Adam Mosseri, Instagram CEO
in an interview said that every user who is using the internet has to own his
data in the form of blockchain, they only could access the data.
He said this during a TED
Talk that how through web3 tech monsters can’t access the user data and monetize
it as it will be completely controlled by the user.
Furthermore, He added that
content creators will be completely independent and have full access using Web3
on platforms like Tiktok or Instagram.
These creators can directly
build a relationship with their fans and can share data they want to share, while no
social media platform can stop them.
Even leaving or being removed
from any platform won't affect any of the subscriber lists.
He also said creators using
Web3 will also be able to form crowdfunding, make investments and grow their
audience early in their career.
He has been questioned about why
these platforms would hand over control to users, and what would be their
interests. In answer he said, I think platforms will be giving up some
short-term control for there to be a larger pie in the long run. A big risk is
the size of the market for subscriptions."
Further, he was asked about
platform businesses and monetizing through advertisements, In answer to this,
he said: "My
idea would be for a subset of creators to use platforms like YouTube and
Instagram to build up a brand and demand for what they do.
They could post to whatever platform they wanted, and give
away however much they want for free. But they would also have a group of
people who subscribe to them, and that relationship is built in a way that no
platform can take it away."