By: Shayak Majumder | Updated at : 19 May 2022 06:10 PM (IST)
Blockchain-based Web3 is considered by many to be the future of Internet. ( Image Source : Getty )
New Delhi: Web3, the blockchain-based iteration of the World Wide Web that is considered by many to be the future of the Internet, provides considerably more monetisation for creators as compared to Web2, as per the latest State of Crypto report by US-based venture capital firm Andreessen Horowitz, popularly known as a16z. On May 18, CoinSwitch Kuber Founder and CEO Ashish Singhal took to Twitter to highlight some of the key findings of the report and explained why “India should invest in Web3.”
Singhal tweeted that on Web2, a creator on Meta platforms such as Facebook and Instagram can earn $0.10 per user. On Spotify, the monetisation stands at $636 per artist, and on YouTube, creators can earn $2.47 per channel. Singhal said quoting the latest a16z report that on Web3, monetisation opportunity stands at $174,000 per creator. “That’s better compensation for India’s 50 million content creators,” Singhal wrote.
Here’s why India 🇮🇳 should invest in Web3:
A creator’s monetization in Web2:
🛑Meta (FB & Insta): $0.10 per user
🛑Spotify $636 per artist
🛑YouTube $2.47 per channel
✅In Web3: $174,000 per creator
That’s better compensation for India’s 50 million content creators🚀 pic.twitter.com/SfmlLmyLnZ
“Web3 is what the Internet should have been — Open, Shared, and Distributed,” tweeted Singhal. He also said that centralisation of the Internet, as is the case with Web2, “puts billions of users at a loss.” Singhal pointed out that on a centralised Internet, users don’t own their data, users don’t control their Internet experience, and users are not even compensated fairly. “Crypto changes that,” said Singhal. “It integrates value creation and distribution with the Internet.”
Singhal also pointed out that today, Web3 adoption stands where Internet adoption originally stood back in 1995. “Countries early to adopt will lead the upcoming blockchain era,” Singhal advised.
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