Web3 can allow consumers to monetise their data freely across browsers, mobile devices, connected TVs, and more.
Web 3.0 or Web3 will be the next era of the internet. Web3 being a decentralised version of the internet jointly owned by users and builders, would be the polar opposite of centralised platforms like Apple, Google, and Facebook that monetise user data.
In Web3, users have more control over their data as they can share information with other websites and platforms on their own accord, as well as monetise it, due to “interoperability.” To monetise data, users can log in with their crypto credentials and submit a preferred amount of data to businesses in exchange for a micropayment of cryptocurrency.
Those individuals transaction using crypto or NFTs can access Web3. It can also be accessed through the metaverse. Users on Web3 will expect to be compensated for the contributions and will want to have a role in the product and decision-making. Companies looking to be present in Web3 would require a .eth URL instead of a .com. They would also need to buy an ENS domain or an identifier on a blockchain.
[6 minute read]