Instagram CEO wants big tech to give up control

Instagram CEO Adam Mosseri recently stated that every internet user will own their data, which will be stored in a blockchain that only they have access to, when describing the Web3.

He made these remarks during a TED Talk, explaining how, thanks to Web3, IT giants will be unable to access and monetize user data since it will be totally under the user’s control.

He explained that Web3 would allow content providers to establish independence from sites such as TikTok and Instagram.

Content creators will be allowed to directly engage with their audience, sharing any data they desire to share, while social media platforms will have no say. Even if a user quits or gets removed from a platform, their subscriber list remains intact.

Mosseri described it as a “dramatic shift in power away from platforms like Instagram and towards creators.”

He also hypothesized that Web3 innovators will be able to form equity crowd funding groups, making investments early in their careers.

When questioned by The Wired why internet platforms would hand over authority to users and what would be in their best interests, he replied, “I believe platforms would give up some short-term control in order to have a larger pie in the long run. The magnitude of the subscription market presents a significant danger.

When asked about doing business on platforms and making money through adverts, he responded, “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 could post on any platform and give away as much as they wanted for free. But they would also have a group of individuals that subscribed to them, and that relationship is so strong that no platform could take it away.”