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Protection and monetization of digital IP has long been one of the most promising areas for Web3 disruption, offering to better protect IP while returning more value to creators. Development to date has focused on leveraging the capabilities of NFTs to introduce digital scarcity while using smart contracts to better enforce the distribution of royalties. Nevertheless, it’s fair to say that no solution has yet proven compelling enough to attract significant adoption from the established creator economy, which was reported by Goldman SachsGS +0.6% in 2023 to be worth around $250 billion.
The bear market of the last two years has undoubtedly played a part, with Crunchbase stating that funding for Web3 projects "cratered" by 74% year over year in 2023, making it more difficult for projects to advance their roadmaps. However, over the same period, a new threat to the creator economy has emerged: The growing prevalence of AI-based tools. With a new bull market now underway, has the moment arrived for Web3 creator tools? Source: Forbes
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