The Web 3 OE
Web 3.0 Ownership Economy Crypto Investors Crypto Currency Crypto Platforms Notes
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Web3, the next iteration of the Internet, could disrupt these dynamics by ushering in a more user-driven “ownership economy.”
The ownership economy is an emerging form of the creator economy in which the content platforms are built, operated, funded, and owned by the users rather than by tech firms. This structure allows creators to bypass the walled gardens of rent-seeking intermediaries and directly interact with and monetize their audiences.
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While Coinbase is a centralized exchange that custodies users’ wallets and funds and matches trades using its order book, Uniswap is decentralized and facilitates automated transactions entirely through smart contracts. Coinbase was founded in 2012, and employs 3,730 people as of 2021. In contrast, Uniswap was founded in 2018, and has less than 100 employees. With just 3% of the headcount of Coinbase, Uniswap does 73% of its trading volume. How is this possible? Importantly, Uniswap makes its users owners via governance tokens and LP shares, giving it leverage to grow bigger, faster. In addition, because Uniswap is decentralized, anyone can add any asset. If all the world’s value will be tokenized in the same way all information was packetized on the internet, then we should expect decentralized exchange growth to outpace their centralized counterparts.
Several examples of this already exist. Audius, a decentralized music streaming platform similar to Spotify, uses a token called AUDIO to reward artists, fans, and developers who publish popular songs, create playlists, or build apps on the platform. Token holders can use the AUDIO token to unlock premium features, participate in the governance of the Audius platform, or sell them to someone else. Glass provides a similar alternative to YouTube for video, and Mirror does the same for publishing, allowing writers to split revenue with other contributors and embed features such crowdfunding on their blogs.
Platforms like Rally make it relatively easy to launch social tokens, and numerous artists, musicians, athletes, and other celebrities are introducing them to their fans. In 2020, Grammy Award-winning artist and producer RAC launched a social token that gives fans access to private discussions, exclusive content, and merchandise.