Web3 Foundation to Fund Research On Media Transition to Web3

The Web3 Foundation has announced their backing for a pilot project to research how Web3 technology may aid in fostering trust and creating new revenue streams for news publishers and content creators. David Tomchak, a visiting policy scholar at the prestigious Oxford Internet Institute, is leading this alliance along with the World Association of News Publishers (WAN-IFRA).

Securing the future of media in Web3

The research’s main goal is to foster mutual understanding and education between professionals in the media sector and proponents of Web3. During the study period, the Foundation will provide its assistance by providing both knowledge and financial resources. For its members, WAN-IFRA is administering a bursary program funded in part by the Web3 Foundation.

The bursary is meant to assist participating publishers in reducing financial barriers to participation in the pilot. The final plan will be up for review and will provide a road map for the technical construction. The Web3 Foundation has its crown jewel in Polkadot. Within the ever-changing Web3 ecosystem, Polkadot has proven a key to unlocking new business models and fostering trust among many stakeholders.

Director of Communications and Partnerships at Web3 Foundation Ursula O’Kuinghttons says the organization is working to find ways Web3 can take the initiative in reshaping the future of digital news production, distribution, and monetization. Ursula will give a presentation at the World News Media Congress, which will take place in Zaragoza, Spain, on September 28-30, 2022. One of the main points of discussion will be Web3.

To kick off the pilot at the start of October, the project management team will choose between two and three media organizations. WAN-IFRA is encouraging its members to submit applications for grants to fund their participation in the initiative. The scholarships, which can be anywhere from €1,500 to €4,000, are to reimburse participants for the time they will put into the project, which should take up at least half a day every week for a period of at least 10 weeks.