Instagram CEO wants big tech to relinquish control

Instagram CEO wants big tech to relinquish control

Instagram CEO Adam Mosseri recently said that every internet user will have their data stored in a blockchain that only they will have access to, hinting at Web3.

He made this statement during a TED Talk and explained how the Web3 tech giant will not be able to access user data and monetize it because it will have complete control over the user.

He detailed that content creators will be able to gain the freedom to use Web3 from platforms such as TikTok and Instagram.

Content creators will be able to build direct relationships with their fans, sharing the data they want to share, while social media platforms will have no say. Even quitting or being removed from the platform does not mean that users will lose their customer list.

Mosseri described it as “a dramatic shift in power away from platforms like [Instagram] and to … creators.”

He also went on to hypothesize that creators who use Web3 will be able to form equity crowdfunding, making investments early in their careers.

When asked by The Wired why tech platforms would cede control to users, and what would be in their best interest, he said, “I think platforms will give up some short-term control to create a bigger pie in the long term. The big risk is the size of the market for subscriptions.”

When asked about business on the platform and monetization through ads, he said: “My idea is for a subset of creators to use platforms like YouTube and Instagram to build a brand and demand for what they do. They can post to the platform whatever they want. , and give as much as they want for free but they’ll also have a bunch of people subscribing to them, and that relationship is built in a way that the platform can’t separate.”

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