Blockchain Technology, Your Reputation and the Internet’s Web 3.0 Analysis
Web 3.0 and Blockchain
Right now, the internet provides a steady stream of revenue for individuals and business through content and social media. To be successful, businesses must carefully curate a positive online image that goes beyond a website and it must adhere to the rules developed by companies concerning content publication. While content published by such groups is bound to be of great quality, what really attracts online users are images, videos, and captions.
The preference for images, videos, and captions shows that people are limited in the time they spend online. With less user engagement, it is important for platforms to ensure they are maximizing the effect of the content that they publish. Current studies show that the average individual spends 386 minutes online per day, which is about five hours. Of that time, 116 minutes is spent on social media.
As a result, many social media platforms, which receive the least attention, truly need ensure that they are dedicating enough funds to their social media strategies. One study shows that in 2017, platforms spent about $209 billion worldwide, while television advertisement platforms spent just $178 billion. The competition, fueled by low attention spans, rising costs, and the desire to capture audience attention, may be remedied by the development of Web 3.0.
Web 3.0 is the next generation of the internet. Supposedly, this system is decentralized, democratized, and distributed. Although specific platforms still capture most of the power, it isn’t as attenuated here. The hope is that Web 3.0 will be based on blockchain technology, which will support connecting the content creator’s reputation to the content they create, not the conduit that they use to show the content. Essentially, blockchain identity is tied to the individual.
Further, given that blockchain is immutable, it may be possible to view where content was published and the nature of a brand or influencer. This type of approach gives the public the opportunity to see who they are engaging with. Further, when the audience resonates with the advertiser, they are more likely to spend money. Essentially, all win in this new type of system.