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Earn 7.0% APY staking with Solana Compass
Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 7.0% APY yield on your SOL, while supporting us to create new guides and tools.
Breakpoint 2023: Creator Economy on Solana
Exploring the rising creator economy on Solana with a focus on on-chain monetization and relationships.
At Breakpoint 2023, Mika Honkasalo, from Access Labs, gave an insightful presentation about the burgeoning creator economy on the Solana blockchain, focusing on the potential for building and monetizing through on-chain relationships. Honkasalo delved into the specifics of Access Protocol, a web 3 subscription and monetization platform for creators, and shared data on ongoing user engagement. He outlined the ecosystem necessities for genuine growth in crypto use, emphasizing the unique, direct relationships facilitated by blockchain technology. The speech provided a comprehensive look at how new economic models can empower both creators and consumers in the web 3 space.
The Foundation of Access Protocol
Access Protocol serves as a monetization platform aiming to integrate web 3 subscription models for creators. Currently, it supports approximately 250,000 wallets with subscriptions across about 50 creators. Rather than the traditional subscription models, Access Protocol leverages a novel approach where consumers lock ACS tokens into a creator pool, allowing creators to monetize their content directly from their supporters. These ecosystem growth dynamics offer creators a sustainable revenue model, aiming to replace or supplement traditional ad-driven or consumer subscription models.
On-chain Relationships and User Experience
On-chain relationships on Solana enable unprecedented direct connections between creators and consumers. Honkasalo highlighted various products built atop Access Protocol, including an on-site integration for publishers, newsletters, an individual publishing platform named Scribe, and a "no-code" NFT platform. These facilitate versatile engagements, revealing how blockchain can offer diverse and rich experiences for users. Additionally, the importance of abstracting away the complexities of blockchain for the average user was stressed, including covering transaction fees to ensure seamless user experiences.
Moving Towards Mainstream Adoption
To attract mainstream users to the blockchain, not just during moments of heightened hype, the ecosystem must grow through diverse, scalable consumer products. Access Protocol is investing in the infrastructure to support this expansion. Moreover, the speech suggested that Solana's open data environment provides a rich foundation for personalized product offerings. This path to scalability could be a crucial driver for broad adoption.
Facts + Figures
- Access Protocol is a web 3 subscription and monetization platform currently servicing around 250,000 wallets.
- Daily, there are approximately 1,000 to 2,000 on-chain users interacting with Access Protocol.
- Users monetize through a distinct subscription model with ACS tokens instead of traditional cash payments.
- The platform's integrations span several mediums, including publishers, newsletters, individual publishing like Scribe, and a no-code NFT platform.
- Participants without crypto knowledge, including artists and regular website users, are part of the ecosystem.
- Access Protocol has covered the transaction fees for 500,000 transactions, reflecting an investment similar to traditional web services like Mailchimp.
- Solana's low cost per transaction mimics traditional internet interaction rates, which can catalyze user engagement.
- The protocol anticipates substantial growth, expanding from 200,000 users to a target of one million.
- As of the presentation, 50 creators are on Access Protocol, with an increasing onboard rate.
- Concerns remain regarding the wallet experience and the need for improvements to cater to a broader audience.
- "The first one is what we're building at Access Protocol...we're trying to bring consumers who are both crypto native audiences but also trying to expand beyond that."
- "You subscribe instead of just the value extractive payment...you instead basically subscribe to things by owning a part of our ecosystem."
- "If you look at the creators on our platform, especially the smaller ones, they tend to be able to get their first hundred users a lot faster than they would on any other platform."
- "The cost of interaction on Solana is similar to what you're used to on the internet."
- "Solana for example is a really great place to actually build businesses and target users and creators because you all have so much open data already."
- "Our thesis is that the wallet becomes a default form of connection and communication between different kinds of creators and users."
- "Tokens are really good; they got kind of a bad rap over the past year but I think we can see them next coming back and making really a big impact."
What is Access Protocol?
Access Protocol is a subscription and monetization platform on the Solana blockchain designed for creators to earn revenue by locking ACS tokens in creator pools. Unlike traditional subscriptions that require fiat payments, it enables users to support creators within the web 3 space directly.
How does the creator economy work on Solana?
The creator economy on Solana is facilitated by direct, on-chain relationships between creators and their consumers. Creators can monetize their content through platforms like Access Protocol, where subscribers use ACS tokens to access content. This economy benefits from Solana's low transaction costs and has the potential for growth as users engage more deeply with multiple applications on the blockchain.
Why is on-chain monetization important for creators?
On-chain monetization offers creators sustainable income streams that are less reliant on advertising or traditional subscription models. Web 3 technology opens new avenues for creators to earn directly from their audiences in a more connected and engaging manner, effectively allowing consumers to subscribe by owning a stake in the ecosystem.
What user-experience improvements are necessary for blockchain consumer products?
For the mainstream audience to adopt blockchain-based consumer products, the experience needs to be seamless. This includes abstracting away blockchain complexities, improving wallet interfaces, and integrating user-friendly sign-up processes. Access Protocol, for example, covers transaction fees to provide a more traditional internet experience.
What could drive the mainstream adoption of blockchain technology?
Mainstream adoption of blockchain technology could be propelled by the development of scalable consumer products coupled with an improved user experience. Additionally, leveraging open data for targeted personalization and creative uses of tokens for incentivization and community building could play significant roles in attracting a broader user base.
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- Facts + Figures
- Top quotes
- Questions Answered