As the internet evolves, the emerging Web3 ecosystem is aiming to revolutionize the way creators interact with their audiences and build business models. Web1 was read-only, while Web2 enabled user-generated content and digital interactions. Web3, if successful, will take this a step further by allowing users to read, write, and own their data, shifting power away from centralized entities and towards individual users. This new vision of the internet puts privacy, decentralization, and ownership at the forefront, and focuses on restoring choice and agency.
At Consensus 2023, 168 attendees were surveyed on who will own the metaverse, a shared, decentralized, immersive digital realm. 40% voted that megacorporations like Meta will take charge, while another 40% voted that everyone or no one will lay claim to a unified digital world. Only 19% of participants believed that early adopters with skin in the game would own the metaverse.
This raises questions about the idealistic vision of a creator-first digital economy and a Web3 ecosystem built on decentralized technology. What are the optimal business models enabled by Web3 technology? And which type of creator content will attract consumers to the metaverse? As CoinDesk’s Consensus @ Consensus Report states, If you want a shared, interoperable metaverse experience it has to begin with a user base that wants to share…