Instagram CEO Adam Mosseri recently said that every internet user would own their data which will be stored in a blockchain that only they will have access to, while envisioning the Web3.
He made these remarks during a TED Talk and explained how through Web3 tech giants won't be able to access user data and monetise it as it will be completely in control of the user.
He detailed that content creators would be able to gain independence using Web3 from platforms like TikTok and Instagam.
Content creators will be able to directly build a relationship with their fans, sharing data they wish to share, while social media platforms will have no say. Even quitting or being removed from a platform would not mean a user will lose their subscriber list.
Mosseri described it as “a dramatic shift in power away from platforms like [Instagram] and to … creators.”
He also went on to hypthesise that creators using Web3 would be able to form equity crowd funding, making investments early in their career.
When asked by The Wired, why tech platforms would hand over control to users, and what would be in their interest, 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."
When asked about business on platforms and monetising through advertisements, 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 want, 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."