Web 3.0 Will Benefit Content Creators In 4 Ways
Today, millions of people are turning their skills and talents into full-time jobs Web 3. One study suggests that the digital content market size in 2019 was approximately $11B. This value is expected to grow at a compounded rate of 12% by 2030.
Digital content refers to any information that takes up an audio, video, image, or text format. The content requires various digital software which helps in developing and distributing information.
Why Choose Web 3.0?
In the current internet (web 2.0), creators can easily share their work with an audience through social websites. Hence, this concept is accelerating the idea of global participation amongst consumers and creators.
Creators are, however, not cultivating enough value from their hard work. Prominent companies such as Facebook and Amazon use algorithmic procedures which negatively affect content creation.
This disadvantage is driving authors to Web 3.0 as their alternative internet solution. While it may still be in its inception stage, many believe that Web 3.0 could become more favorable and profitable to use.
Web 3.0 Definition
Web 3.0 refers to an internet solution that hopes to blend the community-governed aspect of Web 1.0 with Web 2.0’s interactive features. The next-gen internet comprises several components which make up its architecture. The components include blockchains, decentralization, digital assets, and artificial intelligence.
Web 3.0 gives users complete control over their content and data. What’s more, the third-generation website will not be able to recognize a user’s actual identity.
This advantage is contrary to the internet today, allowing bigger companies to manage user data.
Web 3.0 also aims to become a ubiquitous solution where the internet will be available to everyone despite their location. Moreover, access to the internet may not be limited to smartphones and computers.
Advantages of Web 3.0 to Content Creators
Users in the creative economy can benefit from Web 3.0 in the following ways:
Monetization and Ownership of Data
As mentioned earlier, large tech corporations use their customers’ data to generate revenue. Companies usually monitor individuals’ interests/browsing patterns and sell this information to advertising firms. End-users, therefore, receive minimal or no returns for disclosing their data.
Web 3.0 transfers ownership rights and powers to creators. The upcoming internet will allow users to generate an income from the data they share without compromising their ownership.
Another key advantage is that Web 3.0 will enable the tokenization of assets. By definition, tokenization represents converting assets and property rights into digital formats.
Creatives in the Web 3.0 arena can digitize their work through NFTs and accumulate royalties from consumers. At the same time, NFTs provide revenue to creators once a user sells the respective asset on a blockchain network.
Building a Strong Audience
An interactive audience serves as an integral part of a creator’s journey. By gaining a substantial audience, content creators can achieve more success in their endeavors. In the Web 2.0 space, creatives begin to see the value of their work through algorithmic recommendations.
This barrier limits the creator’s potential to receive new supporters, with platforms such as YouTube and Facebook acting as intermediaries. Web 3.0 presents a solution where influencers can establish stronger support systems courtesy of NFTs and social tokens.
Social tokens operate as digital assets representing an influencer’s brand or reputation. The tokens run on a blockchain network like any other cryptocurrency available today.
Social tokens greatly impact the creator economy by rewarding loyal fans and influencers for their work. In essence, the digital token could act as the community’s native currency. Fans can therefore purchase a creative’s work and merchandise with the social token. The tokens are obtainable through fundraisers, giveaways, or random airdrops.
Furthermore, users will invest more tokens if they believe in the influencer’s ultimate goal. In the long run, Web 3.0 may help improve the relationship between creators and their fans in the long run.
AIs and machine learning solutions in Web 3.0 play a critical role in the interpretation of data. The technology can make human-like decisions based on an individual’s personal interests.
As data volumes continue to grow, innovative advancements such as AIs assist in filtering out unnecessary information. This aspect makes it easier for fans who may want to receive personalized content that fits their preferences.
The upcoming Web 3.0 architecture hopes to transform the current phase of the internet. For content creators, the third-generation website offers an additional source of income and exposure.
Creators no longer have to rely on prominent platforms to engage their audiences. This advantage is mainly attributed to decentralization which eliminates third-party platforms from merging consumers with creators.
Eradicating intermediaries also supports the idea of data ownership. In the Web 3.0 structure, users can choose to retain their personal information or sell it to advertising companies. Oversight powers, therefore, make it different from Web 2.0, which generally accumulates and sells sensitive data without consent.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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