Like Metaverse, which is going to be a revolution in communicating with the people in a virtual world, the internet is also planning to upgrade itself and is termed Web 3.0.
We have seen the internet era that was started from static website creation and limited data distribution. Then the second era of the internet was introduced (Web 2.0), which is focused on responsive web and application layouts to give faster content accessibility to the users. Now, the third version that is Web 3.0, has already been adopted by some giant companies like Ethereum and Google. And soon, it is going to spread all around the world with easy user accessibility.
Now, the problem is, as per the current scenario, the creators are working so hard to produce innovative content, but they are hardly getting a platform to market it by themselves. Nowadays, platforms like Facebook, YouTube, Instagram, TikTok, and similar social media sites are a popular marketplace where content creators share their creativity but don't get recognition or monetize the work as per their choice.
As the solution, adopting Web 3.0 would help you to be the owner of your content and make whatever decision you want to make with that. This means no middle man would be there to make the profits from your content creations and pay you a penny out of that.
But what is Web 3.0, and how will it impact the creator economy? You must be wondering, right!
So, let me go you through the evolution of the internet world and the contribution of the creator. Further, you will understand how the Web 3.0 version is going to be a boon for them to increase the economy!
What is the Web 3.0 version?
The year 1983 is known as the existence of the internet, whereas the first version of the World Wide Web (W3C), i.e., Web 1.0, was coined in 1989 by Tim Berners-Lee. Web 1 is also known as the Read-Only web era. Further, in 2004, Web 2.0 was coined by Dale Dougherty that is also known as Read/ WRITE Web. Finally, in 2006, Web 3.0 was coined and known as Semantic Web.
As each version of W3C took years to reach out to the public, Web 3.0 is also taking time to get adopted by the people.
The Semantic Web or internet version Web 3.0 will work on Machine Learning, Blockchain Technology, Artificial Intelligence (AI), and similar advanced techniques. The prime reason behind this internet revolution is to provide ultra-fast and most realistic data to the users and make their internet browsing experience like never before. On the flip side, the content creators will have full authority to
Web 3 version will provide more personalized and better search engine results along with applications functionality.
For instance, suppose you are searching for; “flights from New York to Spain.” In that case, you can get the details like the weather forecast of Spain, the shortest route, the best time to visit, hotels to stay, etc., along with the flight details. This means, in one query, you can get enough info to plan a better tour.
7 Major Impacts of Web 3.0 on the Creator Economy
1) Content Ownership
The Web 3 version will work something similar to the dark web, where data ownership will be in the creator’s hand. Due to using the blockchain mechanism and decentralizing the curated content, there won’t be any central supervision system in the semantic web. So, creators can share or sell their content as per their choice.
2) Flexible Monetization Option
The growth of the economic condition of any industry depends upon the revenue they are making. Web 3.0 offers the creator to make their own platform and take the decision whether to monetize it or not. In comparison with Web 2.0, there are limited options to monetize your content by relying on third-party sites like YouTube, Adsense, Social Media, etc.
3) Contracts & Royalties
Nowadays, as an artist, or video creator, people join Apple, Google Play Store, Tiktok, Microsoft Store, and other similar platforms to sell their creativity. As a result, they earn very less amount in return because major shares have been kept with the middle man. Some creators even start streaming slots online to earn extra cash. After getting familiar with Web 3, the original creators can directly contact the buyers and earn the whole amount with royalty income for their efforts.
4) No Expenses On Physical Storage
Web 3 keeps a copy of content or user’s data on multiple cloud storage spaces. This way, it would be easier for users to access their content anytime from any device or location. Also, there would be a negligible chance to lose their data and invest in an expensive physical storage device like HDD or SSD.
5] No Account Suspension
So far, the third-party platform where creators upload their content has full authority to suspend or block the users without any prior notifications in case of suspicious activities. But Web 3.0 allows the users to fearlessly manipulate their content without any worry of account suspension.
6] Decentralized Control
Currently, in Web 2.0, the creativity of individuals are being used by the corporation, but once the people start adopting Web 3, the end users' data control will be in their hand. Like cryptocurrency, there would be decentralized nature of Web 3.0 that will give full control of data to the original creators.
7] Out of Reach from Hackers
Web 2.0 is an easy home to enter for cybercriminals, but Web 3.0 uses encrypted techniques to secure your data. In that case, no one can access it without your permission because cracking the blockchain technology is still unsolved by online hackers or cyber criminals so far.
The new version of W3C, which is Web 3.0, is more secure that will run on blockchain technology. It is going to be a revolution for the original content creator who has sole authority to either share the data or keep it with them.
The bottom line is that cryptocurrency is going to be the gateway to Web 3.0 for making transactions over the internet. This means there won't be any governing body to keep an eye on your earnings for the transactions held via crypto wallets. Also, the decentralization of content will allow you to make smart decisions to mint money rather than sharing your income profit with the centralized content management platforms.