Web 3 will be a revolutionary opportunity in the world of internet development. As Piers Ridyard, the CEO of Radix Works, quoted in his interview, the progression of internet development has been from Web 1, which was read-only, to Web 2, which allowed for reading and writing, and now to Web 3, which is all about owning.

The idea behind Web 3 is to empower users by allowing them to own their data and digital assets. This is in stark contrast to Web 2, where user data is often monetized by big tech companies, which serve as trusted intermediaries, without the users having much control over it or making any profit from it. With Web 3, users and creators will own and control their data, and will be able monetize it if they choose to do so.

One area where this is particularly relevant is the media industry. As the writer’s strike in Hollywood highlights, there is often a significant power imbalance between content creators and the companies that distribute their content, with unions and guilds serving as an attempt to strike a balance of power. While streaming services like Netflix and HBO make millions (and their CEOs make hundreds of millions), the writers often struggle to make a living wage.

However, with a tokenized media company built on Web 3 principles, content creators could receive instant revenue and ownership of their work. Radflix, a prototype system started by Dan Hughes, is an example of what is possible with Web 3 and the Radixdlt. By leveraging the power of blockchain technology, Radflix demonstrates how content creators can have more control and ownership over their work, and can receive instant payments for their efforts.

Web 3 represents a major shift in the way businesses will work, and how people will interact with the internet and their digital lives. By enabling ownership and control over data and digital assets, it will empower individuals and groups of like minded individuals to create a more interesting and decentralized internet. The example of Radflix is one example that shows how Web 3 principles can be applied to the media industry to benefit content creators and give them more control over their work.