OMNI is Opportunity
Corporations Profit off Your Data — Why Shouldn’t You?
A Blockchain enabled Social Media Mega App hits the market in July
There is a heist going on. Our data — a digital record of everything we do — is being harvested and monetized at an astonishing rate. And the companies who are taking it, in selling it, have become some of the wealthiest corporations in history.
Let’s look at the numbers.
In 2020, Facebook (which also owns Instagram and Whatsapp) generated revenue of US$86 billion, more than the GDP of Bulgaria or Sri Lanka. Alphabet, Google’s parent company (which also owns YouTube), made US$182 billion, which is over double the GDP of Luxembourg. Amazon created a colossal US$386 billion, which is more than the business-hub of Singapore. Combined, these three tech giants had revenues of ~US$512 billion, more than the GDP of both Austria and Ireland.
Off the back of our data, tech giants are accumulating more wealth than many small nations.
To drive home the point, in just the first quarter of 2021, Facebook made $201,936.73 per minute, Alphabet, $426,805.56, and Amazon, $837,330.25. But how much did you or I make from the use and custody of our data? Nothing.
DATA FOR NOTHING, AND BULLSHIT FOR FREE
This is bonkers. Vast sums of money are pouring into the pockets of close-fisted corporate machines every second — all of it generated by the data we give them freely. Yet, other than the continued use of their addictive apps — which they use to mine more of our data to sell — we expect nothing in return.
And it shows no sign of stopping. There were 3.6 billion social media users in 2020, expected to rise to 4.1 billion by 2025. The forecasted revenue- $89.5B in 2019 to $138.4B in 2025. The money keeps on rolling in and trickling upwards.
I am not suggesting there is no financial benefit to users, celebrities and influencers often make a decent living on them. But, particularly in the case of influencers, this is no longer a given.
As an example: there are numerous reports of previously successful YouTubers seeing their incomes fall drastically. Income that’s already had 45% swiped by Google. YouTube tinkering with its algorithm, highlighting longer videos and particular forms of content. These activities didn’t consider the content or creators who helped the platform scale, pushing them aside.
If data is equal to money, using social media is essentially big-tech farming cash off your data. If you measure content by the time it takes to produce, you are getting paid less and less for your work.
Adding to this self-indulgent use of AI by Youtube, is the huge ethical issue around freedom of speech and “de-platforming”, a worrying topic that we will discuss in detail in another article.
A FAIRER WAY
This is the current reality. But, it’s not how it will be in the future if OMNI can do what it says on the tin. OMNI’s platform recognizes that the data and content users provide is valuable to them, as is the time they spend interacting with the app. For every action taken on the OMNI app, the user will be financially rewarded.
Users who create content in the app are paid in the native OMNI token, built on Polkadot blockchain it will be the life blood of a new creator economy where OMNI is an ‘App of all apps’ that aggregates the best features of your favourite social media platforms and allows content to take many forms in one place: live streams, videos, lip-syncs, posts and stories.
It’s possible to set up eCommerce sites on the platform, plus create, market, and trade NFTs — all using the OMNI token. For the influencers, OMNI’s Matching Algorithm will connect them with top brands and allow them to generate income on their terms.
But it’s not only this creative and business-orientated activity that the app rewards. Users can earn OMNI by interacting with the app through clicks and likes. Even by chatting with a friend on the encrypted messaging service. Any time spent on the app is spent earning a deflationary currency (max. supply 638,888,889) that can potentially grow in value over time.
Instead of the massive imbalance in power dynamic designed to profit from your data, an equal footing is possible. When users are compensated for their attention, data, and content, everybody wins; there is respect.
And maybe if this exists, the nature of the content and discourse can change, shaking off the muck it’s accrued under the care of the oligarchs.
The time for others profiting from your data is ending. The time for profiting from what you own, is now.
Look our for more on OMNI, start by joining the beta app waitlist linked below;