The head of Instagram has a vision for using Web3 to shift power from tech platforms to content creators—which he says will ultimately benefit both.
and take almost everyone’s money with it. The question we’ve been trying to answer in our journalism is: What is the tiny percentage that will remain and be actually useful?, Instagram boss Adam Mosseri offered what felt, at first blush at least, like one of the more compelling answers.
You have to differentiate between the platform subscription and the creator subscription. So my idea would be for a subset of creators to use platforms like YouTube and Instagram to build up a brand and demand for what they do. They could post to whatever platform they want, and give away however much they want for free. But they would also have a group of people who subscribe to them, and that relationship is built in a way that no platform can take it away.
You are tying these changes to a blockchain-based system. But what stopped previous cross-platform initiatives was not the technology but the refusal of companies to work together. If everyone agrees to do your idea now, why do you need to use the blockchain? Traditionally, creators build an audience, and they monetize that audience. Branded content on Instagram is probably a $15 billion industry, roughly—I don't know, many billions of dollars. Now we're building more ways for creators to make a living. So we announced the first test of NFTs this week, performed tests around affiliate marketing, experimented with revenue sharing and longer-form video. We launched subscriptions, which we are still testing.
Blockchain is a public record of transactions. Theoretically, it's anonymous, but if somebody wants to badly enough, they could probably figure out who your subscribers are. If it's country music subscribers, it probably doesn't matter. But if Lisa makes BDSM videos, or has a radical political newsletter, that's different. Also, Lisa's competitors might find it useful to know who's subscribing to her or how many subscribers she has.
We can work on more than one thing at once. Yes, we have responsibilities to keep people safe, and to be thoughtful about algorithmic responsibility. But we also have a responsibility to deliver value to the people who use Instagram, whether they be creators or average folk. Safety is incredibly important, but if we agree with those who say we shouldn't build anything new as long as anything bad ever happens on Instagram, then we're never going to build anything new ever again.
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