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Web 3.0 Future of Online Writing!

Web 3.0 Future of Online Writing!

By- Aditi Maheshwari

14-May-2022


Writing online isn’t as easy as it appears to be. Presently we are still in the age of Web 2 which covers mobile apps and social media. However, we are slowly progressing towards the next age of Web 3.0. Web 3.0 basically operates on the concepts of decentralization and token-based economics. This idea has been promoted through blockchain technology but is not limited to it. Being an online writer myself, I can tell you what to expect.


Writers/ Creators can expect the following in the future of online writing on Web 3.0: -


1)  Rise of Anonymous Writers.


The influencer culture has promoted personal branding to a great extent. However, this has its own challenges too, like attacking individuals by trolling on social media, stalking and attacking them in person. However, Web 3.0 accommodates anonymous user profile. Users engage in NFT apes avatars and use barcode names in Elon Musk style; (like the names Elon Musk gave his kids). The future of Web 3.0 encourages sharing of ideas and different perspectives rather than focusing on personal criticism on the individuals who created the post (writers/creators).


2)  A “Follow” Automatically Gives the Creator the Email Address.


The current trend is advertisements come first and personal interest of the creator comes second. As algorithms act as middle man in controlling the relationship between the writer and the audience engaging in the content posted by the writer. However, in case of Web 3.0 data is king. The controlling power will shift from platforms to that of creators. By removing the middle man algorithm, creators will have control over their audience by default settings. When a reader/ viewer follows a creator, the creator will get their email address. The creator can build a personal relationship with them through email communications until the reader/viewer decides to unsubscribe the writer/ creator at their free will.


3)  Use Moderation.


In current scenario, major tech companies like Twitter, Facebook, etc. dominate what content we can and can’t consume, which leads to existence of various biases and inequality in decision making and operations. Here, Web 3.0 facilitates moderation of content by the users themselves, thereby reducing the social media platforms domination. To enable consistency in this regard democratic voting rights is encouraged (especially in Blockchain). Enabling creators, readers, platform employees and investors to vote equally.


4)  User-owned Platforms.


In current context, creators can’t properly own platforms. In case of Web 3.0 the entire ownership framework is disrupted. Creators are facilitated to own part of the platform, as every platform has a token and anyone can buy that token. There is no limit on the token sale. When creators become partners the entire scale of incentives and behaviours change significantly.


5)  A New Monetization Model for Writers.


It’s not as easy to earn for writers and creators, as it may sound to be. There are various loopholes in the system that need rectification and upgradation with immediate effect. However, tokenization of attention where users actually see advertisements for things they are interested in and click on it, and with affiliate marketing and word of mouth promotion built in.


6)  An Amazing Form of Pay-outs.


In current scenario, collaboration and remixes of content is quite prevalent, yet no platform facilitates splitting payments between creators. Another concern is pay-outs. If largest online payment processors in the world like PayPal are not available in any country, it becomes a tough spot to deal. If you want to get paid the medium for transacting needs to be common. However, as far as Web 3.0 is concerned payments are made through Crypto. Everyone can get paid through US dollar stable coin and if the creators are interested in receiving compensation for their work through popular cryptocurrencies like Bitcoin and Ethereum, that facility is available too. Borderless payments act as refining the pay-out system. Also, creator platforms can stream pay-outs. This thereby influences the behavioral economics of writing to a significant extent.  

 

7)  Portable Content!


Currently we are used to using Google doc. to write our blogposts and other contents and then copy-paste them to all different platforms to publish. This process becomes time consuming and somewhat irritating too. Moreover, if we want to move our content from example WordPress to Twitter then the task becomes daunting. However, Web 3.0 offers relief in this regard. All the content there is an NFT (Non-fungible Token). NFT’s basically stores the copyright data and information which can be easily imported and exported to various different platforms. This fluidity increases opportunities as well as highlights the best market place (platform) for your content. Now the platforms will need to compete with each other to get the content from creators rather than dominating the type of content that can or cannot be consumed. Also, the monopoly on the money distribution facility among creators and platforms gets disrupted.


8)  Better Sign-in and Security.  


Web 2 is dominated by email logins. Emails are easy to be hacked, thereby compromising on security. However, Web 3.0 offers you an opportunity to log into any social media platforms including various apps with your digital wallet. These wallets include cryptocurrencies in it and even digital properties like NFTs. Another important aspect is that the writing publications will be able to use information to some extent from our digital wallet while deciding if an individual has sufficient experience points to get featured. The future is digital wallets you can log in with, show proof of writing experience and get paid into.  


9)  Optional Newsfeeds.  


Well, the newsfeed feature of content on various platforms have received mixed responses. Some in favour and some against it. However, in case of Web 3.0; you can sort out your optional newsfeed by topic, date and popularity rather than letting algorithms organise and show you your preferred content.


10)  Open-Source Algorithm.


Recently open-source algorithm received a huge hike because of Elon Musk seeking to open source the Twitter algorithm. This made people more aware of the meaning and difference open-source algorithm shall create. In Web 3.0 algorithm is open-sourced by default because of its decentralization architype. Open-source algorithm is important to keep intact the freedom of speech on numerous platforms. Since content is way too powerful than we realise in influencing the human minds, the political interest gets affected by the fact that such content holds the power to influence democratic electoral process too, as witnessed in recent times.

 

Closing Thoughts: -


Well, there are no proper Web 3.0 creator platforms at present, yet we witnessed Mirror XYZ, Bit-clout (DESO) to explore this version of the internet. Binance, the world’s largest cryptocurrency exchange by value, helps everyone participate in Web 3.0. Investments in Extended Reality (XR) will have widespread applications. We can expect to see a resolution soon taking place in this direction. It’s good to note here that the financial system first entered Web 3.0. The music and art sector too entered NFTs recently. We can expect writing and other forms of content to enter this space soon. Metaverse can explore this further, with the advent of a completely virtual world having digital avatars and recreated surroundings like concerts, malls, etc.


However, Web 3.0 has also received mixed responses. Some experts believe it to provide more security of data, better scalability, improved privacy and combating the influence of large technology companies. While other experts criticize it due to increase in harmful content, reduced privacy due to expansive data collection, centralization of wealth in the hands of few investors is another concern for them.


Well, we still have to wait for this resolution to come full swing to see the actual results both positive and negative that plays out in reality. So best is to keep an eye for Web 3.0 creator platforms, experiment with them and research Web 3.0 so that you stay ahead in the game. One thing is sure the interplay between what is real and virtual is increasing. 

Pic Courtesy: iStock