Worldwide, more than 50,000,000 people believe they are creators of some type of content. This market is rapidly growing and is known as the content creator economy. The current market is worth just over $100 billion and has seen an 8-fold growth in revenue year-on-year. This new economic sector requires new approaches and instruments, as large corporate platforms exercise great power over the creators’ content, and personal websites and blogs have limited reach.
Web 2.0 is a problem
Web 2.0 is the current Internet status. Content is stored on a specific server/computer and can be accessed through a web address, also known as URL (or Uniform Resource Locator). This identifies the location of content on a network computer system and provides a method for retrieving it. The owner of the server or computer where the content is stored can control access to the content and limit or delete it at will.
At present, if the creators of video content, photographs, or blogs want to get their material out into the world, they have little choice but to post it on major social network platforms like Alphabet’s YouTube, Meta’s Facebook and Instagram, TikTok, Pinterest, Tumblr, Snapchat, and the like. Although this gives access to vast audiences, it has its drawbacks.
This is because all content is stored and hosted on these Big Tech companies’ central servers, which these corporate behemoths have complete control of, and creators must give up a great deal of power over their content to put it there. These social media companies can at any moment and from their discretion block or remove any content that they don’t like. Creators do not have the right to sue for damages as they are under no legal obligation to the platform. All revenue generated by the creators’ content is collected and distributed by the network, and creators have no say as to what share they will receive. The content creators suffer greatly from this imbalance in revenue and power.
Web 3.0: Could it be the solution to all your problems?
This conundrum could be solved by the Web 3.0, the third iteration.
Web 3.0 is a new phase of internet development. It will change the way web content is organized. The concept of Web 3.0 is about decentralizing information. Data will not be stored on one server but distributed among multiple computers or nodes through a P2P network using blockchain technology. This allows content to be freed from the control of large corporations or government agencies.
Web 3.0 technology eliminates Web 2.0 platform monopoly and gives creators ownership. It will revolutionize the production and management of creators’ content, as well as give them better chances to make a profit.
The future is now
Web 2.0 platforms may have shown their commercial potential, but they are increasingly being exposed for their shortcomings. Web 3.0-based platforms could be the perfect solution to creators’ problems with dealing with anonymous corporations. For creators of video content this is especially true. Their work can be demonetized, restricted or censored arbitrarily.
FavorTube, a Web-based media streaming platform, is one example. This application offers high-quality, real-time video playback, and content creation. This platform connects consumers and content creators in one transparent and fair decentralized platform where everyone benefits.
FavorTube allows content creators to create and upload video content and make revenue when viewers subscribe to the channels and content. Smart contracts automatically distribute revenue from viewers viewing ads posted to the platform by creators and the platform. With one click you can issue multiple forms of NFTs (permanent member, crowdfunding), and any revenue generated by channels or content will automatically be distributed to NTF holders. P2P allows for access to commercial videos. FavorTube has assigned random DAOs to monitor and ban inappropriate content.
FavorTubeFavorX uses its protocol stack as a decentralized storage platform and underlayer to distribute content. While some projects have already carried out theoretical exploration and technological R&D in this area, FavorTube is the first media-streaming platform to implement complete decentralization for file storage, content distribution, data retrieval, and purchase transactions. The out-of-the box desktop and mobile apps are connected directly to the blockchain via P2P networks, whose performance improves as the network grows. FavorTube also is the first decentralized mobile application project that supports the use of mobile terminals directly connected to the blockchain without the need for gateways. It’s an open-source streaming service, which allows users worldwide access and protection from censorship.
FavorTube adopts similar Web 2.0 platform concepts but removes the monopolistic strategies they use to generate excessive profits. It creates a new business model that uses blockchain’s decentralized financial capabilities and allows content creators and revenue distributors to distribute their products. Its decentralized storage and content distribution capabilities turn the power relationship between content creators, consumers, and content display platforms on its head to implement the fundamental idea behind Web 3.0 – that data is owned by users
This is a significant leap from existing Web 2.0 content-creation platforms. It includes the technical foundation and the business model. Content creators and users have an anti-censorship and high-yield platform that will grow autonomously. It will also be the first project using blockchain to harness the Web 3.0’s commercial potential.
Web 3.0 is a promising project that will continue to develop. Content creators are increasingly looking for new platforms on which they can freely display their content and make money from it, and this without having to worry about Big Brother.