How Web 3.0 Platforms Are Removing Barriers for Creators?
Everyone is talking about Web 3.0, but few can explain why it is so vital for the future digital economy. Let’s take a look at the content creator market as an example. Most content providers are currently imprisoned on Web 2.0 platforms that keep their data on their own central servers. As a result, these platforms effectively control this content and have the authority to censor, demonetize, or prohibit it entirely.
Furthermore, their search algorithms determine which information is recommended to potential viewers, allowing them to shadow-ban any content they detest. And if one of these platforms goes away, all of the data it saved will go with it.
As a result, it is evident that the power balance between currently existing content platforms and creators is unfair. Let’s take a look at how Web 3.0 platforms will structure things differently.
Hello And Welcome to Web 3.0
In contrast to Web 2.0, where data is stored on a specific server or computer and accessed by a web address, or URL, that guides visitors to it, Web 3.0 will operate on a P2P (peer-to-peer) network, where data is dispersed among a large number of computers, or nodes, using blockchain technology. Because data is decentralized, no one entity can control what can or cannot be done with it. Only the data’s owner has access to it. As a result, Web 3.0 gives content owners back control.
But how does this function in practice? As an example, consider video streaming platforms.
YouTube, a Web 2.0 platform, currently holds a virtual monopoly on video streaming. If a video content creator wants to reach a huge audience, they have little choice except to upload it on Alphabet’s service. However, as is generally known, YouTube has the ability to restrict or demonetize any video it deems objectionable, as well as ban users entirely. In this circumstance, the creator has few options. Even if they contact the platform, they will most likely receive a cryptic warning about “violating community norms,” assuming they receive any response at all. Furthermore, with YouTube, content creators have little control over how much money they make from advertising views. The platform dictates all terms, and users can simply accept or reject them.
Let us now compare a Web 3.0 video streaming platform
FavorTube is the name of the most advanced Web 3.0-based project for video streaming at the moment. It provides real-time, consumer-grade HD video playback and full lifecycle services for content creation, linking content creators, consumers, and fans in a transparent, fair, and anti-censorship platform.
FavorTube employs smart contracts to split revenue from ad views among creators, the platform, and viewers. It enables the issuance of several types of NFTs (permanent membership, crowdfunding) with a single click, with revenue from channels or content delivered immediately to NTF holders. The rights and interests of commercial videos are safeguarded on the P2P network through authorization.
Thus, FavorTube has taken advantage of blockchain’s decentralized financial qualities to develop a new business model for content creation and revenue distribution that fundamentally reallocates power between content creators, consumers, and content display platforms. As a result, content is once again owned by its creators, who can now profit from it freely and without fear of exploitation or censorship.
It is evident that content providers will prefer this arrangement and will flock to Web 3.0-based platforms as the internet matures. As more people become aware of the benefits of decentralization, there is no doubt that additional Web 3.0 platforms will emerge to meet the growing demand.
