Web 3.0 represents a major change from data monopolization and autocracy. The movement is based on peer-to-peer data transactions between users instead of going through a rent regulation and billing intermediary.
The ideology behind Web 3.0 is akin to the popular rise of cryptocurrencies and blockchain technologies. Like traditional currencies, monopolies own and manage data.
For example, Amazon collects customer data, stores it to be used for its own purposes. He owns this data and does not share it with anyone else. Data transactions must be âtrustedâ and trusted by intermediary hosts who act as profitable intermediaries.
Fueled by the same revolutionary anti-establishment motivations as the creators of bitcoin and ethereum, Web 3.0 aims to cut out the middleman.
By using blockchain technology on data transactions, much like cryptos do with financial transactions, Web 3.0 technology does not need to explicitly gain trust through intervening organizations. On the contrary, trust is implicit and automatic, which leads to the inevitable disappearance of the intermediary.
The decentralization of Web 3.0 fosters more transactions and engagement between peers.
The existing large data centers are supplemented by a multitude of powerful computing resources spread across mobile phones, computers, devices, sensors and vehicles which are expected to produce and consume 160 times more data in 2025 compared to 2010.
This new era of communication represents two major changes for society:
- Increased ability of people and entities to maximize efficiency and productivity by having access to more data.
- Democratization of data and increased security of transactions.
A change in economic philosophy
The United Nations Conference on Trade and Development defines the term creative economy as:
“An evolving concept that builds on the interplay between human creativity and ideas and intellectual property, knowledge and technology.”
These are essentially the knowledge-based economic activities on which the âcreative industriesâ are based.
The creative economy recognizes and values ââideas as commodities. Creativity takes precedence over gross production. Innovation trumps production.
Web 3.0 improves the creative economy with reliable data
The increased accessibility of reliable data using Web 3.0 technology fosters innovation and entrepreneurship, the main drivers of the creative economy.
A key example of Web 3.0 technologies serving the creative economy is the recent rise of non-fungible tokens (NFTs).
In a broader perspective, NFTs represent the trivialization of creative ideas. Thanks to the blockchain, one of the pillars of Web 3.0 technology, NFTs trade directly and without confidence without the âreserve banksâ of the Internet taking their margin.
The creative economy has gained ground on the agendas of regulatory institutions, governments, think tanks, and tech companies.
With the rise of AI and robotics, the demand for gross production from humans is decreasing. Why would companies pay a human to do it when a robot can do it for a fraction of the cost?
Ideas about raw work and production
As a result, creativity becomes the new product of production. However, with a major shift in global economic ideology, there must be a framework to protect privacy and rights as well as provide remedies for major forms of inequality.
The blockchain-based peer-to-peer technology used in Web 3.0 facilitates this and implements a democratized platform. There are several widely available Web 3.0 technologies that serve the creative economy.
- Non-fungible tokens (NFT)
An NFT is a unit of data stored on a digital ledger, called a blockchain, that certifies that a digital asset is unique and therefore not interchangeable. They trivialize digital art and ideas.
- Fractured Non-Fungible Tokens (F-NFT)
This is the next step in the evolution of NFT, the division of property. Therefore, F-NFT becomes a logical and inevitable step in this process, especially when considering our acceptance of the sharing economy. Besides sharing apartments and cars, we can also share art and ideas now.
Empowerment through data ownership
Overall, intangibles fit well into NFTs and give them the opportunity to have increased liquidity and value.
Therefore, this shift in the way we think about data transactions goes beyond discussions about just technology. It represents a major societal change.
Like cryptocurrencies, trustless data transactions represent a bottom-up structure rather than a structure watched, taxed and monopolized by Facebook and Amazon.
In addition, Web 3.0 technologies could allow more complex solutions such as a decentralized evaluation system. It is a peer review platform and blockchain protocol to assess intellectual capital, research and innovation.
The nice part is that with democratization comes more innovation. In addition, with more innovation, there are more opportunities for growth, especially for the creative economy.
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