The numerous ways cryptocurrency and Web3 have been beneficial to industries are sometimes underrepresented. Businesses, entrepreneurs, investors, and individuals are reaping the rewards of recent advancements in the Web3 space, and, not to be left out, the video and streaming industry is already starting to reap the benefits of its ongoing integration with Web3.
With the introduction of a Watch-to-Earn concept (W2E), Web3 aims to revolutionize the video space from an industry focused on profit for corporations to one that is more inclusive. Web3 is creating a system of balance by updating a system where only creators and the big platforms earn – leaving out viewers – to a more inclusive system where viewers get rewarded for watching their favorite creators on video platforms such as YouTube.
Here is where we witness the incorporation of blockchain into an estimated $80.83 billion video streaming industry. The coalition of these powerful forces will create fertile ground for the growth of a technologically-driven video streaming ecosystem, where equal opportunity for every user to become a team player exists, including viewers.
In addition, bringing Web3 into video industries such as YouTube will positively revamp some foundational operational policies and norms. The following benefits will accompany the introduction of Web3 to the video industry:
Decentralization: transactions are over a decentralized network due to blockchain technology which is a feature of Web3.
Autonomy: the platforms will be free of control by the government and corporations as transactions will be conducted over a decentralized network where each individual involved has control over their assets.
Abolishment of third-party data selling: with the introduction of Web3 to video streaming, there will be no need for third parties since it is a decentralized network. Hence, users’ data will be secure from infiltration or risks of getting sold.
Free speech: content creators and viewers will express their opinions without being threatened since each user has equal rights.
Absence of arbitrary censorship: passing purposeless censorship on content will be curbed with the incorporation of Web3 into the video industry, since no entity or individual holds centralized power.
The intersection of Web3 and video streaming will be made feasible with W2E technologies such as XCAD, which gives users an opportunity to earn passive income from an activity that most internet users do every day. XCAD’s browser plugin works on YouTube to reward users with cryptocurrency as they use the platform.
XCAD allows creators to create and distribute customized crypto and NFT tokens to their fanbase that can sell on trading platforms. Viewers will also earn cryptocurrency tokens for streaming videos on YouTube from their favorite content makers.
Crucially, as in the case of XCAD Network, these Web3 technologies can work hand-in-hand with existing platforms like YouTube and Twitch, delivering their own features without disrupting or competing with the existing platform.
The system Web3 is creating for video platforms will tremendously impact the outdated ways and breathe an air of newness into the video industry. Building a community where creators and viewers can earn cryptocurrency passively from everyday activity, without undergoing confusing procedures, is a game-changer for video content platforms. With the advent of Web3, video hosting and streaming can be fair and decentralized; a winning concept on all fronts.
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