What are We Most Excited About for Authors in Web3?

why are we excited for authors on web3

2 min, 8 sec reading time

Last week, we sent out a deep dive focused on StoryPrima DAO. As we mentioned then, we are very impressed with their dual focus areas.

Their first goal is to help authors launch their books using NFTS by educating authors and readers and incubating projects.

Their second goal is to create content to spark discussions within the web3 and literature communities. 

Their new podcast series is a huge part of that, and luckily, they were able to get some pretty good-looking and super smart guests for their 7th episode on Wednesday.

(Hint, it was us!)

We were super excited to talk with the team there and enjoyed the conversation with Devin and Barry. 

We think you will enjoy the entire discussion, but we wanted to give you the highlights below:

Topics we discussed:

1) Differences between Web2 Kickstarter/Patreon vs. Crypto

The main difference between web2 and web3 is that in web2, you’re exchanging money for a product. In web3, you can exchange money for equity and invest in an indie publisher or small press.

Both models can have long-term patronage and co-creation, but it’s only in web3 that facilitates easy investment for equity.

2) What determines an author’s success in the web3 space?

Devin: Lisa, with your experience guiding authors in the self-publishing space to raise money for their projects, what are the things you think might be technical barriers to authors joining web3 today?

Lisa: I think the authors anywhere who are most successful are the ones who are willing to experiment and try new things and persevere. I think those are the core qualities for taking on anything. Of course, you have to have a good story, but if you have no readers, it doesn’t matter. So you have to embrace putting yourself out there, explaining why your story is wonderful, fantastic, transformative, etc., and translate the value to the reader. 

Web3 is no different than web2, and if you try to shortcut or do things out of order, you’re just going to stumble and Bumble and take ten times as long. If you build up your audience and build excitement and buzz, you’ll have a big launch no matter what platform you’re launching on.

3) What are we most excited about for authors in web3?

Suppose self-published authors want to direct their community to web3 for the opportunity to participate in a new kind of equity-based model or invite their readers to invest in them as a writer or creator. In that case, that’s a great way to build an authorship business.

Also, what about read-to-earn? That’s a great idea that incentivizes both authors and readers to join the web3lit space and consume stories in a new way.

We also think dynamic art or dynamic storytelling is possible in web3 in a way that isn’t possible currently. The possibilities are endless.

4) How long will it be until a web3 author gets a Pulitzer or a mainstream award in the future?

Lisa: I think it’s tough because traditional publishing really looks down upon alternate ways of storytelling and is reluctant to make big moves outside the box. I’d rather see web3 authors create their own awards than seek the validation of the traditional literature gatekeepers.

This space moves quickly and you won’t want to miss a thing! 

We put out new web3lit articles every Friday.

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4 Ways in Which StoryPrima DAO Educates and Accelerates Authors on Web3

4 min, 35 sec reading time

One of the most common phrases you’ll hear if you spend as much time as we do in crypto-Twitter (note – not recommended!) is – “We’re so early!!!”

The phrase is an invitation to everyone who hasn’t been mining bitcoin from their basement since 2014 that they haven’t missed out on all the fun times to come.

It also warns people that the space isn’t fully mature yet, and there are hurdles ahead. Technologies are improving with each innovation, but the road is still unpaved.

If you step away from the space for a month or two, you’ll be blown away by the changes you see when you come back.

Exponential growth and development are especially true with StoryPrima DAO, which launched in March 2022.

Last week, we discussed the potential of DAOs. If you haven’t read that yet, you can here.

It’s important to remember that DAOs are like neighborhoods. The communities will be different, so be sure to do your research to find your people.

What’s great about StoryPrima is that you can get a really good sense of their personalities, mission, and approach to web3lit from their podcast.

Click here to listen: #STORYFIRST Podcast
(We’ll be guests on this podcast in a few days!)

Intro & Background 

StoryPrima DAO started after the founders of “Legends of Cypher” created their story-led NFT project. While doing so, they realized that writers in web3 required more assistance. 

As they write on their site, their DAO was “founded to help make the journey of other individuals and teams seeking to harness NFTs to drive powerful and enduring storytelling easier.” 

Their goal is to give authors “tools, resources, and funding to help them develop rich, story-oriented NFT projects.”

Building a Web3 Publishing House

If you build it, they will come

StoryPrima announced that their first research publication will be a “census and taxonomy of story-oriented NFT projects” published this summer. So we are looking forward to seeing what they eventually publish.  

Their podcast is exciting, and they have released seven episodes so far, all delivering on their promise to “highlight the mavericks who are leveraging the power of NFTs to tell the blockbuster stories of tomorrow.”  

Image Credit: https://storyprima.io

We generally listen to one crypto-related podcast each morning when we walk the dog, and their episodes feature entertaining and thought-provoking conversations.

If you’re interested in learning more about the importance of stories in the NFT world, check out their episode on “How to Build a Blockbuster Franchise.”

Also, their interview about “AI & Community-Powered web3 stories” raised many questions about how AI and web3 technologies can be combined in the future.

Overall, the “getting readers excited” workstreams are off to a promising start, which should create a DEMAND for story-led projects.

For all the Authors in the House

If you’re an author who is interested in web3 for future publishing projects, then you’ll want to head to StoryPrima’s website for more information and contact them if you want to join their DAO.

StoryPrima states that their goal is to educate authors by explaining the “benefits and drawbacks” of web3 technologies and business models. 

StoryPrima can provide authors with a safe place to learn how web3 unlocks new community engagement and storytelling capabilities. 

It can also ensure that authors understand the “chaotic NFT market” demands and don’t expect that simply launching an NFT of their book will make them a million dollars overnight. 

Educating writers about realistic expectations will benefit the whole space and bring much-needed content and readers to the space.  

