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Friday, July 08, 2022 11:46:23 AM
How Arora Believes Web 3.0 Will Pay Consumers And Creators Alike
https://www.forbes.com/sites/davidprosser/2022/03/09/why-arora-believes-web-30-will-pay-for-consumers-and-creators-alike/?sh=3f0b72e71b4a
The promise of Web 3.0 is an idealistic one. Proponents argue that with an internet underpinned by blockchain technology and where decentralisation is enabled and encouraged, content and, above all, monetisation will be the preserve of the many rather than the few. Think shared tech rather than big tech.
Maybe – but the practical applications of these ideas remain fuzzy, with relatively few examples of Web 3.0 concepts actually becoming reality. One problem, argues Ankit Arora, the co-founder of Metasky, [/b]is that the world lacks the tools it needs to embrace Web 3.0. Most content creators have no idea how to monetise their work and even where they do, consumers aren’t sure how to access it.
“Our role is to bridge the gap,” Arora explains of Metasky, which is today unveiling a $1.8m pre-seed funding round backed by investors who share its vision of the next iteration of the web. “We are building Web 3.0 tools to serve this purpose.”
On the consumer side, those tools start with a wallet that enables uses to hold crypto assets in a single place – those assets might include both the crypto currencies they use to make purchases and the purchases themselves, most likely in the form of non-fungible tokens (NFTs).
As for creators, Arora is committed to finding new ways for those who generate content, whether online or offline, to drive new revenue streams from their work. Think of NFTs that provide the holder with exclusive benefits akin to membership of a club. That might be something simple like early access to concert tickets or exclusive artwork. Or it might be something more conceptual, such as a say in future projects – what should be on the set list in next year’s tour perhaps.
“Decentralisation is important, but it is a means to an end,” Arora argues. “Concepts like NFTs only maker sense if they are accompanied with a strong set of utilities, a passionate community, and real governance rights.”
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