Essay Body Post

Perhaps most promising aspect of Web3 is the distribution of power across internet providing a new model of business that will incline the power in favour of creators. Creators share of revenue generated by their content is disappointing in the current Web2 version with majority of content revenue going to giant platforms. Jin (2021) alludes to this in a recent article on NY Times that only 1.4% of musicians on Spotify share 90% of the streaming royalties. Twitch shares over half of its revenues with only the top 1% of all streamers and only 1% of podcasters enjoy the ad revenues in the podcasting space. These statistics raise concerns for the creators and many feels like their work is not rewarded. Web3 is showing interest in this aspect and developers work on solutions to solve these problems that creators face into Web2. “To me, we’re not in a period of expansion,” one musician told The New York Times, speaking about earnings from streams on Spotify” (Jin.2021). Web3 aims to overcome these limitations by adopting a new business ideology with the help of blockchains technology and smart contracts that promises to unlock a new economic opportunity and control that will lead to a new and improved era for creators and artists (Whiteboard Crypto, 2021).

Furthermore, Web2 it is generally seen as a version dominated by giant organizations such as Facebook, Spotify and Youtube, a centralized place where platforms have control and access over our interactions and data. In the recent years creators raised concerns regarding the control that platforms have over their content and the rewards offered for it. App developers are constrained to pay between 15-30% of their revenue to App Store and Play store in exchange for hosting and distribution. Web3 aims for a more peer-to-peer vision of the web, equity, offering all users a place into the system. This new version of the Web focuses on decentralization, and the way our data is being used (Gilbert, 2022). The supporters of Web3 claim that this process will be done with the help of four new systems: digital scarcity, supporting creators, programmable economic models, and novel platforms.