In a previous chapter of Video Lion, we talked about Web 3.0 and how video content can be used in what is the next phase of the internet. The fact is that Web 3.0 is already here. We are just entering into it gradually. So today I want to dive into this topic a bit deeper, to show how this new and decentralized type of web enables new uses and applications for video content that were not possible with Web 2.0.
Ok, let’s dive right into it. Here are some specific examples of these new uses and applications of video content in Web 3.0:
DECENTRALIZED VIDEO PLATFORMS: In Web 2.0, we have centralized video platforms like YouTube and Vimeo. These platforms rule the online video world. They can decide what content is allowed on their platforms, and they might even take down some videos if they don’t fit the platform’s criteria. They also can demonetize, or basically take away money from video creators if they break the rules.
With Web 3.0, it is possible to build decentralized video platforms that use blockchain technology. This means that the videos are stored on a bunch of different computers all over the world, instead of just in one place controlled by a big company. This makes it harder for anyone to mess with the content because they would have to change it on all the different computers at the same time. And because all the computers have copies of the same information, it’s also hard for anyone to change anything without everyone else knowing about it. So this makes these decentralized video platforms more secure and resistant to censorship.
One example of this is LBRY. It’s a platform where video creators can share their content directly with viewers, without having to go through middlemen like YouTube or Vimeo. Since LBRY uses blockchain tech, creators can also get paid directly by viewers, without having to pay fees to other companies. They have more control over their content and can set their own terms and pricing. Platforms like this can help to create a more equitable distribution of revenue between creators and intermediaries.
VIRTUAL AND AUGMENTED REALITY: Web 3.0 also enables the creation of decentralized virtual and augmented reality experiences that can be accessed right from your web browser. This means that you can have a fully immersive, 3D experience that goes beyond the flat, 2D videos that we’re used to on traditional video platforms like YouTube. With virtual reality, you can feel like you’re actually inside the video, able to look around and interact with the environment.
One practical example of this is Decentraland, which is a virtual world where users can create and explore different virtual spaces, just like in a video game. Users can buy and sell virtual land, build structures, and even create interactive experiences for others to enjoy. These environments can include anything from art installations to virtual storefronts and can be visited and explored by other users. Imagine having a virtual store instead of your present website, and visitors being able to actively interact with your content there.
TOKENIZED VIDEO CONTENT: Web 3.0 allows for the creation of tokenized video content, which could give creators new ways to make money from their videos. Let me explain: Imagine you create a really cool video that people love. With Web 2.0, you’d probably upload it to a centralized platform like YouTube or Vimeo, and you could make money from ads or sponsorships. But with Web 3.0, you could issue a token that represents ownership of that video. This token could be bought and sold on a decentralized marketplace, allowing you to monetize your video in a more direct and decentralized way.
One platform that’s already doing this is called Rarible. Rarible is a marketplace for buying and selling NFTs, or non-fungible tokens. These tokens represent ownership of digital assets, like art, music, and videos. So, if you created a really cool video, you could issue an NFT that represents ownership of that video, and people could buy and sell that NFT on Rarible.
DECENTRALIZED VIDEO STREAMING: With Web 2.0, video streaming is typically done through centralized platforms like Netflix or Hulu. These platforms are expensive to operate because they require massive servers to store and distribute all that content to viewers.
With Web 3.0, you can have decentralized video streaming services that use peer-to-peer networks to distribute content. This means that instead of relying on one central server, video content can be distributed across many smaller nodes, making it more efficient and cost-effective.
One example of this kind of decentralized video streaming service is Livepeer. Livepeer uses blockchain technology to create a network of nodes that can distribute video content more efficiently. Instead of relying on one central server, Livepeer allows anyone to set up a node and contribute to the network. This means that video content is distributed across many nodes, making it more efficient and cost-effective.
With Livepeer, content creators can also monetize their videos by charging viewers to watch them. This is done through Livepeer’s own cryptocurrency, LPT. Viewers can purchase LPT tokens and use them to access premium content on the Livepeer network.
So to summarize, today we learned some of the important differences in using video content on Web 3.o as opposed to Web 2.0. One major difference is the ability to create decentralized video platforms using blockchain technology. Platforms like LBRY allow creators to share their content directly with viewers and get paid without having to go through intermediaries. Web 3.0 also enables the creation of decentralized virtual and augmented reality experiences and tokenized video content. Decentralized video streaming services like Livepeer use peer-to-peer networks to distribute content, making it more efficient and cost-effective.
Overall, Web 3.0 creates exciting new opportunities for video content creators to have more control over their content and revenue streams, and to use it in different ways.
That’s it for today. See you in the next Video Lion!