How Web 3.0 will drastically change the creator economy

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In general, people do not realize that their attention and content are a force and an asset. They are unaware that they are participating in the attention economy whenever they post on social media or like a picture of an influencer on Instagram. This is probably because they do not get any tangible reward for doing so. The enthusiasts behind Web 3.0 have been thinking and talking about this problem for some time. Is the current attention economy justified? no not really. Can it be changed? Yes, it can be, and Web 3.0 is already offering some solutions.

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The Many Defects of the Attention Economy

Currently, the main problem with the Internet is that it is centralized, meaning that Web 2.0 is controlled by a limited number of giant tech corporations called BigTech. Companies like Apple, Meta (Facebook, Instagram), Google, TikTok and Twitter create walled gardens – ecosystems they hold as a whole. The owners of such ecosystems may at their discretion change the rules for users and collect their data to monetize it with targeted advertisements. This status quo of Web 2.0 is seen by many as problematic. When speaking about Web 2.0 issues in the context of the attention economy, Web 3.0 evangelists usually mean the following:

Exploitation of consumer data and content: Internet users used to believe that free search engines and social networks were products, but in today’s attention economy, more and more people realize that their data is the product. It is a known fact that tech giants track and collect our data to sell to advertisers. Every time we post something on Facebook or Twitter, we generate valuable information that can be used by these companies to generate billions of dollars in revenue.

Karen Gregory, a scholar at the City College of New York once said: “Big data like Soylent Green is made up of people.” She referenced the dystopian American film, green, where people were used to secretly produce food out of them for a society on the verge of extinction due to a huge ecological disaster. The comparison may sound harsh, but in our capitalist world with ever-increasing inequality, the fact is that highly affluent and powerful corporations use what users produce (that is data) to make billions of dollars and not share it with others. Let’s say, it seems unfair to many people. ,

In addition, social media platforms treat our content as their property. They can remove anything you post, no matter how much effort you put into that content. In fact, in the current attention economy, no author can achieve monetization because they are paid for posts on social media when there is a brand that sponsors them. Meanwhile, it is the manufacturers who produce the value, not the technical corporations. Social media platforms mean nothing without content that people will want to pay attention to, and it exists because there are users who create it.

Data security issues: The truth is that we almost never know how social media platforms are handling our data. The worst part is that they often don’t protect it enough, leading to leaks of user data. For example, in 2021, hackers published the personal data of 533 million Facebook users online. And this is not the first time that Mark Zuckerberg’s company has disappointed its users like this. In 2019, Facebook was fined for selling personal information of users to the political consulting company Cambridge Analytica, which was responsible for Donald Trump’s election campaign that made him president.

Inability to pay for the content model: It is believed that if people do not want their data to be appropriated by tech giants, they should pay for the content that is used to get them for free. Unfortunately, it is very likely that this strategy will not work. First, your data may still be collected, even if you make a payment. Second, we are now going through a global economic crisis that leaves many people with no option to pay for content. Honestly, getting paid content with no ads at all against getting free content at the cost of seeing a lot of ads seems like an obsolete conversation today.

Death of Cookies: Cookies used to be one of the key components of the attention economy and current models of digital advertising. They are small pieces of data that are placed on a user’s computer when he/she browses a website. They may be necessary for the functioning of the website or tracking. The latter are harvesting user data so that it can be exploited by advertisers.

However, recently, Google announced It will stop supporting these ad-tech cookies in its browser, Chrome, by the end of 2023. In March 2020, Apple Claimed That it has enabled its browser Safari to completely block such cookies. But even before that, Internet users were already quite aware of cookies, and the idea of ​​turning them off is gaining popularity. Therefore, advertisers will have to look for new ways to interact with the consumer anyway.

Metrics Fraud: The success of digital advertising was measured by the number of views and interactions advertisers want their campaigns to see and click on. Big tech companies like YouTube and Twitter boast about how many people see promotional posts on their platforms. It was a hot race.

Once, however, it was discovered that ideas and interactions could easily be faked with the help of malware, and sometimes the traffic consisted only of bots, not human consumers. Of course, advertisers are not happy with this. Now they have even more reasons to be highly interested in finding alternative solutions for viewing their ads.

Infiltration of targeted ads: It’s just troubling how targeted ads can disrupt our interactions with content on social media. For example, they can randomly pop up in the middle of a Youtube video or appear in content we’ve chosen to follow on Instagram. It also takes away the joy of consuming high-quality content for users and devalues ​​the effort put into their art by creators.

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How Web 3.0 Empowers Consumers

The attention economy needs improvement, and Web 3.0 has been able to meet them. In the near future, this will substantially replace the interaction between consumers, advertisers and social media platforms. Web 3.0 will power people. It may sound ludicrous, but it is true.

How is that possible? First, Web 3.0 will give users ownership of their data, enabling you to treat your data like your property. Secondly, it will enable you to get paid for the work you are doing while posting and giving likes on social media. Both options give you the opportunity to monetize the attention you give and receive. The agreed thing about Web 3.0 is that it’s about honest ownership. If a piece of art can be an easily traceable proprietary NFT, so can your data. If you own your data, you can monetize or offer it on your own terms, knowing who is going to use it and how.

Take, for example, Permission, a tokenized Web 3.0 advertising platform that connects brands to consumers, with the latter receiving crypto rewards for their data and engagement. There is also Ocean Protocol, a marketplace where data can be sold in the form of NFTs and data tokens. datacup Another platform of its kind. It offers consumers cash, discounts and cryptocurrencies in exchange for their personal data. Another example is Zdosh, an app that focuses on Gen Z and offers its users the opportunity to get paid for viewing ads. There are many more services like this, and soon, people will be able to find the only offer that suits them best.

As a result, these fundamental changes in the focus economy will lead to a new era of producer economy. In Web 3.0, there will be no need for artists, musicians, and other content creators to turn to brands or tech corporations to sponsor their content as the only way to earn reasonable money, as they will receive financial rewards directly from their will be able to obtain. Fanbase through donations, merchandise sales and subscriptions. The amazing thing about this is that the system is democratic and inclusive, as it enables newcomers and elite creators to monetize their work as well. Having such options will help the artists to be more selective in choosing the brands they are going to collaborate with. Ultimately, this will lead to influencers creating more honest and high-quality ads, leading to more credibility for consumers.

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Of course, it’s too early to predict how Web 3.0 will change the advertising industry and the attention economy. However, it is a promising opportunity for those who care about their data to rebalance the attention economy and get their fair share of it. It also transforms the creator economy in a way that is beneficial to the authors themselves as well as their fans and brands who are eager to collaborate with influencers.

However, there are some challenges that the participants in the new focus economy will have to face. For example, now that not everyone can access the opportunities of Web 3.0, it is still quite limited. Web 3.0 also doesn’t have too many platforms and services. There will be more of them, but it’s hard to predict how quickly this will progress. In any case, the Web 3.0 creator economy will eventually grow and attract more participants, and one day our kids will earn money doing the things we now do for free. Every day, they will choose whether they want to earn money by creating or consuming content.