The truth is that even now — most people are unaware of the value their attention and content bring to the online ecosystem. Every like, share, or post on social media platforms contributes to the attention economy. But is this economy fair? Not quite.
However, the emergence of Web 3.0 promises to reshape this landscape, and here is how.
The booming creator economy
Here’s the situation: the content creator industry is huge. YouTube has over 2.5 billion monthly users, Instagram doesn’t fall behind with 2 billion monthly users, and TikTok still considered the new kid on the block compared to others, has a whopping 1 billion users.
These platforms make a lot of money, too. In 2022, YouTube made $30 billion from ads, Instagram made $51 billion, and TikTok made $9 billion. Even from seeing the revenue — we see that the platform that promotes organic traffic and more raw content like TikTok also grabs less profit from ads, which appeals to the users and creators. And there are more and more creators in the world, with estimates suggesting there might be over 50 million worldwide.
The Flaws of the Current Attention Economy
The internet, as we know it, is dominated by tech giants like Apple, Meta, Google, and X (former Twitter). These corporations create closed ecosystems, controlling user data and monetizing it through targeted ads. This centralized approach has led to the following:
- The exploitation of user data: Users are the product, with their data being harvested and sold to advertisers.
- Issues with data protection: Data breaches and unauthorized data sales have eroded trust.
- Ineffective content payment models: The debate between free content with ads versus paid content without ads is becoming obsolete.
- Changing advertising metrics: The reliability of views and interactions as success metrics is questionable due to potential fraud.
- Intrusive targeted ads: These ads disrupt the user experience and devalue content.
- Unfair content exposure and monetization system: For famous influencers, like Kim Kardashian, the system is favourable as they get paid a lot to promote products. But there are many smaller influencers, creators, and artists who put in a lot of work but don’t see the cash flow they deserve. It’s time to do something about it.
As consumer needs evolve, so does the internet. And that’s where Web 3.0 steps in.
How Web 3.0 gives the power back into the hands of the creators
Web 3.0 is here to democratize the internet, giving control back to the users’ and, and most importantly, creators’, hands.
With Web 3.0:
- Users own their data, deciding how and when it’s used.
- Content creators can be directly compensated for their efforts, bypassing middlemen.
- Fair Web 3.0 content promotion models create a transparent space for all creators to get their share of exposure and a chance to monetize their content, regardless of their status.
- With the help of blockchain, monetization is instant.
Although the transition between Web 2.0 to Web 3.0 still remains one of the top challenges for the platforms that aim to apply this innovation for the good of creators — the change is already happening. From marketplaces for artists, music streaming platforms for musicians and advanced social media platforms promoting tokenization where pretty much all your action can be monetized — people are tapping into the benefits of blockchain and exploring the wide waters of Web 3.0.
MetaPax and Web 3.0
MetaPax, a next-generation streaming platform, embodies this vision. It’s designed to fix the broken monetization models of today, allowing anyone to monetize their time and skills. With MetaPax, users set their worth, instantly monetizing their content and retaining a significant portion of their earnings.
MetaPax is not just redefining monetization; it’s reshaping the economic landscape. As we venture into this new era, MetaPax promises a world of endless possibilities, where ordinary individuals harness the tools to achieve the extraordinary.
Read more about how MetaPax pioneers the transition from Web 2.0 to Web 3.0 in the article “How MetaPax pioneering the transition from Web 2.0 to Web 3.0”.
