We all heard the phrase "the attention economy". This is something that is being applied to Web3 yet do we really grasp what it means.
On its own, this is nothing new. As stated in the past, the attention economy was always in full swing. Broadcasters knew this intimately. It was always about the eyeballs.
Another way of describing this is the network effect. We know this is something that was applied the last decade plus to social media. Companies like Twitter and Facebook have utilized this to the tune of billions.
So, if this is not new, why is it talked about so often, especially in relation to Web3? If this is the sole focus of the discussion, I agree it is a non-point. However, when we consider the other aspect to this, the ownership economy, then we see how things are radically altered.
Networks: Attention and Ownership
The network-state is another area where we see transformation. At the core of this is the concept of ownership. Tokenization allows for the distribution of economic productivity in a way never seen before. The financial value generated spreads to those who are creating it, something not seen with the present forms of the attention economy.
There are many analogies that are used to describe how these networks are forming. Whatever is chosen, we are dealing with a new "state", one that resides in the digital realm. It allows for the assembling of people, completely by choice. From this, the construction of services can be built, resulting in the establishment of an economy. Over time, the goal is to keep this growing through various mechanisms.
Again, companies have operated as ecosystems for decades. This concept really took off as they became bigger due to mergers and buyouts. When we look at entities such as Facebook, Disney, and Amazon, the global behemoths are larger than many countries.
These corporations are experts are garnering our attention. Tied to this is the process of opening up our pocketbooks and spending money. From here, we see how their economies are fed by us, growing over time as they start offering us more of what we need.
Obviously, no one company provides everything we need. In fact, no single entity provides the majority of what we need. For this reason, we purchase from different companies, each providing goods or services they specialize in.
Regardless of who is the recipient of our money, there is a great chance we do not financially benefit from the transaction.
Networks change this.
The Hive Economy
The Hive economy has the chance to alter this completely.
Actually, this is true for all of Web3. There is one difference, however. It stems from the distribution of the coin, i.e. ownership. For a network like Bitcoin, this is done through the mining process. At this point, due to costs, it is an exclusionary system.
With Ethereum, one basically has to buy in. Again, when we look at the global population, this eliminates most from the ownership process. While it is still possible on the second layer, this is much different than owning a piece of the network.
On Hive, the base layer coin, which is tied to the value of the network, is distributed, in part, through activity. People can create content, get rewarded, and earn stake. This is a radical concept.
We know, within the digital world, activity is economic. There are different ways these platforms are monetizing what is taking place. In Web3, this exists along with an additional element: the capture of social value.
The Hive economy can include all these components. One major difference, compared to the existing system, is those who are generating that value actually have ownership.
Here is where circular economies are put on steroids. People need to realize they financially benefit from the activity that is taking place on that network. In other words, the value increases the more of their daily lives that is tied to the network.
The idea is to encompass as much as possible. This means commerce, financial services, information, news, and entertainment. The road map is rather simple since it requires nothing more than looking at the different components of established economies and replicating them, especially in the digital world.
Of course, to achieve this requires building, something most are not willing to do.
It is also why a change in mindset is required. People need to stop thinking like users and shift to being an owner. Too many still view themselves as the customers. This is a radical change for those of us who were reared in the wage-slave economy.
An Opportunity
Web3 is an opportunity. This means that those who realize the transformation, especially early, can massive benefit from it.
Sadly, most are followers and will be later to the party. They can benefit greatly, especially when compared to Web 2.0. The barrier will be, as always, the mindset people have.
To embrace Web3 means a total change in thinking. We see how rare this is even on Hive. Many who are committed to the project still do not have the ownership mindset. Instead, they still are users, coming and going without concern.
This is Web 2.0 thinking. What is ironic is their dedication resides with those applications over the network which can cause financial gain. This shows how backwards the mindset really is. It is also glaring how these are not the ones who will help achieve mass success.
They say opportunity often comes disguised as work. Here is where most people get lost. Also, being an owner is not glamorous. Ask anyone who owned a business and the headaches that come with it.
What this means is taking responsibility for what happens. Here is another area where most get lost. Few are willing to do that. However, it is part of the process if one wants to enjoy the riches of what is created.
It is not enough to just give the attention. This is only a piece of the puzzle. On the other side is taking ownership. To enjoy the increase in value, people need to alter their mindset.
This is not an easy transition and one of the reasons why Web3 is so slow in developing.