Web3 Foundation Creates Fresh Revenue Possibilities for News Media

By August 30, 2022Polkadot
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Through its partnership with the World Association of News Publishers (WAN-IFRA), Web3 Foundation seeks to help generate fresh revenue streams for the publishing industry.

Web3 Foundation, the organization dedicated to providing support for decentralized protocols, has announced the launch of a pilot project that helps unlock new revenue possibilities for news media editors and content creators through Web3 technology.

New Options from Web3 Foundation

The Swiss-based backer is previously known for its support for the two major protocols – Polkadot and Kusama.

The pilot project will provide expertise and funding support for a joint initiative between David Tomchak, Visiting Policy Fellow at the renowned Oxford Internet Institute, and the World Association of News Publishers (WAN-IFRA), the global organization of news media.

Part of the funding allocated by the Web3 Foundation will be contributed to WAN-IFRA’s bursaries scheme. The scheme’s significant aim is to offer financial assistance to select publishers.

Implemented for the period of October through December, the pilot will bring together local and international news publishers and technologists to tap into practical applications of decentralized technologies for the publishing industry.

Making Global Connections

The research aims to develop a knowledge-sharing network for Web3 proponents and the media industry. The resulting blueprint will include a strategy for how to construct the technical aspects, and the public will be able to give feedback on it.

Commenting on the new pilot project, Ursula O’Kuinghttons, Director of Communications and Partnerships at Web3 Foundation, said that the organization had a strong faith in how Web3 could take the lead and shape the future of digital news, specifically in content creation, distribution, and monetization. In addition, the aim of the project is also to help build trusted sources of news using decentralized technologies.

Ursula was a founding member of New York City’s Civil Media, a project that is focused on blockchain experiments in media with 18 newsrooms around the United States.

She will deliver a presentation at the World News Media Congress program that will run from September 28 to September 30, 2022, in the city of Zaragoza, Spain. The program will discuss Web3.

In support of this line of vision, Bertrand Perez, CEO of Web3 Foundation stated that Web3 allowed users to be in stronger control over their data through its fair, democratic nature.

He highlighted the contribution of the Polkadot protocol, the leading project of the Web3 Foundation, to building trust among different members.

Web3 For Media is Here!

Stephen Fozard, Project Director of the Global Alliance for Media Innovation at WAN-IFRA, said that early member engagement in Web3 was crucial to fostering the growth of Web3 in public media. And this goal will be achieved with the support of the Web3 Foundation.

Project lead David Tomchak commented,

”We are delighted that Web3 Foundation has agreed to partner with this project. Gaining support from Web3 Foundation is crucial in allowing us to complete the research in a way that offers a solid, practical solution for the media industry to use this technology. It is a partnership that wouldn’t have been possible if we had not already been working with Stephen Fozard and the great team at WAN-IFRA. I believe the new bursaries also announced today are an excellent opportunity for the association’s members.”

Prospective members are encouraged to apply for a bursary to join the project by filling out an online form by September 11, 2022, at 11:59 p.m. CET.

The support (varying from €1,500 to €4,000) is planned to provide applicants with financial support in exchange for their commitment to the project.

The project will begin in early October and will extend for ten weeks. Two to three media groups are required to participate for at least half a day.

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