The business of data monetization is the cornerstone of the digital economy as we know it. Social network giants such as Facebook and YouTube earn billions by selling their users’ data, who remain left out of the process.
Human Data Income, or HUDI, wants to change that and make users the primary beneficiaries of this $3 billion market.
It’s time to redistribute the value of data to users
Speaking to Cryptonites‘ Alex Fazel at the Paris Blockchain Week, the founder of HUDI described the long road he had to take before the platform took its current shape. Gianluigi Ballarani, known to audiences as GG, is a successful YouTuber whose career in marketing and lead generation led him to realize that the data monetization market was set for a tectonic change.
His own lead generation business was paying hundreds of thousands of euros to traffic sources such as Facebook, while the users whose data they were selling weren’t making any money.
On the other hand, there has been a growing interest in the crypto industry, but the high prices and a lack of fiat onramps present themselves as a barrier to entry for many people.
Combining these two factors paved the way for a new type of platform that brings the business of data monetization into the Web3 world.
Ballarani believes that enabling people to take control of their own data will provide them with easier access to the world of crypto. Entering the crypto market won’t require spending fiat, but an asset that people have already making money in the market — their data.
Thanks to legislative efforts like the GDPR, users can call back all of the data that various platforms have collected. The HUDI wallet lets them upload that data and use the platform as a custodian of information they otherwise wouldn’t have access to.
With all of their data in a single place, users can earn HUDI tokens as a reward. In the future, Ballarani said, they will be able to monetize their data themselves, choosing which platforms or companies they want to sell it to.
As of now, the amount of money a single person can earn from monetizing their entire online data set is negligible. However, Ballarani believes that each user’s data could be worth hundreds of dollars to the right platform in the future, citing credit card companies and video streaming platforms as an example.
What makes HUDI different from other data aggregation platforms is its data quality. With around 250,000 users, HUDI is able to get better monetization offers and surpass platforms that manage millions of users.
This premise isn’t attractive only to HUDI’s users — Ballarani said that the company has been talking with the Ocean Protocol about a potential collaboration. Since it was founded in 2017, HUDI has been developing slowly and carefully, laying a solid foundation for the Web3 world that was yet to come.
Now that we’re already one foot through the Web3 door, numerous new opportunities await HUDI. Ballarani believes that there are several reasonable solutions to tackling the problem of data in the Web3 world, naming Brave as an example, but noted that “nobody made it yet” when it comes to decentralizing data aggregation.
He explained that the rise of decentralized social networks means that the market is now ready for a decentralized user data solution like HUDI.
“The next revolution will be data, because it’s the fuel of the digital economy,” he told CryptonitesTV. “It’s time to redistribute this value.”
Source: https://cryptoslate.com/videos/human-data-income-hudi-believes-your-data-is-yours-to-monetize/