The Power of Web3 in Monetization Tools

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There are two forces at play in the world that are completely separate, yet were destined to collide.  One of these forces is a menace, and has certainly affected each of us in a negative, predatory way.  The other is an unsung hero, meant to be helpful overall, but actually has exactly what is needed to conquer the menace.

What are these two forces and how do they affect you directly?  Let’s dive in and explore.

If The Service Is Free, Then You Are The Product

There is a saying that has evolved in the world of free online services:  “If the service is free, then you are the product.”  It’s a little disturbing to hear it, but it’s absolutely true.  Have you ever wondered why these modern miracles of the internet age are completely free?  Search engines, email, social media, photo storage, AI chatbots, all of them free to use.  How do these companies make any money?  It’s not like they are charities, and if you pay attention you can easily see that the founders are the new billionaire tycoons of the modern age.  The reason they make so much money is because they sell you, or at least your data.  Data brokers and advertisers pay big money, and with tools like AI they can learn more about you than you probably know about yourself.  They can and do use this data to manipulate you, advertise to you, and get you to spend money.  The services themselves are free, but you pay for them at a price much higher than you realize.

This is our world now, and because this business model has been so successful, we haven’t even tried to stop it until recently, and even then we are at an extreme disadvantage.  It’s not like these services are easy to give up.  We have made them an essential part of our lives, and to give them up would put you at a severe disadvantage socially, for your job, for your education, and for most things you need to accomplish during the day.

So what can be done about this menace?

Web3 Is The Unlikely Hero

Web3 has been evolving for a number of reasons, but a key reason is a response against the control of your data.  There is a growing community that wants to get rid of these companies who have their claws in our personal data, harvesting it without our consent, profiting from it without sharing, and using that data to further manipulate us.  The decentralized nature of Web3 is perfect for this, and so is the ability to have control over your own data.  Being able to turn data into a digital asset is more powerful than you might realize, because it actually solves two problems at once.

Imagine that your personal data is like your house.  Right now you have strangers living with you, taking your food, sleeping in your bed, doing pretty much whatever you want because you don’t have doors or locks on the house.  Web3 allows you to put those doors and locks on when done right, keeping the inside of your house (your data) safe.  However, it does something equally amazing.  By having this control and being able to package up your assets, you could actually let certain parties in if they follow your rules and pay you.  Instead of having squatters in your house who are stealing all your things, you have paid renters who have to follow the rules.

How does Web3 do this?  Let’s take iExec as an example, as they have been developing very interesting ways to monetize your digital assets using Web3.

The first use of this is with messaging and privacy.  Combining the two elements of keeping data safe and monetizing it, iExec has developed an interesting feature leveraging Web3 to accomplish both.  Users can use their messaging apps like Telegram or even email , locking in their handle/address on their iExec Data Protector tool.  This allows a layer of separation between the info and the recipients, allowing them to choose who can contact them. They utilize their Ethereum address to manage communication, so that you can send a message to someone’s email or Telegram without ever gaining knowledge of the address/handle.

What benefit is this?

First, this prevents the onslaught of spam and other unwelcome messages we are currently buried with, along with the risk of data/identity theft.  Second,  it allows the user, if they choose, to allow certain individuals and even brands to send them information, but with Web3 they can charge for the access.  Instead of receiving spam each day that benefits everyone but you, you can have a curated list of messages that each come with your blessing and a reward.  What a difference between the two mindsets, and this is a shining example of where Web3 can both create privacy and allow for monetization to reward users when they are willing to share certain access and info.

The second example falls into the category of being rewarded for unused resources.  Also with iExec, the Worker Pass NFT allows a holder to join a workerpool and start earning RLC tokens by providing computing power on the iExec Marketplace.  Unused computing power, with your specific permission, can be used by others through the trusted third party in a way that pays rewards.  This too is a major benefit of Web3, providing the infrastructure necessary to not just decentralize and protect, but to gather decentralized resources and create marketplaces.

What’s Next?

These examples are just the beginning, and there are many other platforms in the Web3 industry working to either safeguard privacy, enable monetization directly to those who own the assets (data, computing power, etc.), or both.  This is one of those areas that will only grow stronger and more in demand as the goliath data brokers and megacompanies take your data and privacy itself, using it for their own benefit and leaving you with nothing but targeted spam.  This, more than token speculation or digitized art NFTs, will drive Web3 into common usage as the larger population begins to understand that there is hope against the abuse of data.