Adam Mosseri wants new Instagram updates that if user data is stored in Web3. It would be more secure, and if content creators use it, they would have greater independence.
The CEO of Instagram, Adam Mosseri, has expressed his belief that in the future, every internet user will possess their data. And it will be kept in a blockchain accessible only to them. He envisions this occurring within Web3.
During a TED Talk, he spoke about how Web3. It will prevent tech giants from accessing user data and profiting from it, as the user has complete control over their data. Web3 would allow content creators to break away from platforms such as TikTok and Instagram and become more independent.
Web3, content creators could form a direct relationship with their fans. After that, they will selectively share data without interference from social media platforms. Even if a user leaves or is banned from a platform, they will still retain their subscriber list. Mosseri characterized it as a “significant transfer of power from platforms such as Instagram to creators.”
He said that creators who will use it have the ability to engage in equity crowdfunding and make early investments in their careers.
When questioned by Wired about why tech platforms would relinquish control to users and what their incentive would be. He responded, “I believe platforms will relinquish some immediate control in order to expand the pie in the long term. One significant risk is the size of the subscription market.”
When some questioned about conducting business on platforms and generating revenue through advertisements. He suggested that some creators could establish a brand and follow on platforms like YouTube and Instagram. These creators could share their content on any platform they desire and choose how much they want to offer for free. However, they will have a community of subscribers who have a relationship with them that cannot be taken away by any platform.
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