A Strong Start
With the initial success of Steemit and Hive, many considered SocialFi to be the next big thing. Creators began earning a reliable source of additional income. However, the euphoria was short-lived. Eventually, earnings plummeted along with token valuations. A model that was once a viable side hustle was now barely an income stream. The whales and the well-connected on WEB3 platforms were still able to extract value. However, for the majority, income had dried up.
Losing a good thing is one of the most difficult things in life, especially when it comes to money. In many instances, creators initially sought to expand their reach outside of Hive and Steemit. Platforms like Bulb saw an exponential growth in their user base. However, just like every other SoFi platform, earnings began to drop. It seemed impossible to establish oneself as a WEB3 content creator.
This is, unfortunately, the sad reality that now confronts the majority of WEB3 content creators. Currently, it’s virtually impossible to derive a full-time income as a WEB3 content creator. There are a handful of whales on Hive that, despite current valuations, are still able to draw a decent income from the platform. However, in many of these cases, their earnings are directly related to their HP.
Early Days
Despite the initial surge in SoFi platforms, user bases are still relatively tiny. Utility tokens remain strapped regarding their value and market capitalizations. Essentially, WEB3 and SoFi are still in their infancy. There is still a lot that needs to happen. However, is it worth hanging around, especially since creators require consistency? I decided to continue creating in WEB3, provided I have the time.
Some may argue that one should not be able to draw a significant income from a single platform. However, I disagree. Consider what Elon has done with X. Furthermore, he has recently given the order to increase earnings to become more competitive with YouTube. However, it’s significantly more difficult to do likewise in WEB3.
There are WEB3 platforms that work. However, their earnings are on the low side. Much of this is also market-related, as altcoins are sitting at all-time lows. I guess one of the best approaches is to earn and HODL. In this way, your work eventually secures a higher reward, provided the platform survives. There have been numerous failed SoFi projects, such as gFam, Uptrennd, and Torum.
Final Thoughts
Building an audience in WEB3 can be a tough endeavor. It’s not for the faint of heart; the challenges are real. However, given the right market conditions, it can be rewarding. SoFi still needs to find its feet; it’s really a gamble at this stage. However, for the committed, there are rewards. One must, however, decide if they are worth the effort. All the best, see you next time!
Sapphire Crypto 