The Philosophy of the Crypto Creator Economy
A New Way to Work & Live
We talk about the Crypto Creator Economy a lot. But I think it’s worth exploring the philosophy behind this movement.
After all, why are we doing this? Why does this matter?
Pondering this question brought me to a crazy realization. Helping this movement is the most important work of my life. And I don’t say that lightly.
So, why is the Crypto Creator Economy so important?
Work is who you are
Your work is an important part of your life. You’ll spend 1/3 of your time on this planet working. That’s why it’s so important to enjoy your work.
But today, finding fulfilling work is really difficult. There’s the old Japanese philosophy of Ikigai. It outlines the 4 important aspects of work. And finding all 4 of them leads to a fulfilling life.
What you love
What you’re good at
What the world needs
What you can get paid for
Missing just one of these can create a hole in your life. But the more common problem is missing a few, maybe even all of them. I know people whose job doesn’t fit one of these. Not even getting paid enough. They get the bare minimum. Not quite enough to live. Just enough not to die.
This is hardly a new problem. People have been criticizing this economic system since the dawn of the industrial revolution.
It’s just not possible for everyone to find fulfilling work in modern society.
The best criticism of modern work comes from none other than Karl Marx. Mind you, this isn’t a political post. Nor am I a communist. We’re simply discussing a theory.
Marx believed capitalism alienates the worker. Leaving them feeling empty and hollow inside. He identified 4 ways workers are alienated.
Alienated from creation - workers can’t choose how they work
Alienated from product - the worker has little or no input on the product of their work (think factory workers)
Alienated from human nature - spending life doing something we otherwise wouldn’t do (would you go to your 9-5 if you didn’t have to?)
Alienation from other workers - workers are in direct competition with each other creating an incentive to undermine and outdo coworkers
Regardless of his other theories, this one has some truth to it. Think about most jobs. This applies to the most readily available work, low-skilled service & office jobs.
What gets scary is when you realize even respected jobs have many elements of alienation. Even if the corporate lawyer makes a lot of money, do they have any real creative input? Is this really how they would choose to spend their life if money weren’t an issue?
The problem is that you need to work to eat. Otherwise, you’ll starve out in the streets.
The Wage Slave
This brings us to the idea of wage slavery. And it’s more than just the minimum wage fast food workers. You’re a wage slave if you’ll die without working. If you’re reading this, I’m going to assume that includes you. After all, most of the population falls into this category.
As Marx put it,
“His labor is not voluntary, but constrained, forced labor… Its estranged character becomes obvious when one sees that as soon as there is no physical or other coercion, labor is avoided like the plague.”
In practice, we’re no different from the slaves on a plantation. But instead of being forced to work with the threat of violence, it’s the threat of homelessness and hunger.
Most people choose to work a job they hate. It beats dying in the streets. but this causes severe psychological harm. And manifests in all kinds of different ways.
My own father drank himself to death after a lifetime of working a miserable job in a hostile work environment. And knowing that there will be no escape.
You can read more about the problems with modern work here.
The Creator Economy
The Internet changed everything. It’s easily the biggest disruption of modern life that’s ever happened. For now.
The most interesting aspect was the creator economy. Where, in theory, anyone could build a social media following and turn it into their day job.
This started with YouTube when it launched the ad program. But it didn't stop there. Countless companies operate in a similar way. Medium, Patreon, Fiverr, and other social media sites.
But here’s the problem. These platforms are run by corporations. Corporations that want to make money.
The profit will always come first. The users come second. And the creators, the people who make the platform what it is, come last.
You don’t have to think about it very long before you see the problem. These platforms sell a beautiful lie. They say anyone can make it. All you have to do is work hard. And you’ll get there sooner or later.
But the data tells a very different story.
0.33% of YouTube creators earn a full-time income
94% of Medium writers earn under $100 a month
Of the top-earning Medium writers, the majority spent years to earn that much
0.3% of Patreon creators have over 2,000 patrons
96.3% of freelancers on Fiverr make less than $500 a month
70% on Fiverr make less than $100 a month
Only the top 1% of authors on Amazon earn $1,000 in a single month
Those are some pretty sobering numbers, aren’t they? It makes you realize that most people aren’t going to make it. Even if they work hard. And stick with it for years. It’s just not possible.
There’s a finite number of views. And money.
And the worst part? People will waste years of their life working their asses off for nothing in return. The odds of making a full-time income are on par with playing the lottery.
It’s almost like Squid Game. But instead of dying, you waste years of your life working for free. Creating value you never capture. And feeding big tech’s algorithms.
Doomed Even If Your Win
And even if you make it, the companies can change their algorithm and kill your entire career.
This is exactly what happened to me. I’d been working on YouTube videos since 2008. I was in middle school. Recognizing that every adult around me hated their day job, I saw YouTube as my only way out. I didn’t wanna end up miserable.
I sacrificed everything to work on YouTube. Barely left the house. No social life. I skipped school so much my mom almost got arrested for truancy.
All to power through and make another video.
And I kept at it for years. It was the only thing I did all the way until college. Finally made it in 2015. I built a horror channel that earned a full-time income. I was clocking in 90 hour weeks. But I didn’t mind. I worked on my own terms on something I cared about.
But then the 2017 adpocalypse happened.
$4k a month became $100. All those years. Wasted.
And I’m hardly the only one. They change the algorithm like that all the time. There are thousands of creators just like me. Who put in all that work.
We finally won the lottery and “made it.” Only to have the rug pulled right from under our feet. As if we were victims of a multi-level marketing scam.
The traditional Creator Economy is a scam. and as long as corporations are running the show, it always will be.
They build platforms that encourage you to work thousands of hours for free. And in return, most of us get nothing. But even if you’re one of the lucky few. Even if you win. You still lose.
Let’s imagine a brighter future for the Creator Economy.
The Crypto Creator Economy
Here’s the big difference - The platforms are ownerless. Not owned by corporations looking to maximize profits. But built & maintained by the users.
The best working example is Uniswap. It’s a decentralized cryptocurrency exchange. Nobody owns it. And nobody can shut it down. All decisions are voted on by $UNI token holders. Read more about Uniswap killing it in this thread.
What happens when crypto-native creator platforms use this model?
Social media corporations won’t be the profitable middleman anymore. Creators will go directly to the market in a way they’ve never been able to before.
The days of our favorite social media site making ridiculous changes that everyone hates will seem like a bad dream from a dystopian past.
And the best part?
The creators will capture all the value of their creations.
The same people who make the platforms worth a damn.
The greatest thing you can do with your life is create. It’s the highest calling. To ease the suffering of your fellow human. To educate and inspire.
My friend, this is the future.
A future where fewer people will drink themselves to death to numb the pain from their day job.
A future where creators will have the autonomy to express themselves and create something the world really needs.
A future where anyone can achieve Ikigai.
This is a revolution.
But unlike the revolutions of the past, we won’t spill any blood. No one is going to die. Violence plays no part.
Nothing has to be destroyed.
Only built.
And that’s why the Crypto Creator Economy matters.