There was an article written years ago detailing the idea of how peer-to-peer communication was going to change life for content creators. This was written by Kevin Kelly who has made some insightful forecasts over the years.
This concept was tied to the long tail concept that we discussed in the past. Hive is starting to really epitomize these concepts. In fact, we are at the point now where anyone coming to Hive can work on generating a living off this ecosystem. It will require time, often years, but the path is there.
We should see this idea expand in future years. Kelly's vision is clear with Hive and all can take advantage of it. Fortunately, the early adopters will benefit the most since they are ahead of the curve.
1,000 True Fans
The article was titles 1,000 True Fans and was originally written in 2008. This shows how far back the idea goes. It did not foresee blockchain and cryptocurrency yet it did understand the direction of the Internet.
For this reason, it did approach everything from the direction of fans buying what one creates.
Let us get some of the basics.
A True Fan is defined as someone who will purchase anything and everything you produce.
The idea is to get 1,000 true fans who are willing to spend $100 per year with you. To achieve this, direct contact must be made. Here is where the ability to alter the distribution curve enters.
Looking at the long tail curve, we can see where this resides. Content creators can approach this peer-to-peer communications. We have a variety of tools in which to engage with this. On Hive, we see this growing.
Here is the essence of the opportunity:
Fans, customers, patrons have been around forever. What’s new here? A couple of things. While direct relationship with customers was the default mode in old times, the benefits of modern retailing meant that most creators in the last century did not have direct contact with consumers. Often even the publishers, studios, labels and manufacturers did not have such crucial information as the name of their customers. For instance, despite being in business for hundreds of years no New York book publisher knew the names of their core and dedicated readers. For previous creators these intermediates (and there was often more than one) meant you need much larger audiences to have a success. With the advent of ubiquitous peer-to-peer communication and payment systems — also known as the web today — everyone has access to excellent tools that allow anyone to sell directly to anyone else in the world. So a creator in Bend, Oregon can sell — and deliver — a song to someone in Katmandu, Nepal as easily as a New York record label (maybe even more easily). This new technology permits creators to maintain relationships, so that the customer can become a fan, and so that the creator keeps the total amount of payment, which reduces the number of fans needed.
This new ability for the creator to retain the full price is revolutionary, but a second technological innovation amplifies that power further. A fundamental virtue of a peer-to-peer network (like the web) is that the most obscure node is only one click away from the most popular node.
The last point is applicable to Hive. We will detail that in a moment.
What we are dealing with is a direct model due to the ability to engage through peer-to-peer engagement. This is something the major entities are not cut out for. Instead, they mass market trying to find the sweet spots of the largest number of people. They are looking at the front end of the curve above.
That said, the Hive blockchain and all that is being built turn this on its ear.
1,000 True Fans On Steroids
The concept Kelly outlined followed the traditional business model. While the concept is revolutionary, it still is part of people putting out a product and someone else buying it.
Hive does something completely different. This is still possible however we add another layer with tokenization. By tapping into many different reward pools, we are able to support others simply through votes.
This is a process that is taking on new meaning.
In the original article, this concept was introduced:
New models of support include micro-patronage.
The idea here is that one becomes a micro-celebrity with 1,500 fans. These people are so loyal they rave about you and the works you produce.
With Hive, this is being taken to another level. Here we take micro literally down to sub-penny.
A few weeks back we discussed the idea of micro-earning. In the article LeoThreads: Leading The Charge Into Micro-Earning how earning miniscule amounts on a large number of content could add up.
Then we looked at some projects Hive Compounding: Legacy Content And A "Royalty" Reward System which pondered the possibility of bringing legacy (evergreen) content to life. Here is where older articles and video would be eligible for earnings through layer 2 developments.
All of this comes under the idea of micro-earning.
What is interesting is that Hive is the only one that can really offer this. Since there are no transaction fees, micropayments are possible. This is not possible on other blockchains.
1,000 Ways To Earn
Perhaps we have to repurpose Kelly's vision for Hive and call it "1,000 Ways To Earn". With each passing year, more opportunities show up on this ecosystem. This will really take a step forward when smart contract platforms are developed. That will make the creation of projects with monetization much easier.
On Hive, it is not a matter of getting 1,000 True Fans. Instead, it is getting hundreds of people potentially voting your material repeatedly throughout the day. This will ultimately grow into thousands as the ecosystem expands. Add in the idea of some type of reward for evergreen content and we can see how powerful this is.
This is why everyone should be joining and getting active on Hive. Start taking this very seriously.
Imagine that you are posting pictures using an application such as Liketu. You do not get much in the way of rewards on your content since it is a picture. However, you keep posting them until, over a couple years, you have thousands of them.
Now consider the idea of a legacy reward. Perhaps some team brings this out whereby your pictures start receiving some form of compensation utilizing layer 2 tokens. Now you are receiving a penny or two many times throughout the day. This could end up happening thousands of times daily if Hive grows into millions of people.
This concept turns social media completely upside down.
Keep in mind that, with Hive, all content on the blockchain, going back to the genesis block is eligible. Once the code is broken on rewarding, it will spread like wildfire. We can expect many applications to follow suit. This might happen next week or it could take another year.
The bottom line is someone is going to figure it out.
Now for the grand finale: finance.
Hive combines social media with finance. Not only are we dealing with social media rewards, this money can be applied to the financial features that are emerging. We are aware of how HBD rewards can be placed into savings to earn interest. There is also the speculative nature of a value capture coin such as $HIVE. Markets can drive the price of this higher, enhancing our returns simply through appreciation.
Hence, a penny reward could end up being a dime.
On Hive there are thousands of people clicking the vote button many times throughout the day. These votes continue not only value tied to the base layer coins but also many layer 2 tokens. Serious users of Hive are already being rewarded in dozens of different tokens each day. This is a concept that we can expect to grow as more projects come online in the future.
My only hope is tens of thousands end up seeing and understanding this vision. It is unfolding before our eyes for anyone who is paying attention.
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