field of artificial intelligence that focuses on enabling computers to understand, interpret, and generate human language.
ChatGPT's ability to generate human-like language could be used to improve the accuracy and fluency of NLP systems in a variety of contexts, including chatbots, translation services, and voice assistants.
ChatGPT's ability to generate human-like language could also be used in the development of more advanced language processing systems for NLP applications, such as sentiment analysis and summarization.
Another potential use case for ChatGPT is the development of more advanced chatbots. By using ChatGPT to generate responses, chatbots could potentially become more intelligent and more effective at carrying on natural conversations with users.
Some of the potential applications of ChatGPT for businesses, creators, and individuals include:
• Generating reports, summaries, and other written documents
• Providing personalized language learning and language translation assistance
• Assisting with language-based tasks such as proofreading and editing
• Creating unique and engaging social media content
• Generating personalized marketing and advertising materials
• Providing responses to frequently asked questions on websites or customer support portals
• Assisting with the creation of chatbot scripts and responses
• Generating personalized recommendations and suggestions based on user data
• Creating personalized story ideas, prompts, and exercises for writers and other creatives
• Creating unique and personalized lyrics for music
• Developing character dialogue and plot points for screenplays
• Assisting with social media content creation including generating product descriptions ,marketing copy, or captions.
ChatGPT could even be used as a tool for collaborative creation, allowing multiple people to contribute ideas and suggestions in a natural language format. The potential applications are vast and varied, with the ability to significantly enhance the way we communicate and create.
Affiliate marketing helps businesses and creators drive sales, and helps individuals earn by promoting products. However, the current system relies on central intermediaries to track referrals and payouts. Web3 can create a more effective and mutually beneficial system for everyone.
With decentralized technologies like web3, blockchain and smart contracts, we can create a more transparent and secure affiliate marketing system where affiliates can easily track their referrals and receive instant, automated payouts without the need for intermediaries.
Creators, businesses, artists, influencers, and direct sellers can build networks on web3 peer-to-peer social commerce platforms like Kindeck, and this will help them reach potential buyers for their products seamlessly and more effectively.
Web3 technology allows for transparent tracking of sales and commissions, and the people in your network can earn by referring others to your products, creating a mutually beneficial system. This also helps creators who don't have the resources to invest in marketing campaigns.
Web3 also opens up possibilities for new affiliate marketing models, such as incentivizing referrals with tokens or using prediction markets to forecast sales.
The potential for web3 to disrupt and improve the affiliate marketing industry is vast and we are just getting started.
Hip-hop artists are using Web3 technology and platforms like Ethereum and Flow to create and sell digital assets, such as music, on a global scale.
The decentralized nature of blockchain technology has given power back to independent musicians, allowing a new generation of NFT creators to thrive.
There are three main types of NFT marketplaces for Web3 musicians: general NFT marketplaces, specialized music-focused marketplaces, and artist-oriented marketplaces.
What Are Music NFTs? How Are They Changing Music Industry? **
There is only one song in one music NFT. Similar to how one would anticipate an NFT containing 3D art to include a single 3D image.
Artists can reclaim control over the artistic and financial facets of their work with the aid of NFTs. The increasing interest in music NFT projects offers artists the perfect chance to make music that their fans will enjoy. Interestingly, without the creative limitations imposed by music labels, artists can better connect with their fans. Music NFTs can assist artists in making money by helping them sell their products directly to customers without splitting the profits.
coingape.com/education/what-are-music-nfts-how-are-they-changing-music-industry/