The promise of Web 3.0 is an idealistic one.Proponents argue that with an internet underpinned by blockchain technology and where decentralisation is enabled and encouraged, content and, above all, monetisation will be the preserve of the many rather than the few.Think shared tech rather than big tech.
Maybe – but the practical applications of these ideas remain fuzzy, with relatively few examples of Web 3.0 concepts actually becoming reality.One problem, argues Ankit Arora, the co-founder of Metasky , is that the world lacks the tools it needs to embrace Web 3.0.
Most content creators have no idea how to monetise their work and even where they do, consumers aren’t sure how to access it.
“Our role is to bridge the gap,” Arora explains of Metasky, which is today unveiling a $1.8m pre-seed funding round backed by investors who share its vision of the next iteration of the web.“We are building Web 3.0 tools to serve this purpose.”
On the consumer side, those tools start with a wallet that enables uses to hold crypto assets in a single place – those assets might include both the crypto currencies they use to make purchases and the purchases themselves, most likely in the form of non-fungible tokens (NFTs).
As for creators, Arora is committed to finding new ways for those who generate content, whether online or offline, to drive new revenue streams from their work.Think of NFTs that provide the holder with exclusive benefits akin to membership of a club.That might be something simple like early access to concert tickets or exclusive artwork.
Or it might be something more conceptual, such as a say in future projects – what should be on the set list in next year’s tour perhaps.
“Decentralisation is important, but it is a means to an end,” Arora argues.“Concepts like NFTs only maker sense if they are accompanied with a strong set of utilities, a passionate community, and real governance rights.”
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It is early days for Metasky, but the company has already begun work on some interesting projects.One good example is a community-led project in Japan, dubbed “Tanukibles”, where participants are developing a new game involving the Japanese raccoon dogs Tanukis.Those involved purchase NFTs representing ownership of 9,999 limited-edition Tanukis and then work together to create the game.
Elsewhere, Metasky is in talks with a leading Indian music label to launch NFT projects involving some of its top artists.
The company is also working with social movements, where Arora sees opportunities for activists and campaigners to work collectively and transparently.
The big picture aim is to build communities and drive engagement.Arora envisages a world where people move from being social media followers of brands, influencers or causes to much more engaged members of a digital world.That will involve a financial commitment on their part – providing new sources of revenue for those they follow – but also bring benefits and ownership rights.
To be fair to Metasky, it is practising what it preaches.Its own funding round was organised as a token sale rather than an equity issue.Investors, led by Sequoia Capital India and Woodstock Fund have bought rights to a portion of a limited number of tokens that the business will issue over its lifetime – a public token sale, driving liquidity and extending ownership, will follow later on, Arora explains.
In the meantime, he is conscious that Metasky, just a few months old, has to deliver on its vision in a world where there is still some scepticism about who will really benefit from Web 3.0 and its related technologies.“Our job is to build value into those tokens,” Arora says.
David Prosser.