But it is also much, much more: data which is captured by content platforms every time a user watches a video, or “likes” a post, or spends a few seconds longer lingering on particular images, can be classified as content, as that user’s input, however minute, directly impacts the algorithms which determine what content will be shown more (or less) to other users with similar profiles.Īll of this data has value from a business intelligence perspective, and therefore also monetary value, as this data, in Web3, will be more easily captured, stored, sorted, and repackaged as a marketable product, by utilizing NFTs (Non-Fungible Token). In IDC’s definition, content is any and all data being shared from one entity to another: this can include cat pictures (which as we all know is the bedrock of social media), third party apps (such as games, i.e., what the original FarmVille had been), videos, music, stories, update posts, and similar. Related Reading: IDC TechBrief: Web3 and Metaverse and Web3: Toward the Next Big Flip? Key Takeaways from IDC’s CIO Advisory Boardīut what do we mean by “content”? Today, “content” is more than just someone’s cat pictures and cooking videos. In other words: Web3 will be built on a foundation of Crypto and NFTs, to equitably exchange value-both as currency and as content-between the creators of that content, the platforms which will host that content, and the end consumers of that content. IDC defines Web3 as a collection of open technologies and protocols, including Blockchain (as Crypto and NFTs), that support the natively trusted use of decentralized data, knowledge, and value. Web3 is no longer a hypothetical evolution of the current Web2.0, it is already taking shape and becoming reality as you read this. To learn more about Blockchain, Cryptocurrencies, NFTs and Web 3, how they are intertwined, and strategies to utilize these technologies for opportunities, read IDC’s new eBook, Blockchain, Crypto, NFTs, and Web3.
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