As the number of media outlets and social media platforms continues to swell, it is becoming increasingly overwhelming for most people to identify trusted news sources. In today’s heavily centralized publisher ecosystem, constant allegations of misinformation and fake news have created an atmosphere of mistrust. Experts believe that Web 3.0 – the decentralized internet – has the potential to overcome this challenge, powering authentic news publishing and reporting that is free from bias or influence.
Based on this theory, Web3 Foundation (W3F), the collaborative initiative dedicated to nurturing and stewarding Web3 technology, has unveiled its support for a pilot project to restructure the news and media industries.
The project is a collaborative partnership led by Oxford Internet Institute visiting policy fellow David Tomchak and the World Association of News Publishers (WAN-IFRA). It will explore how Web3 technologies can help build trust and unlock new revenue sources for news publishers and content creators.
Web3 Foundation Will Provide Funding and Expertise
The support from Web3 Foundation will come in the form of its expertise and funding during the research phase of the project. The pilot project is scheduled to run between October and December 2022. It will bring together local and international news publishers and technology experts to collaborate on researching practical applications of Web3 and other decentralized technologies for the publishing industry.
Commenting on the development, CEO of Web3 Foundation Bertrand Perez, notes, “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.”
The central idea of this research is to facilitate learning and knowledge sharing between Web3 advocates and the traditional media industry. The results gathered from the research will be used as the blueprint for developing the technical roadmap for the project and the eventual incorporation of blockchain in the technology stack.
The inclusion of blockchain in this project aims to address the trust factor between publishers and readers while simultaneously unlocking new monetization opportunities for participating creators.
A portion of the funding provided by the Web3 Foundation will be directly shared with publishers via a grants arrangement, which will be coordinated by the WAN-IFRA team for its members. The grants will be used to reimburse the publishers who commit their time to the project and contribute towards the research to build practical solutions for news publishers as Web3 takes center stage.
Project lead David Tomchak concludes, “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.”