Polishing India’s Creator Economy
“Once we set out to build Fanztar, we realised there were a lot of challenges. People did not understand non-fungible tokens (NFTs) and now we have been able to put together a community of lakhs of customers who are able to enjoy benefits which were not possible before in the Web 2 world,” says Himanshu Garg, Co-founder and Chief Executive Officer (CEO), Fanztar.
There are an estimated over 50 million creators and more than one billion social media users who watch the creators. Garg believes that the creators and users need to be shareholders in the value creation happening due to their participation.
Fanztar is a platform that allows fans to own a share of their favourite creator's success. With the tagline ‘Ab Follower Nahi Partner Bano’, the company works to enable fans to become active shareholders in the creator economy rather than passive content consumers.
It also aims to transform the social media experience for creators and fans.
The information on its website says, “We will enable all creators to take their relationship with buffs to the next level by making fans a part of their growth journey.”
Fanztar’s Garg adds that his company enables value sharing in the ecosystem (creators, brands and fans) along with levelling the playing field for micro/nano creators by helping them fight platform bias. Fanztar is on a mission to impact billions of users globally by democratising value creation in the creator economy using Web 3 tools, he says.
Web 3.0 space: Pros and Cons
In recent times, the positive effects of Web 3.0 technologies such as blockchain and smart contracts are getting much attention, however, its drawbacks include complexity and resource intensiveness. There are many concerns like new technology that can access users’ public/private information. Hence, there is an urgent need for laws to be changed for the security and ownership of something.
“There are a lot of concerns internationally on how to manage self-custody wallets, how to regulate exchanges, how to monitor money laundering and so on. There is a positive step from the government front as well where people are coming together. India is also following international guidelines. So we hope to see progress,” he says.
Right now, many systems are updating in silos which is where the government will need to step in and create frameworks for the organisations so all this data is in one place and people can then look at security as an objective which can be tracked on an organisational basis.
Talking about the evolving Web 3.0 space, he adds that in three to five years, many mainstream brands will come up and embrace Web 3. There are opportunities in terms of real brands coming together to offer utility in these projects and that is where the Web 3 space is going. This is where Fanztar is also building in the space of adding real-life utility to these assets
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