Attracting Readers to web3

StoryPrima DAO is also focused on building a readership for the writers within their DAO. This is unique as some other DAOs are focused on the more technical aspects of web3lit.

Building a readership is core to every publishing project and if you can have DAO community members help you with that aspect of your publishing journey, that’s a huge value add.

Incubating Selected Publishing Projects

StoryPrima DAO plans on offering an incubation program for projects selected by the DAO members themselves.  

While the application process isn’t yet finalized, the goal is to provide up-front investment to the project in exchange for “royalty or revenue shares.”  

In other words, an advance.  

This is very common in the traditional publishing world, but now the book deal decision-makers aren’t a major publishing house – they are anyone holding a Prima Token.  

Because we care about you, we promise NOT to go into the technical details of how they create and allocate these tokens (i.e., what is known as token economics or, more commonly, tokenomics.) 

Just know that holding these tokens will allow someone to help make strategic decisions in the organization (i.e., which projects to incubate). 

The tokens will be able to be traded for other crypto coins (i.e., Ethereum or Bitcoin), which can be exchanged for actual money. 

(Note – StoryPrima has a lot of details on their site that do go into these details if you want further reading.) 

Is StoryPrima Similar to a Traditional Publisher? Well, not really.

Last week, we showed some examples of how DAOs can be considered the “corporations of web3.” Now let’s see how that works with StoryPrima. 

Traditional publishing houses are corporations that identify books they think should be published. They then (may or may not) help promote and market the books to readers.  

Web3 publishing houses (i.e., StoryPrima DAO) are decentralized and empower the community to identify books they think should be published. 

Using their established podcast, social media, and community members, book promotion will be a DAO-led effort.

One notable difference is that anyone passionate about publishing in web3 can help make decisions for the DAO, while traditional publishing decision-making is top-down.

Hopefully, this can allow amazing new authors to connect with the communities waiting for their stories authentically.  

Summary

We know we’re so early, and StoryPrima DAO launched in early 2022, so there is a lot of potential there. 

It’ll be great to see how they grow in the future.

By focusing their priorities on growing the demand side (i.e., readers) and the supply side (i.e., authors) of web3lit, they are creating the potential for a “virtuous flywheel.”

  • Have a great story
  • Promote Story on Podcast/Media Channels
  • The story reaches passionate readers and is a financial success
  • More authors hear about it and become interested in the web3lit space
  • Incubate more great stories and begin again

Overall, we think this DAO would be great for anyone with publishing industry experience who is disenfranchised, frustrated, or recently quit their publishing job. 

 Also, this DAO is perfect for any author with talent, passion, and a niche audience currently underrepresented by traditional publishing.

Be sure to contact them for more information about what it means to join StoryPrima DAO.

Website: https://storyprima.io/

Podcast: https://storyprima.io/story-first-podcast/

Twitter: @storyprima_dao

This space moves quickly and you won’t want to miss a thing! 

We put out new web3lit articles every Friday.

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Can DAOs disrupt traditional publishing as we know it today?

2 min, 45 sec reading time

We understand if your eyes immediately glaze over in confusion when you hear the term DAO, but we think this overview is worthwhile. 

Web3Lit DAOs are still very, very new, but we can only imagine what they can offer to authors and readers over the long term. 

In all honesty, we believe DAOs can help web3 disrupt and redefine the publishing industry.

Because this is a bit of an “out-there” topic, we’re going to do a quick intro to the idea of DAOs today with the promise to do a Deep Dive next week.

annakin and padme meme about dao complexity

Background

 

 

There are two high-level views of DAOs right now:

1) They are “group chats with bank accounts”

OR

2) they are an “essential tool in the new set of crypto-economic primitives that will change how humanity coordinates capital and resources.”

DAO vs Company_Aragon
Image Credit: https://aragon.org/

While they differ in scale, both describe the idea of a “web3-native” business.

And based on what is taking place in the crypto-marketspace, that seems to be about right. 

While some of these businesses are smaller – more like collectives or co-ops – a number of them are big businesses that have millions or even billions of dollars in their bank account (treasury).

They work in very different ways than traditional companies as well. Instead of a traditional hierarchy of processes and rules, DAOs are much “looser.” 

DAO members can decide what projects to fund, what decisions to make, and even how much contributors are paid. 

And lastly, DAOs are being found across almost every industry. 

This DAO Landscape graphic shows a bit of the complexity – and it was completed in the summer of 2021 – BEFORE DAOs really became popular.

Image Credit: https://coopahtroopa.mirror.xyz/

Now you can easily find DAOs that:

1) Run Podcasts (we are part of this!) – https://www.rehashweb3.xyz/

2) Launch Wall Street style investment tools – https://indexcoop.com/ https://syndicate.io/

3) Fund big projects that benefit the Open Web – https://gitcoin.co/

4) Are trying to buy a professional sports team https://www.krausehouse.club/ or a country club https://linksdao.io/

5) Fund BioTech Longevity research https://www.vitadao.com/

6) Create a crypto-media network 

7) Literally anything…there is a DAO for basically everything now! 

(We even joined a DAO that tried to buy a copy of the US Constitution so that it could be kept in a museum for everyone to see…that didn’t work out so well.)

Overall, DAOs create a super democratized approach for how people work together to develop businesses within the crypto/web3 space. 

 It can get MUCH more complicated than what we’ve described, but we’ve promised not to go too deep here. 

If you want further reading, feel free to dig into these articles:

 

With all that said, what do DAOs mean for web3lit?

Glad you asked!

Get excited for next week when we dive into StoryPrima DAO and what that could mean for the future of publishing.  

This space moves quickly and you won’t want to miss a thing! 

We put out new web3lit articles every Friday.

Click here to get our Gutenb3rg emails directly in your inbox.

 

We appreciate any/all donations of appreciation

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