Web 3.0 represents a significant break from data monopoly and autocracy. The movement is based on peer-to-peer data transactions between users, without any regulators or intermediaries.
The ideology behind Web 3.0 is comparable to the popular rise of cryptocurrencies and blockchain technologies. Just like traditional currencies, monopolies own and manage data. A glaring example is Amazon, which collects and stores customer data to use for its own purposes. Data transactions must be “entrusted” and approved by intermediary hosts who act as a profitable middleman.
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 in data transactions, much like cryptos in financial transactions, Web 3.0 technology does not have to explicitly earn the trust of intervening entities. On the contrary, trust is implicit and automatic, which leads to the inevitable disappearance of the intermediary.
The decentralization of Web 3.0 encourages more transactions and engagement between people.
Large legacy data centers are complemented by a wealth of powerful computing resources spread across cell phones, computers, devices, sensors and vehicles that are expected to produce and consume 160 times more data in 2025 compared to 2010.
This new era of communication means two major changes for society:
- Increased ability for people and businesses to maximize efficiency and productivity by accessing more data
- democratization of data and increased transaction security.
Creative industries: a change in economic philosophy
The United Nations Conference on Trade and Development defines the term creative economy as “an evolving concept based on the interaction between human creativity and ideas, and intellectual property, knowledge and technology”.
Essentially, it is the knowledge-based economic activities on which the “creative industries” are based. The creative industries recognize and value ideas as goods. Creativity is placed above raw output. Innovation trumps performance.
Web 3.0 empowers the creative economy
Promotes increased accessibility to trusted data using Web 3.0 technology
Innovation and entrepreneurship – the most important drivers of the creative industries. A key example of Web 3.0 technologies serving the creative industries is the recent rise of non-fungible tokens (NFTs).
From a broader perspective, NFTs represent the commodification of creative ideas. Using blockchain, one of the pillars of Web 3.0 technology, NFTs are traded directly and trustworthy without the “reserve banks” of the internet asking for their margin.
Creative industries have risen to popularity on the agendas of regulators, governments, think tanks and technology companies. With the advent of AI and robotics, the demand for raw human output is decreasing. Why would companies pay a human to do it when a robot can do it at a fraction of the cost?
Instead of raw work and production, ideas are increasingly in demand.
Creativity becomes the new result of production. But with a major shift in global economic ideology, there must be a framework to protect privacy and rights, and to address 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 used Web 3.0 technologies serving the creative industries.
1. Non-Fungible Tokens (NFTs)
A non-fungible token (NFT) is a unit of data stored on a digital ledger called blockchain that certifies that a digital asset is unique and therefore not interchangeable.
Used to market digital art and ideas.
2. Fractured Non-Fungible Tokens (F-NFT)
The development of NFTs to split ownership. As we are already used to the sharing economy, the F-NFT is a logical and unavoidable step in this process. In addition to sharing homes and cars, we can now share art and ideas.
Intangibles are the core values of DEIP, so they need to be represented in a way that the protocol can work with them. The Web 3.0 space introduces a related concept for this purpose – a non-fungible token or NFT. Each intangible asset is unique and corresponds perfectly to the concept of NFT. The DEIP protocol provides that each intangible asset (or pool of intangible assets) will be tokenized and that it will be possible to own a fraction of this asset. Only in this case is it possible to apply various decentralized finance and governance tools and the DEIP protocol to increase the liquidity of intangible assets.
This shift in how we view data transactions goes beyond discussions of technology. It represents a major social change.
Much like cryptocurrencies, trusted data transactions represent a bottom-up structure; none monitored, taxed and monopolized by Facebook and Amazon.
Additionally, Web 3.0 technologies could enable more complex solutions such as a decentralized rating system. It is a peer review platform and blockchain protocol to assess intellectual capital, research and innovation.
The beauty of it all is that with democratization comes more innovation. And with more innovation comes more opportunities for growth. Especially for the creative industries.
Warning
All information contained on our website has been researched to the best of our knowledge and belief. Journalistic contributions are for general information purposes only. Any action taken by the reader based on information found on our website is entirely at their own risk.