Web3 Foundation to fund research on media shift to Web3

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The Web3 Foundation has announced its support for a pilot project to explore how Web3 technology can help foster trust and create new revenue streams for news publishers and content creators. David Tomchak, visiting scholar at the renowned Oxford Internet Institute, is co-leading this alliance with the World Association of News Publishers (WAN-IFRA).

The main objective of the research is to promote mutual understanding and education between professionals in the media sector and advocates of Web3. During the study period, the foundation supports both with knowledge and financial means. For its members, WAN-IFRA administers a grant program funded in part by the Web3 Foundation.

The grant is intended to help participating publishers to remove the financial hurdles for participating in the pilot project. The final plan is up for review and will provide a roadmap for engineering construction. The Web3 Foundation has its crown jewel in Polkadot. Within the ever-changing Web3 ecosystem, Polkadot has proven key to unlocking new business models and fostering trust among many stakeholders.

According to Ursula O’Kuinghttons, director of communications and partnerships at the Web3 Foundation, the organization is working to identify ways in which Web3 can take the initiative to reshape the future of digital news production, distribution and monetization. Ursula will be speaking at the World News Media Congress, which will take place from September 28-30, 2022 in Zaragoza, Spain. One of the main discussion points will be Web3.

At the start of the pilot project in early October, the project management team selects between two and three media companies. WAN-IFRA encourages its members to submit applications for grants to fund their participation in the initiative. The grants, which can range from 1,500 to 4,000 euros, are intended to reimburse the time invested in the project, which should take up at least half a day per week over a period of at least 10 weeks.

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