Content creators now have more power than ever before thanks to blockchain technology. This could usher in a golden age for content creators, in which they are well compensated, fans are closely connected, and creativity is treated with respect. That is also Web 3.0’s future.

Avalanche recently announced a $100 million fund to invest in Web3 content creators at an event attended by the company. This event is a “bright spot” demonstrating that Web3 is the creative economy’s future.

Continue reading the article below if you’re interested in learning more about the Avalanche project (AVAX) and the future of Web3!

What is Avalanche (AVAX) and how does it work?

In September 2020, Avalanche launched its mainnet (blockchain). Avalanche was created with the goal of enabling the launch of decentralized finance (DeFi) applications, financial assets, transactions, and other services using smart contracts and other advanced technologies in early 2021.

The platform’s native token, AVAX, is used for payment, staking, and reward from the staking mechanism. The governance mechanism with staking reward can change dynamically as the system evolves.

The AVAX token is a limited-edition token with a finite total supply. The main network supply will be 360 million tokens, with a 720 million token total cap.

Some good points of Avalanche

Blockchain’s infinite scalability and decentralization
Extremely fast: The transaction processing speed of Avalanche can be measured in seconds.
Fee: Fees on other blockchains, such as Ethereum, frequently rise in response to increased traffic and user growth. Avalanche was created to assist in the reduction of fees.
High-level security
To extend cross-chain processing, combine with other blockchain networks

Highlights of Avalanche

High market capitalization: According to Coinmarketcap data, Avalanche is currently ranked in the top ten cryptocurrency market capitalization. Avalanche is a cryptocurrency with a market capitalization of over $1 billion and a 24-hour trading volume of $270 million on Binance.

Growing Ecosystem: With an ever-expanding ecosystem, an excellent team, a dedicated community, and a $230 million ecosystem fund, the ecosystem is growing.

Avalanche will be the first smart contract to complete a transaction in less than a second, according to Ava Labs’ developers.

Web3 is the future of the creative economy

Currently, platforms such as Patreon, Twitch, Substack, and Discord are gaining popularity. These platforms allowed creators and fans to connect without the need for a controlling middleman. It is Web 2.0

For those who create content

Imaginative freedom

It will fundamentally alter how advertisers create content, claim ownership, and receive payment for their efforts. More importantly, they will alter our perceptions of the internet. Creators can take advantage of more secure and intuitive content management systems than those currently on the market, as well as real-time visibility and transcoding across a distributed network. canopy to help them work more efficiently. A new way to publish content has opened up.

Web3 advocates believe that blockchain and NFT-based projects can provide better alternatives for content creators than centralized platforms like YouTube and Instagram, which control distribution. distribution and payment.

Guaranteed safety

It has the potential to solve Web 2’s security and safety issues. I’ll go over some key facts that demonstrate the issues that Web 2 is facing!

According to confidential research published by a former Facebook employee, the world’s most popular social media platform prioritizes “profit over safety.” The pursuit of self-interest, above all, allows for the spread of misinformation.

Then, in early October, Facebook and related platforms such as Instagram, WhatsApp, and Messenger experienced an hour-long global outage.

The most recent incident involved an anonymous hacker who made public a large amount of data from Amazon’s Twitch gaming platform. This source code contains detailed information on the earnings of the creators.

About the issue of revenue

Through transparent business models, content creators will be able to generate revenue. Artists used to rely on middlemen to display and sell their work, such as agents, shops, curators, and broadcasters. They all pay a hefty fee, resulting in a low profit margin. Amazon, Apple, or any other popular marketplace are today’s middlemen in the age of the Internet. The largest NFT marketplace, OpenSea, charges a low transaction fee of 2.5 percent. Furthermore, the cryptocurrency provides access to a global network of potential paying customers.

Solve the problem of privacy

The ownership of the artwork will be redefined by the “smart contract.” Every interaction between content creators and their customers will be automatically recorded in a blockchain, ensuring complete transparency about a work’s value and origin.

Can be set up with “if/then” terms to pay advertisers automatically upon client approval, ensuring that they are paid on time.

This year, YouTube is considering offering NFT to creators on the platform, which would strengthen and improve the experience creators and fans have on the platform.

Twitter has begun to integrate NFT by allowing users to upload NFT avatars

Avalanche announces a $100 million fund to support creators of web 3.0

Within the framework of the Avalanche Summit in Barcelona, the Avalanche Foundation and web3 social networking platform Op3n have launched a $100 million investment fund to support future web3 initiatives (Spain). Dental)

The fund distributes $100 million in the form of Culture Catalyst AVAX tokens. It will fund a variety of projects, which will debut exclusively on Op3n, the social network that bills itself as the “WeChat of the Web3 industry.”

This will not only benefit the projects, but it will also help popularize Avalanche in the crypto space in the future.

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