Web3 Foundation funds project on how to unlock revenue possibilities for media
The Web3 Foundation is joining a pilot project that will explore ways in which Web3 technology could help publishers mine their own Polkadot experiments to develop new revenue streams.
The Foundation, which collaborates with over 100 blockchain development specialists to advance the Polkadot platform, will contribute its technological expertise. From an economic perspective, it will also contribute to funding during the research phase of the project.
The project is a collaborative partnership between David Tomchak, a visiting policy fellow at the Oxford Internet Institute, and the World Association of News Publishers (WAN-IFRA).
Meanwhile, creators would remain in the driver’s seat, being offered the opportunity to have greater control over their participation. Publishers will also take a look at how broader blockchain technology can contribute to the other ends of their businesses. This decentralized model is already relevant for the creator economy and also plays a key role in the content distribution arena.
Specifically, a portion of the funding allocated by Web3 Foundation will be given directly to publishers via a bursary scheme being coordinated by WAN-IFRA for its members. The bursary is intended to help selected publishers free up the resources needed to join the pilot.
For Web3 to become a healthy ecosystem, the resulting blueprint will include a roadmap for technical build and will be available for public consultation.
Bertrand Perez, CEO of Web3 Foundation, said: “We have a proven track record of supporting projects that share our vision for Web3, namely an internet that is fairer, more democratic and gives users stronger control over their data. As the flagship project of Web3 Foundation, Polkadot is unlocking new business models and building trust between different participants within the rapidly evolving world of Web3.”
Stephen Fozard, Project Director of the Global Alliance for Media Innovation at WAN-IFRA, added: “It is crucial to understand as soon as possible the implications of Web3 for publishers in the future. The only way to be relevant in our research and conclusions is to involve our members as early on as possible in the process. We are proud and grateful to Web3 Foundation for supporting us in doing so.”
Project lead David Tomchak notes: ”We are delighted that Web3 Foundation has agreed to partner with this project. Gaining support from Web3 Foundation is crucial in allowing us to complete the research in a way that offers a solid, practical solution for the media industry to use this technology. It is a partnership that wouldn’t have been possible if we had not already been working with Stephen Fozard and the great team at WAN-IFRA. I believe the new bursaries also announced today are an excellent opportunity for the association’s members.”
This research aims to provide learning and a space to share knowledge between the media industry and Web3 advocates. The bursaries will range between €1,500 and €4,000 and aim to compensate members for the time they will commit to the project
Established in Zug, Switzerland by Ethereum co-founder Gavin Wood, Web3 Foundation funds research and development teams building the technology stack of the decentralized web. Polkadot, one of the blockchain startups working to make blockchain technology more practical and accessible, is the Foundation’s flagship project.
Web3 Foundation’s ultimate mission is to nurture applications for decentralized web software to deliver Web 3.0, a decentralized internet where users control their own data and identity.