Self-Sovereignty in the Creator Economy and the Web3—Is There Room for Both?

NFT Steez sits down with Web3 lawyer Julie Plavnik to discuss the concepts of self-sovereignty and digital identity in economies web3 based creators.

According to Plavnik, the emerging concept of Web3 has placed a magnifying glass on user data and ownership, particularly as it relates to the creator economy. Plavnik described the creator economy as a place "without barriers to entry or casting".

During the show, Plavnik discussed how users come to the idea that they can potentially monetize their individuality on Web3, but she also wondered how they might maintain their sovereignty.

When he spoke to Plavnik about how self-sovereignty is closely tied to Web3, he didn't shy away from explaining that the core principle of Web3 is to maintain a self-sovereign identity, which means that decentralization is vital.

Decentralization, Plavnik explained, is fundamental to ensuring that no third party controls or owns user data.

However, not all users have the level of awareness or interest to understand this. Naturally, as Plavnik described, Web3 features, protocols and platforms are still in their "infancy".

Although in an experimental and developmental stage, Web3 also shed light on how the creator economy can continue to evolve and minimize middlemen. Through the use of blockchain technology and decentralized platforms, users are beginning to build their brands without intermediaries or networks that profit from user data.

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