In this piece we will be looking at the latest developments between publishers and Web3 technologies including NFTs and Blockchain. In Web 3.0 the power that bigger corporations hold today would be distributed to everybody, this is great news for smaller publishers.

4 ways publishers can experiment with Web3 in 2023

1. Find ways to make Web3 fit into everyday life

For adoption of Web3 to become widespread, it needs to be something which happens in the background and fit into daily routines. Therefore, the current hurdle facing all Web3 adopters, not just publishers, to mainstream adoption is making UX seamless.

Ways for publishers to do this include keeping subscription information on the Blockchain for subscribers so they can be always securely locked in. For Ban, this mainstream adoption should come in the next 2-5 years. 

Making Web3 fit into everyday life could help publishers with their data compliance work. Decentralized data identifiers could lead to reader data being stored, owned, and willingly shared exclusively at user level only when news algorithms need it. This could lead to a win-win situation where newspaper publishers benefit from a reduced burden on GDPR compliance and where readers can start benefitting from the value of owning and sharing their data. 

2. Commit to Web3 communities

Existing Web3 and Metaverse communities are starting to resent initiatives done to get “one’s feet wet”, so publishers need to commit if they are serious about being in Web3.

2023 could be the year when actors will go from being innovators to early adopters in these areas, increasing expectations. Publishing companies should start by thoroughly observing the Web3 communities they may be advertising historical NFTs to. This will lead to a deeper understanding of their culture, enhancing business choices in areas where “Web3-native” teams have already been active for years.

Standing for one’s beliefs and showing commitment in a world of digital ownership surrounding simple files means more than most people would imagine.

3. Build a “premium tier” Web3 community

Publishers will need to find a way to build a “premium tier” community based on exclusivity and engagement. Art, Collectables, and Profile Pictures (PFPs) will continue having a place in Web3 but no longer dominate 90-95% of the entire NFT volume.

Web3 communities could be a place to gather fans of Web3 and newspapers together around specific, premium immersive content by providing a 3D royalty programme. These tokenised reward programmes can be used within communities for giveaways, swapping, and donations. Different types of NFTs can be tools for verification and access to these communities. In this context, blockchain-based solutions should aim at solving vital problems for news readers, promoting these communities, while taking a distance from relying solely on gaming or simplistic collectibles.

4. Keep your eyes on Nostr

One Web3 tool to keep an eye on in 2023 is Nostr. The tool has been gathering a lot of interest, and according to their website, “Nostr is a simple, open protocol that enables global, decentralized, and censorship-resistant social media”.

In practice, this means that instead of experiences like on Twitter or TikTok where feeds are centrally controlled by algorithms and attention is used to sell ad space, Nostr builds feeds which are independent of centralised algorithms and distributed uniquely. This is done by using relays, where clients send their posts/content, and these are then broadcasted onto the relevant feeds of people based on their chosen relays. Publishers could share relevant articles on these feeds, with the ability to read on and access these articles managed already integrated crypto micropayments.

In Nutshell,

Users can now lend and borrow wealth in crypto-curreciences using smart contracts. Publishers can make use of smart contracts and build safe and secure payment environments for their readers. Web3 would work really well for the publishers because they’d be able to target audiences better and more precisely - making the most of their ad/promotional expenditure.