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A constellation is born: Approaching the Web3 platform economy
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The internet envisioned a world in which information flows freely. Three decades after the invention of the World Wide Web, we are seeing a new generation of web applications known as ‘web3’, or what some are calling the web of value. These applications use decentralized technology like blockchains to make activities traditionally mediated by financial institutions, such as transferring, borrowing, and investing, accessible without gatekeepers. Web3 envisions a world in which not only information but value flows freely.

With greater accessibility, however, we run the risk of over-financialization, with finance both enhancing and restricting more of our actions online. The question of how to promote sustainable finance on web3 comes to the fore. Amidst the recent mainstreaming of speculative hype around digital art NFTs, memecoins, and cryptocurrencies, there are several examples of pathways to creating more sustainable income streams for creators on web3, which we can learn from as the technology develops. At their core, each of these examples looks toward what tools for collective identity, finance, and ownership online mean today.

Sharing Attribution

One approach to web3 centers on sharing attribution. A new web3 software platform called Mirror takes this approach, aiming to change the publishing game. At first glance, Mirror is most similar to Medium, a blogging platform that allows creators to independently publish their work while tapping into the software platform’s social network. In addition to providing tools for displaying content like Medium, Mirror goes one step further, enabling creators to embed ways to earn income directly in their posts. Even more than subscription fees, this means creators using Mirror can easily auction, crowdfund, and tip creative work using cryptocurrency tokens. Creators can add a Mirror crowdfund, like a Kickstarter campaign, to their post as easily as they would add an image. This has led to Mirror becoming a software platform not only for blogging but a wider range of work, including crowdfunding residencies, novels, and essay collections, which enables creators not only to receive funds for work they’ve produced but to raise funds for future endeavors.
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