Experts predicted that Web3 could become a reality in 2022, empowering creators and reducing their reliance on large social platforms.
A Web3 app is a decentralised application that runs on Ethereum‘s blockchain and allows anyone to participate without selling personal information. Founder of Web3, Gavin Wood, believes decentralised technologies are the only hope for preserving liberal democracy.
India’s content creators are setting their sights on Web3, which refers to a decentralised internet based on blockchain, as they race to create their brands and find new ways of earning money.
It is said that Web 1.0 was the age of decentralised, open protocols, during which most online activities consisted of navigating to individual static web pages. Web 3 might just represent the future of the internet and, perhaps, of society itself. The Web3 is intended to rid the world of this monopolistic control.
Many online influencers, and agencies representing creators, will emerge from and on Web3, including non-fungible tokens (NFTs) and digital avatars. In particular, top influencers will look to monetise and build their brands by directly monetising their fan base.
Platforms and apps built on Web3 won’t be owned by a central gatekeeper but by users, who will earn their ownership stake by developing and maintaining the apps.
Platforms on the internet may seem far-off, but we will see an increase in social tokens – tokens issued by creators that let fans have a stake in their work As well as NFTs in circulation, which will further attract a new generation of creators, said Mohammad Hasan, co-founder of Silicon Valley startup accelerator Y Combinator.
An audience monetisation platform such as TagMango is designed to reduce creators’ dependence on platforms like Facebook and Instagram for generating revenue. By purchasing NFTs or social tokens, fans would be able to invest in the creator’s future. “Web3 adds dimensions to how content creators can create monetary value through their content and community.
Due to the sense of ownership of the creator’s digital assets and utility promised by smart contracts, audiences will have a higher degree of loyalty. He added that the contribution of Web3 to the creator economy would result in a huge increase in the amount and kinds of monetisation available to creators. With Web3, creators will be able to monetise in an exponentially greater number of ways, increasing market capitalisation as a result.
