Web 3.0 was born with a mission to build a more resilient Internet, where users break free from censorship and gain control over their data and digital fingerprints. What has led to such a paradigm shift?

How the Internet has evolved and the role tech companies have played over the past decade help explain the pivotal role Web 3.0 has in today's world. We are in the third stage of the Internet, Web 3.0. And it will change the world of decentralization.

But it needs to be mentioned that Web3 and Web 3.0 are fundamentally different. Web3 is blockchain-based, whereas Web 3.0 is a semantic web, a common framework that allows users to reuse and share data across various enterprises, applications, and communities.

Social networks make money from the content slaves

"Social media platforms like Twitter, Instagram, and TikTok have a 100% conversion rate; they don't share any revenue with creators at all! This is good for them but bad for users." — Chris Dixon.

Before CEO Jack Dorsey saw the power of Web3 , Twitter had never shared revenue with its creator, and now he has set sail again. He publicly announced that he would decentralize Twitter and turn it into a Web3 product. In addition, Twitter has just launched a "super follow" feature that allows creators to make money from content.

Also, a new revue newsletter feature allows creators to charge for paid newsletters. It's not all. The best features have been introduced recently. Twitter has now opened up cryptocurrency services. You can use Bitcoin to transfer money on Twitter.

The most popular social platform Instagram announced the addition of NFT collections.

The new feature will be available in the countries of North and South America, the Asia-Pacific region, the Middle East and Africa. Update testing began in July. Now Instagram users around the world will be able to showcase their NFT collections. Previously, this feature was only available to a limited number of users in the USA.

To publish an NFT on the platform, the user will need to connect his account to a digital wallet. Currently Instagram supports the Ethereum, Polygon, and Flow blockchains, as well as third-party wallets such as MetaMask, Trust Wallet, Coinbase Wallet, Rainbow, and Dapper Wallet.

But other social platforms, such as Medium, Discord, VK, TikTok, Linkedin and Reddit have not yet caught this shift. The creator builds a follower and gets a view controlled by an algorithm that can decide everything except your opinion. They use this content to attract consumers and show them advertisements. The $0 in advertising revenue will be shared with creators.

When content platforms first appeared, users were just happy to use them without spending a penny. Now we are used to it. Our standards have changed. Creators hope to share the platform's benefits from our content fairly. If creators no longer provide free content, platforms like TikTok will go bankrupt.

Web3 has broken traditional ownership

How is Web3 different? Ownership! Creators want to own the platforms they create and have voting rights. While platforms make money, creators also make money.

A content review policy is formed through voting rights. It's completed through a process of blockchain consensus and the forced trust of thousands of computers around the world (even a president cannot influence blockchain elections).

In addition, there are functions of the platform itself. Imagine that you've opened your favorite app and found that everything has changed, and it looks not as yesterday. Do you feel sad? It's not a fault. These design changes are too far away from the work of the creator. They are outsiders.

Web 3.0 is different. The user determines the function through a democratic process. If a group of users doesn't like it, they will create a fork. Forking refers to running two versions of the same platform with different characteristics.

When ownership is fixed and transparent, the motivation will change. Ownership leads to user democracy, not a dictatorial philosophy similar to Web 2.0.

Smart contracts contributed to this revolution

Many people misunderstand the role of Ethereum in the new creator economy. Ethereum allows machines instead of humans to execute smart contracts.

Entrepreneur Mike Novogratz explained: "Blockchain will allow information that should not be free, not free."

The Web 2.0 version of the Internet isn't built for content ownership. If you want, you can take any video from Youtube. It's hard to detect.

Smart contracts change this. The smart contract tells everyone who is the owner of this content. The creativity of NFT is to turn your content into portable digital assets so that you can publish it anywhere on the Internet.

Web3 opens opportunities to make money

Now that Web3 solves the content ownership problem and makes our digital assets portable, we, as creators, can find more ways to make money.

Mike Novogratz said that we will "see the transition from businessman to creativity." Creators will have a way to monetize their creativity.

You can share money with multiple parties. You can transfer your content from one platform to another according to which platform is better. Creators from all over the world will be able to collaborate and come up with crazy ways to make money from our work.

Creators will accelerate the development of Web3 because they just want to be paid to engage in creation full-time.

Conclusion

This shift is not unique to the creator economy. All industries will slowly change to reflect a human obsession with democracy. Web3 was first aimed at finance and became an industry with more than 2 trillion US dollars. This shift has shifted to the creator economy.

The next wave of decentralization will be Youtube, Spotify, and Facebook. Now is the best time to become part of the creator's economy. Observe the transformation that takes place in front of your eyes and try to choose any content type you like for Web3. It's how you can take advantage of this great opportunity as a creator.