The rise of Cryptocurrencies and Web 3 has benefited many businesses, entrepreneurs, investors, and people. The crypto-economy is transforming everything. Every sector, from finance to gaming, is positively influenced by it and everyone is taking advantage of these Web 3.0 advancements. Like every other industry, the video and streaming business is already reaping the benefits of its continuous integration with Web 3.0.
Web 3.0's Watch-to-Earn(W2E) idea attempts to transform the video business from an industry that is focused on profit for creators to a more inclusive one. In the current video business industry, only creators earn, excluding the audience from the equation.
Web 3.0 is developing a balanced system by transitioning from a system in which only creators and big platforms earn, to a more inclusive one in which fans are incentivized for viewing videos of their interest on video platforms like YouTube. This is an exciting concept, so let's explore it.
Web 3.0 would reverse the present mechanism, making consumers full owners of their data and rewarding them for their internet data usage. Incorporating Web3 into video sectors such as YouTube would positively impact several fundamental operational policies and conventions. The following advantages will result from the adoption of Web3 into the video industry:
Decentralization: Web 3.0 transactions take place on a decentralized network due to the use of blockchain technology. Data storage will be done simultaneously in several locations rather than just one.
Autonomy: The platforms will be free of government and corporate control since transactions will take place on a decentralized network in which each individual participating has authority over their assets.
Elimination of third-party data selling: Since Web3 is a decentralized network, third parties won't be necessary when it comes to streaming video. As a result, user's data will be protected from theft and the possibility of being sold.
Freedom of Expression: Since each user has the same rights, both content producers and viewers are free to share their thoughts without fear of being fired.
Absence of arbitrary censorship: Since no institution or person has centralized control, passing unnecessary censorship on the material will be reduced with the adoption of Web 3.0 in the video business.
To know more about Web 3.0, read- Why is Cryptocurrency important for Web 3 platforms?
Additionally, crypto projects like THETA are also being developed which will use a decentralized distributed content delivery network to address several real-world issues.
THETA is a blockchain-powered network that was designed primarily for video streaming. It is like the Youtube on the Blockchain. THETA's technology is designed to provide quicker streaming than YouTube.
By supporting the streaming service, you can earn THETA. It is similar to "mining" THETA, but it cannot be centralized as Bitcoin mining.
Since in this network you actively support people, their advertisements operate differently, they will remove the intermediary. Most Web 3.0 content tries to improve the advertising layer of our current web.
THETA Network's peer-to-peer data relaying makes it easier and more efficient for any platform that transmits a lot of data to offer video broadcasts and other data-intensive services. Video is a growing component of data demand, and as more video content transitions to VR and AR, this effect will intensify.
Although, Theta Network is not supposed to be taking the place of YouTube as a live streaming service. Instead, it aims to give these enterprises new infrastructure that is both decentralized and far less expensive.
Watch-to-earn (W2E) simply means that Individuals can earn rewards by watching videos and other content. Possibly one of the simplest models to arise recently. It is obvious that the W2E model potentially has a big addressable market with billions of potential consumers given that a significant number of the top websites in the world are utilized to offer video content.
W2E solutions like XCAD, which allow users the chance to make passive money from a habit that most internet users have, will enable the convergence of Web3 and video streaming. The XCAD browser extension works on YouTube to reward users with crypto as they utilize the network.
With the help of XCAD, creators can create and give their following personalized crypto and NFT tokens that they can then sell on trading platforms. For watching videos from their preferred content creators on YouTube, viewers will also receive tokens.
Importantly, these Web3 technologies can coexist peacefully with current platforms like YouTube, offering their services without interfering with or pushing for change.
The introduction of decentralization and Web 3.0 has made the decentralized video platforms the biggest competition for Youtube. They can easily replace them in the Future due to their advantages over Youtube.
Youtube with its current data selling issues, security, and too much of ads will probably lag behind Decentralized platforms. As the idea of decentralization is emerging every user wants equal access and control over the system.
Lastly, Youtube can implement this Watch-to-earn idea and the decentralization in its platform to make it more convenient and exciting for users.
The solution Web 3.0 is developing for video platforms will have a significant influence on the outdated practices and infuse the video business with a sense of modernity.
Web 3.0 is introducing new changes to the existing internet world. There are a lot of emerging markets, including the meta-gaming area and several more streaming services like Theta Network. Additionally, investors are also interested in these new technologies and services, Theta has partnerships with high prolific companies such as Google, IBM, and Samsung which are constantly trying to bring Technological Advancements.
W2E can be a game-changer for video content platforms in creating a community where creators and users can passively earn crypto from daily activities without having to go through complicated procedures. Web 3.0 has made it possible for video hosting and streaming to be fair and decentralized, which is an idea that works well in all aspects.