Zack emphasized that decentralization is only meaningful when it addresses a specific problem. He drew a compelling parallel to the American Revolution, illustrating that just like the founding principles of democracy emerged from a need to decentralize power for fairness, the current shift towards decentralized media serves a crucial purpose in restoring trust and transparency. This perspective urges us to consider decentralization not as an abstract concept but as a necessary evolution to address systemic failures in traditional media.
2. Ownership in Web3 is Crucial
Zack shared his view on what "ownership" entails in the context of Web3. He proposed that instead of merely possessing tokens, which may depreciate in value, true ownership in cryptocurrencies and decentralized platforms should focus on having a stake—specifically, a stake that ensures accountability and promotes a sense of community engagement. By advocating for the phrase "stop singing and own something," he highlighted the need for deeper involvement among users, which can drive meaningful interaction and lasting value.
3. Trust in Media at an All-Time Low
According to Zack, trust in media is critically low, a situation exacerbated by traditional outlets catering to specific audiences. This trend leads to political polarization and societal division, as people can no longer agree on basic facts. He pointed out that the decentralization of media could potentially remedy this issue by creating platforms that prioritize community involvement, thus offering a more balanced and trustworthy representation of information. This emphasis on trust could revitalize public faith in journalism.
4. Community Ownership Enhances Engagement
Zack illustrated how Coinage's decentralized media model increases user engagement by transforming passive subscribers into active co-owners. This transformation enables members to vote on content and promotes a collaborative environment where diversified perspectives can coexist. He reported that this approach has resulted in Coinage experiencing faster growth compared to traditional media models, indicating that community investment can lead to more vibrant and trusted media production.
5. Revolutionary Potential of NFTs in Media
Zack briefly touched on how Coinage leverages NFTs not just for content access but also as ownership shares that allow users to participate in governance. By minting NFTs, users can unlock exclusive content while simultaneously becoming stakeholders in the media outlet. This dual benefit empowers creators and their followers alike, suggesting a revolutionary shift in how content can be financed and distributed within the media landscape.
6. Ad-Driven Models Versus Community-Driven Models
By critiquing ad-supported media, Zack argued that such models often push platforms to extremes, fueling bias in news reporting for profit. He proposed a paradigm shift towards optimizing for community interests instead. By letting the community influence content, Coinage aims to create media free from the limitations of an advertising-based approach, potentially leading to more accurate and diverse narratives that reflect true community interests rather than corporate agendas.
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