Web3 Foundation creates new revenue opportunities for news media

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Through the partnership with World Association of News Publishers (WAN-IFRA), Web3 Foundation wants to help generate new revenue streams for the publishing industry.

The Web3 Foundation, the organization dedicated to supporting decentralized protocols, has announced the launch of a pilot project that will help unlock new revenue opportunities for news media editors and content creators through Web3 technology.

New options from Web3 Foundation

The Switzerland-based backer was previously known for his support of the two main protocols – Polkadot and Kusama.

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

A portion of the funds provided by the Web3 Foundation goes towards the WAN-IFRA Scholarship Scheme. The main aim of the program is to offer financial support to selected publishers.

Running from October to December, the pilot will bring together local and international news publishers and technologists to explore practical applications of decentralized technologies for the publishing industry.

Make global connections

The research aims to develop a knowledge sharing network for Web3 advocates and the media industry. The resulting draft will include a strategy for building the technical aspects, and public feedback will be available.

Commenting on the new pilot, Ursula O’Kuinghttons, Director of Communications and Partnerships at the Web3 Foundation, said the organization strongly believes in how Web3 can lead and shape the future of digital news, particularly in the creation and distribution of Content , and Monetization. In addition, the aim of the project is to use decentralized technologies to help build trustworthy news sources.

Ursula was a founding member of Civil Media in New York City, a project focused on blockchain experimentation in media with 18 newsrooms across the United States.

She will be giving a presentation on the program of the World News Media Congress, which will take place from September 28th to 30th, 2022 in Zaragoza, Spain. The program will discuss Web3.

In support of this vision, Bertrand Perez, CEO of the Web3 Foundation, stated that Web3, through its fair, democratic nature, allows users greater control over their data.

He highlighted the contribution of the Polkadot Protocol, the lead project of the Web3 Foundation, to building trust between different members.

Web3 for media is here!

Stephen Fozard, project leader of the Global Alliance for Media Innovation at WAN-IFRA, said that early member engagement with Web3 is critical to fostering Web3’s growth in public media. And this goal is achieved with the support of the Web3 Foundation.

Project leader David Tomchak commented:

“We are very pleased that the Web3 Foundation has agreed to work on this project. The support of the Web3 Foundation is critical in enabling us to complete the research in a manner that provides a solid, practical solution for the media industry to leverage this technology. It’s a partnership that would not have been possible if we hadn’t already worked with Stephen Fozard and the amazing team at WAN-IFRA. I believe that the new scholarships also announced today are an excellent opportunity for the members of the Association.”

Prospective members are encouraged to apply for a grant to participate in the project by completing an online form by September 11, 2022 at 23:59 CET.

The funding (between €1,500 and €4,000) is intended to offer applicants financial support in return for their involvement in the project.

The project begins in October and will last ten weeks. Two to three media groups must participate for at least half a day.

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